Anand Patel’s Post

Banks worldwide are migrating from legacy systems to modern, cloud-native cores, recognising this shift as essential to remain competitive in today’s demanding industry. In this paper, we discuss with Oliver Wyman why banks must act now and how they can approach migration through the lenses of business, technology, and resource management.

Banks worldwide are migrating from legacy systems to modern, cloud-native cores, recognising this shift as essential to remain competitive in today’s demanding industry. In this paper, we discuss with Oliver Wyman why banks must act now and how they can approach migration through the lenses of business, technology, and resource management.

Banks worldwide are migrating from legacy systems to modern, cloud-native cores, recognizing this shift as essential to remain competitive in today’s demanding industry. In this paper, we discuss with Oliver Wyman why banks must act now and how they can approach migration through the lenses of business, technology, and resource management.

A common response to bringing up core platform modernization in banking is “easier said than done” — which is exactly why it’s so valuable to have concrete examples to learn from. This case study explores the multi-year transformation efforts of a regional bank looking to do more than just catch up to its peers. By tackling innovation and tech modernization as a business-led initiative rather than a system implementation, this financial institution was able to translate better business processes, better use of technology, and better workforce management into the foundations for providing more meaningful value across the board. https://lnkd.in/e5EVyK3W

Excited to unpack the five pivotal rules that are instrumental in reshaping the banking sector’s approach to technology. This guide is part of the recent EY-FIS Alliance whitepaper that I had the pleasure of working on, highlighting actionable insights for navigating today’s challenges and seizing tomorrow's opportunities — empowering banks to lead in innovation and not just participate: 1. Design for the Future: Integrate advanced tech and flexible architectures to preemptively address market shifts. 2. Tactical Value with Strategic Vision: Leverage cloud-based platforms for quick wins that align with future goals. 3. Adopt Guiding Principles: Formulate principles that ensure growth is managed with appropriate risk. 4. Choose the Right Model: Opt for an adoption model that matches the bank's objectives with minimal customer disruption. 5. Center on Humans: Prioritize enhancing experiences for customers and employees to drive transformation. A special thanks to our alliance partner, whose invaluable research and guidelines have contributed to shaping these rules. You can read the full whitepaper on core modernization success here. https://lnkd.in/eY-uYTQC

Digital transformation poses an ongoing and far-reaching challenge for many banks, especially those still relying on legacy architecture, code, and technology. ➡ There are multiple options for banks to upgrade or replace their core #architecture, and the new Core Banking System can help them meet the ever-changing customer expectations. Young and digitally savvy consumers are entering the banking market, requiring better #personalization and seamless #multichannel servicing that they are accustomed to receiving from 'big tech' companies. Banks need to keep pace with this demand. 📈   📖 Dive into our recent publication with BCG Platinion, where you will find a brief guide on efficient Core Banking System Modernization – it includes a description of a battle-tested approach for de-risking delivery and accelerating the entire project.   ➡ https://lnkd.in/dt6UvVwk   Bhavya Kumar Martin Blechta Boris Stoff    #DigitalTransformation #CBSModernization #BCGintheMiddleEast

According to research by Thought Machine and Forbes on core modernisation within financial services, 75% of banking leaders are already migrating some of their core functions to cloud-based networks and services.  Find out what banks should expect from a core modernisation programme in this summary of our Banking Infrastructure Summit held at Money20/20:

According to research by Thought Machine and Forbes on core modernisation within financial services, 75% of banking leaders are already migrating some of their core functions to cloud-based networks and services.  Find out what banks should expect from a core modernisation programme in this summary of our Banking Infrastructure Summit held at Money20/20:

Benefits of core modernization are manifold but accomplishing successful core modernization can be challenging for the financial institutions. successful core modernization/ transformation program demands domain expertise and holistic test strategy. Read this white paper authored by me to learn how a leading US Bank with global operations modernized its core systems and garnered multiple benefits by collaborating with the right partner. https://lnkd.in/gk2GjiPq

We sat down with Dan Jones, head of Oliver Wyman's Digital Practice in Asia Pacific, to explore how migrating to a modern cloud-native core helps banks stay ahead of competition. Dan outlines the steps a bank should take to ensure migration is successful and secure. Read more here: