GlobalData’s Celent division has released a new report entitled Banking on Resilience: Building a Resilient, Intelligent Bank in the AI Era.
In banking, system failure and service outages are not an option. There are massive costs that go beyond recovery and remediation. The move to 24x7x365 banking, instant payments, the rapid expansion of digital banking, and ever-present cyber threats make the problem more challenging.
Worldwide, regulators recognise the need for high-availability, and banks are accountable for the design and implementation of a resilient architecture.
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Bank technology investment must include resilience initiatives
Running a bank is already expensive, but new investments directed at ensuring high availability, across multiple interdependent platforms, need to be factored into banking technology infrastructure planning and budgets. As global bank technology spending continues to grow, Celent research finds that improving resilience tops all bank technology priorities. That spend must be directed into resilient architectures that can also enable faster enterprise data delivery – a particular imperative for AI-enabled capabilities.
Resilience has real value that can be measured
Value can be quantified, understood, and applied to important decision-making across the bank. There is a huge opportunity for bank technology leaders to lead with knowledge, align with partners across the organisation, and manage for high availability.
Regulators are taking action
Banks however must own their resilience plans. Emerging regulatory supervision of vendors will not prevent all systemic outages. Banks should adhere to several key tenets of resilient, distributed, and highly performant banking services – as outlined by Celent in this report – along with its resilience planning recommendations specifically for financial institutions.
Further information on accessing the full report is available via this link
