Three-Quarters of Banks Face Digital Banking Infrastructure Issues

The banking industry is experiencing a seismic shift as agile, digital-native FinTechs capture an ever-growing share of the market.

Burdened by outdated technology, traditional financial institutions face mounting challenges in delivering modern digital services.

The growing dominance of FinTechs — securing nearly half of all new account openings — highlights the urgency for banks to modernize their infrastructure.

With consumer expectations rapidly evolving toward seamless digital experiences, banks must navigate the high costs and complexities of updating their core systems.

Exploring incremental modernization through application programming interfaces (APIs) may offer a viable path forward, enabling banks to enhance their digital capabilities and remain relevant in an increasingly competitive landscape.

A recent PYMNTS Intelligence Report, “Core Strength: FIs Must Modernize to Meet the FinTech Challenge,” in collaboration with Galileo, highlights the urgent need for traditional financial institutions to overhaul their outdated systems to keep pace with digital-native competitors.

The report reveals that 75% of banks struggle with implementing new digital solutions due to their legacy infrastructure, underscoring the critical nature of modernization efforts.

As FinTechs continue to capture a growing market share, banks face mounting pressure to adopt agile technologies and innovative approaches.

@ Newshounds News™

Read more: PYMNTS

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The crypto market has just witnessed its largest three-day sell-off in 12 months amid weak jobs data in the US and revived fears of a recession.

The crypto market has just clocked its most significant three-day sell-off in almost a year, shedding as much as $510 billion from its total market capitalization since Aug. 2.

The sharp crypto sell-off arrived amid faltering equities performance, with the S&P 500 falling as much as 4.4% in the same time frame.

The market stumble has been led by weak employment data, slowed growth among major tech stocks and revived fears of a recession.

Several major companies, including Microsoft and Intel, posted lower-than-expected second-quarter results, and market leader Nvidia was battered by expectations of impending rate cuts in September, which has seen capital flow back into smaller, lagging companies.

The total crypto market capitalization fell by $314 billion on Aug. 5. Source: TradingView

The last time crypto sold off this sharply over a three-day period was in mid-August of 2023.

BTC and ETH are down 20% and 28%, respectively, in the last seven days.

Layer-1 network Solana’s has been the hardest-hit cryptocurrency among the top 10 largest tokens by market cap, falling 30.6% since July 30.

The Crypto Fear & Greed Index — an indicator that tracks market sentiment toward Bitcoin and crypto — has fallen back into “fear” and currently displays a score of 26 at the time of publication, according to Alternative.me.

@ Newshounds News™

Read more: Coin Telegraph

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