Digital transformation in financial services: Rip & Replace – there must be a better way?
Open heart surgery, changing the engine of a plane while in flight, big bang. These phrases have been used to describe the wholesale conversion from an old core banking platform to a new one. There’s even a dark joke about “what’s the first thing a CIO should do when asked to do a rip and replace project? Write their letter of resignation”.
Large, complex projects are not the sole preserve of financial services. Take, for example, the Berlin Brandenburg project. Originally scheduled to open October 2011, five years after construction started, the airport finally opened in October 2020 – 14 years after construction started and 29 years after official planning began. From an IT perspective, consider the attempt to create a centralized health care record system for the UK’s National Health Service. Launched in 2002 and expected to cost £6.2 billion, the project was abandoned in 2011 after spending more than £10 billion and failing to deliver the expected benefits.
In financial services there have been examples of large core system replacement projects that have gone awry. So, what’s the solution? Surely there must be a better way?
Continuing the open-heart surgery theme – is there a keyhole surgery approach to digital transformation? Something like angioplasty or valve replacement? Basically, is there a less invasive way to get the benefits?
Yes, there is. There is a better way.
We call it “Symbiosis”, “Synthetic Core”, “Augmented Core”, “Distributed Core”, “Bionic Banking”.
In this webinar, you will learn how Bionic Banking works and what its benefits are. You will discover how you can use Synthetic Core, Augmented Core, or Distributed Core solutions to dramatically improve your competitive posture without disrupting your operations or compromising your performance.
The key take-aways:
- Rapid consumer evolution
- Rising levels of competitive intensity
- Rapidly growing cloud acceptance
- The emergence of open ecosystem banking
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