**BREAKING: Banking Technology Restructuring Needed as Industry Faces Platform Team Deficit**
Major banks are confronting a critical organizational flaw as technology departments remain structured around legacy applications rather than business outcomes, creating operational inefficiencies that could impact competitive positioning. The traditional model centered on core banking systems is proving inadequate as financial institutions struggle to deliver integrated digital services in an increasingly platform-driven marketplace.
Industry sources indicate most banking technology teams lack dedicated platform infrastructure groups, forcing them to manage fragmented systems that slow product development and increase operational risk. This structural weakness puts traditional banks at a disadvantage against fintech competitors and digital-first challengers who built platform-centric architectures from inception.
The gap is becoming more pronounced as customer expectations for seamless digital experiences intensify and regulatory requirements demand greater agility. Banks maintaining application-focused IT structures face mounting costs and delayed time-to-market for new services.
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FXnCO Insight
** Financial institutions without immediate plans to establish dedicated platform teams risk falling behind competitors in service delivery speed and may face increased operational costs that could pressure margins and valuations.
Source: Finextra