Coleman Parkes Report 2021


Banking on technology

How rapid technology adoption could create a fairer, simpler and more compliant banking landscape

During the pandemic, banks underwent a rapid digital adoption process, with nearly all of them accelerating implementation of technology by five years. A mixture of UK challenger and traditional banks were surveyed about how their IT infrastructure, processes and priorities have changed.

The vast majority were confident that traditional banks would press ahead with digital adoption and not revert to type once the pandemic subsides. Despite this, nine-in-10 respondents disagreed with the notion that challenger banks would need to find a new platform from which to compete with traditional banks.

But what does this mean in terms of how all banks will continue to embrace technology? This report focuses on what their priorities are, how banks are outsourcing to third party providers to drive innovation and the challenges they need to overcome in adopting cloud-based solutions.