Gartner has said that bank applications are restricting the industry, resulting in slow transformation and growth.

Gartner analyst Kristin Moyer, said: “Banks need to transform both their delivery models and architectures to remain profitable. Applications are preventing transformation in the banking industry because they are rigid and reactive.”

The analyst firm advised that the use of public and private web applications should be used by banks to deliver relevant transformation and move away from a rigid reactive delivery model.