The Billion Dollar Banking Problem: Can Standardization Ensure Survival

Join us on Friday, February 21st, 2025, at 12 PM EST, for a must-watch episode of Tech Behind FinTech featuring Hans Tesselaar, Executive Director at BIAN. The financial services industry is at a breaking point—banks are spending billions annually just to maintain outdated systems and navigate complex integration challenges. But can standardization finally solve this crisis?
💰 The Hidden Costs of Banking Inefficiencies Banks spend over $500 billion annually on IT, with a staggering 60% of those costs going toward integration rather than innovation. Legacy systems and proprietary tech stacks are not just costly—they’re preventing banks from keeping up with FinTech disruptors. Standardization is no longer an option; it’s a necessity for survival. In this episode, we’ll explore how open banking standards, API-driven architectures, and interoperability frameworks are reshaping the future of financial institutions. Hans will share expert insights on how banks can reduce integration costs, accelerate innovation, and break free from legacy constraints that are stifling growth.

🔍 What You’ll Learn:
✅ The True Cost of Legacy Banking – Why financial institutions are losing billions on outdated infrastructure and integration issues.
✅ How Standardization Can Save Banks – The role of BIAN in developing global banking interoperability and reducing IT inefficiencies.
✅ The Future of Coreless Banking – How banks can modernize with open standards, APIs, and modular banking solutions.

Whether you're a banking executive, FinTech leader, or industry innovator, this episode will provide actionable strategies to reduce costs, accelerate innovation, and future-proof financial services.

🚀 Don’t miss this critical discussion on the future of banking!

📧 Stay ahead of industry trends—subscribe to our newsletter! 🔗 https://techbehindfintech.com/subscribe