Getting ready for change with MongoDB
Electronic payments have long been the bedrock of our modern, global market economy. This prominent position makes the payments industry among the first to feel the effects of, and devise a response to, societal, regulatory, and technological changes. From COVID-19 to new regulations and an explosion of new competitors, as well as changing consumer behaviors, the payments industry is today undoubtedly facing a period of massive change, and responding in kind.
Profiting from these changes requires all participants to become more agile than they have ever been.
This pace of innovation and change creates opportunities for traditional financial services institutions and new entrants alike. Driving down costs through improving efficiency will not be sufficient to compete. Time to market, cost efficiency, and converting data into an asset have never been more important.
Keeping up with these changes can be extremely challenging if you’re relying on the foundational tech that was created more than 30 years ago. Relational databases were introduced long before people could conduct payment transactions with a few taps on a screen or even check bank balances 24/7. Outdated technologies are responsible for critical components of large, complicated architectures that are expensive to maintain and unable to keep pace with the industry’s continuous change.
Download our paper, “Modernize your Payment Systems” to learn how you can overcome your legacy challenges and stay competitive with a robust, modern database. Without one, new apps and other services won’t be able to deliver significant value to the business.
Looking for more tips on Modernization? Check out our Modernization Toolkit for further help accelerating your modernization journey.
