More than 80% of financial institutions are taking longer than six months to bring new products to market, a significant bottleneck driven by legacy technology limitations.
A recent study by Galileo highlights the extent of the delay, finding that 80.2% of surveyed entities face this prolonged timeline.
The findings underscore a structural challenge within the banking and financial services sector, where outdated infrastructure is impeding the speed of innovation and product deployment.
The reliance on older systems creates a drag on operational efficiency, forcing institutions to navigate complex integration hurdles before launching new offerings.
This delay not only slows down the introduction of competitive products but also increases the risk of falling behind more agile fintech competitors.
As digital transformation remains a priority for many banks, the gap between strategic intent and technological capability continues to widen.