Banking & Financial Services consulting firm

Successful Use Cases & Best Practices in Digital Transformation, Open Banking, Machine Learning, 

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Planning for ‘Digital Transformation” and “Open Banking” but find monolithic applications difficult to change

 

 

Financial Institutions need customised approach leveraging people, process and technology. Not tying to a specific vendor or technology and having a modular agile architecture is fundamental to achieving success. Banking as a Service. BAAS ! Embedded Finance. 

How can we guide your journey?

Unite Vision, Value and execution mindsets

    1. Strategy development process must address the relationship between the higher level organizational objectives and lower level opportunities.
    2. Identifying the right approach & Solution.
    3. Need to enable effective ecosystems and support Open Banking. This can be achieved by cloud based modular architectures and communication through API’s that will enable smooth collaboration internally as well as with external customers and fintechs.
    4. Financial institutions can scale innovation, build and offer new services or leverage Banking as a Service. 

Strategy Mapping and Cross Mapping vision & objectives across line of business.

    1. The most difficult part of Strategy creation is “creating and testing the rationale” that supports the conclusion that executing the strategic plan is likely to achieve the objective.
    2. Visibility of how strategic trade-offs are made between competing objectives.
    3. Enables Capability centric investment.
    4. Leverage Norton Kaplan, Hoshin Kanri, Five Forces, BMM and other relevant models.
    5. Business Case Design

Adopt Agile architecture that aligns business architecture, data architecture, application architecture and technology architecture.3. Adopt Agile architecture that aligns business architecture, data architecture, application architecture and technology architecture.

  1. Final Recommendation

Baseline Current State and define Target State as per Business Needs.

    1. Leverage available industry reference models. Business architecture guild financial services model and BIAN service landscape and business capability model.
    2. Relationship of business architecture service domains to business architecture components.
    3. Target state Bus Archi will drive target state IT architecture.
    4. Heat map current state arch to target state and identify and document gaps and changes required.
    5. Share best practices for implementation designs.

 

Journey to modernize core banking system that enables Digital Transformation.

a. Digital transformation for Incumbent financial institutions can only happen via “Core Modernization”. But it is an enterprise level change with various possible approaches.

  1. Full Core replacement – Kind of big bang replacement which involves migrating to a new core banking platform.
  2. Progressive Modernization – is gradually building a digital wrapper of API’s around the core until all of the legacy functionality is migrated into API ecosystem
  3. Greenfield banking – which is parallelly implementing a next generation core banking platform and onboarding customers to it.

Outcomes of successful modernization

  1. Scalable, flexible, robust and secure microservices based architecture.
  2. API framework that can integrate with third-party providers for ecosystem creation and facilitate open banking.

Performance measurement and course correction.

    1. new metrics and management techniques are required that can steer progress, uniting both the vision and value mindsets.
    2. Enabling organizations support staff.
    3. Conducting trainings and workshop for business and technical support staff.

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