When banks try to apply new tech to outdated ways

THE awareness that technology not only will, but already is, shaping finance is undisputed, even by the most technology shy firms. But it is time to invent the bank of the future rather than trying to fix a model that is no longer fit for purpose. Here are three steps that banks can take to help prepare for what the future holds.

The idea that the future of banking will be defined by technology has been an idea around for some time - especially for parts of the banking industry that have already seen technology-driven market-making firms replace million-dollar traders. Despite this, parts of the industry have resisted change.

Today, the awareness that technology is already shaping finance is undisputed. Not a day goes by when a bank CEO does not talk about the organisation's commitment to innovation to address the challenges of the …