| | November 20166CIOReviewThe accelerating pace of technological change is the most creative and also the most disruptive force in the world of financial services. Fintech startups and innovative technology providers are upending workflows in the financial services industry. And to succeed in this constantly shifting landscape, there is one thing the C-suite needs to do: Embrace disruption.Competing against a global, multi-service, low-cost, digital bank--where customers access their accounts through their smartphones and pay with a tap on their wearables--is daunting to say the least. While such competitors may not really exist today, the industry is definitely heading in that direction, where nimble banking institutions prototype new services quickly and use AI to limit fraud. These are the times when financial executives look to their IT departments to improve efficiency and facilitate game-changing innovation.Meanwhile, customer expectations have changed and they are now demanding better services and seamless experiences, regardless of the channel. In tune with this, various fintech startups are entering established markets with customer-friendly solutions that are unencumbered by legacy systems. Even though existing financial institutions have taken notice, their responses fall short.In this scenario, banks that adopt a wait-and-see approach face the risk of being caught unprepared, and those that acquire fintech firms have trouble with integration. Even the companies that invest significant time and resources in revamping their existing IT ecosystem witness diminishing returns. Often, the legacy systems and practices prove to be difficult to improve and the resulting efficiency pales in comparison to that of agile startups.Regardless of the downsides, a strategy that utilizes the useful aspects of these approaches will put a traditional financial institution in a better position to succeed. The key is to partner with third-party technology providers and explore financial technologies with an eye to find new products that can fit together distinctively. While financial institutions make this fundamental shift in their identity and purpose, CIOReview presents its financial services technology special edition featuring insights from industry thought leaders.We hope this edition will help you find solutions that will make you more agile in responding to customer demands and adopting new technologies.Copyright © 2016 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.CIOReviewNOVEMBER - 29 - 2016Mailing AddressCIOReview44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510.402.1463, F:510-894-8405 November - 29 - 2016, Vol 05 SE 100 Published by ValleyMedia, Inc.To subscribe to CIOReviewVisit www.cioreview.com FINANCIAL SERVICES TECHNOLOGY SPECIALCIOReviewEditorial StaffSalesT: 510-565-7560Aaron Pierce AvaGarcia Frank NoelAlex D'SouzaChithra VijayakumarJoshua ParkerSebastian Jacobsebastian@cioreview.comVisualizersMatt RyderAnil KumarManaging EditorJeevan GeorgeEditorialEmbracing DisruptionJeevan George Managing Editoreditor@cioreview.com
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