Financial globalization has increased the complexity of management and operations for many finance-related IT systems. With Open Banking on the horizon, financial services are now faced with competitive threats from new, non-traditional newcomers, the loosening of restrictions on cross-border capital flows, and the deregulation of domestic capital markets.

Just as any other industry must endure change, financial service institutions are also embracing digital transformation to work smarter, better, and faster. This is majorly done through IT automation.