Even after years of cost cutting, banks could still be much more efficient if they would only share more utility back-office infrastructure. It’s a simple idea: hard to do in practice.
The chief executive of one leading European bank tells Euromoney: “I believe the way to launch them is in-country, beginning with one partner and then attracting others, rather than by trying to start a shared utility with four or five banks from the outset.”
In May, Finastra – the big provider of next-generation software to financial services firms spanning retail banking, transaction banking, lending, and treasury and capital markets – offered an example of how this might happen.
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