Often created through acquisitions, regional banks rely on complex, diverse IT systems and operations landscapes.
Over time, these systems and operations have grown to the point where they are too expensive to maintain and too slow to adapt to the changing needs of business. The introduction of a centralized payment hub concept in the early 2000s provided the flexibility needed to cut costs and fend off new Fintech competitors. Now banks must evaluate how they will modernize their payment capabilities to maintain their profitability in this rapidly evolving landscape.