Everywhere there is talk of the next big thing, the new tool, the modern approach. In industries like finance, where long-established systems continue to serve critical functions, this can be a difficult route to navigate. The allure of the “next big thing” is undeniable, but this does not mean that legacy systems should simply be dropped for the sake of modernization. Nevertheless, the finance sector is under increasing pressure to innovate and stay relevant in the competitive landscape, all while having to manage limited budgets and regulatory uncertainty. Aggravated in part by new fintech companies emerging and starting operations from scratch, how can banks stay up to date in the space? And how can fintech companies make sure they do not fall victim to a potentially ephemeral “next big thing”?

-   Evaluate your organization’s current structure, and identify your strengths and weaknesses to identify key areas of improvement that align with your business goals and can drive long-term success

-   Identify the pros and cons of legacy systems and new tech, and where each might play a role within your business model to help you maintain stability while integrating flexibility

-   Weigh in on innovation, and the importance of optimization rather than acquisition, to benefit from the right tools at the most efficient cost