Banking
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From Citi's $1 billion "fat finger" and regulatory intervention driving a massive compliance overhaul, to major cloud migrations, spending continues at scale...
HMG makes a lot of payments: The Department for Work and Pensions alone makes 2.5 million+ daily that are worth £3.7 billion per week.
A major application modernisation programme continues through a mix of refactoring, SaaS replacement and legacy decommissioning – with 2,500 decommissioned since 2017...
The retail banking market has heated up hugely in the UK in recent years, with the rise of digital-native banks like Monzo and Starling winning awards and customers – over seven million, three million respectively.) They hit the market with minimal technology debt, having built new stacks from the ground up,
"A gap in the control environment which was proving difficult to close..."
Overhaul comes after howling error in 2020 blamed on legacy software, bad training...