Legacy systems can compromise business growth
The way in which many banks design, manage and fund their systems, applications and processes needs to be re-evaluated. New strategies and systems are needed if banks are to deliver the real-time transaction, communication and collaboration capabilities demanded by the digital enterprise.
Most retail banks maintain legacy systems which were designed to carry out vital operational tasks. With a few exceptions, these systems now hamper growth. High maintenance costs and the risk of failure from poor integration or mismatched performance jeopardise service provision, and regulatory compliance.
Core banking systems designed for the pre-online and mobile era are no longer fit for purpose. Some systems, catering for long-term contracts like mortgages systems, life assurance, and pensions can be left in cryogenic operation, but may still require additional layers to enable data retrieval within the timeframes demanded by regulators.
The time for operational excellence
The time is now. Some organisations remain hesitant given perceived risks of disruption, security breaches and integration failure. Such a major undertaking requires skills and expertise that few businesses can retain in house. A strategic approach to transformation, with a clear and methodical transition plan, is paramount.
How we help our clients
- We transformed the IT environment for one of the world’s largest Financial Services companies, achieving more than 15% in cost savings over a five-year term.
- We’ve provided managed help desk services to a large US banking subsidiary for more than 10 years, proudly receiving its supplier of the year award on two occasions.
- For a major German bank, we provide a service desk solution for 120,000 users, covering 500 applications.
- We helped a global credit risk management company ensure high-performance customer delivery, providing desk-side support and PMO services for more than 7,000 end users globally.