In an era where everything has to move quickly and be efficient, smaller financial institutions sometimes struggle to keep up with the pace because of their legacy systems and lack of flexibility.
In an era where everything has to move quickly and be efficient, smaller financial institutions sometimes struggle to keep up with the pace because of their legacy systems and lack of flexibility.
Improvement should be constant in an industry that constantly changes. Financial institutions need to find a way to deliver new technologies quickly and cost-effectively.
A McKinsey research study says that "an average company has an opportunity to optimize and potentially reinvest 30 percent of its IT spend through improvements to IT productivity. Combined, these findings highlight how much the ability to manage IT efficiently is not just an operational concern but a business necessity."
Speed delivery is essential for financial institutions and a key metric for evaluating IT productivity. How can financial institutions enhance their technologies fast and cost-effectively? By prioritizing three things.
Low-code IDEs are the first factor that can help a financial institution speed up its time to market. These IDEs empower IT teams to build and customize features quickly without deep coding, reducing the time to market for new functionalities. Both developers and business analysts can contribute to diminishing IT bottlenecks.
In addition, AI-driven tools reduce manual work, enabling financial institutions to accelerate content updates and development support and allow teams to focus on high-impact projects.
Integrated features such as AI-powered batch translation and a chatbot for developer assistance lower the manual workload on IT teams.
A unified omnichannel banking platform is definitely easier to maintain since every channel is integrated into one single system. A single omnichannel platform replaces multiple disconnected systems and allows IT teams to spend less time maintaining and updating separate tools, reducing operational overhead and licensing costs.
IT teams can implement changes and updates faster and deploy it across all channels simultaneously, cutting maintenance time and reducing data silos and inconsistencies.
Omnichannel management allows for fast problem resolution and less support costs since all customer and system data is accessible in one place.
3. Use pre-built modules & integrations
Ready-to-use modules, such as onboarding flows, KYC modules, or marketing campaign creators, reduce the need for financial institutions to build it from scratch.
These modules are often plug-and-play, designed to work in larger ecosystems, which allows banks and credit unions to scale and evolve their digital platforms incrementally without overhauling the entire system. IT teams can integrate and launch new features in days or weeks rather than months.
Developers can focus on customization and innovation rather than fundamental coding, leading to higher productivity, fewer bugs, and faster iteration cycles.
With the basics covered, IT teams can focus on emerging technologies like AI, open banking APIs, and personalization engines. This helps banks and credit unions stay competitive and future-ready.
ebankIT is a fintech company that empowers financial institutions with a modular omnichannel banking platform. Its API-first architecture enables easier upgrades and integration with new fintech services.
By consistently providing ongoing updates, security patches, and technical support, ebankIT allows banking IT staff to move beyond routine maintenance tasks.
Financial institutions can reduce development cycles, cut operational complexity, and free up IT teams to focus on strategic initiatives, maximizing productivity, and accelerating digital transformation.
Banking IT teams can therefore spend less time patching legacy systems and more time on striving for innovation.