The banking sector is experiencing massive disruptions from challenger banks, evolving regulations, dynamic customer demands, and the emergence of Fintechs. For established banks to survive, let alone thrive, they must be flexible enough to integrate new digital financial tools and adapt to rapid change.
As outlined in our first whitepaper, “Core Banking Platforms of the Future”, modern core banking platform solutions not only liberate established banks from substantial financial liabilities and technological debt but also open the door to new digital business opportunities. Our focus in this whitepaper shifts to the strategic aspects of modernizing a core banking platform.
Experience shows the importance of holistic strategic planning in core banking transformations. A successful journey, especially a seamless integration into existing processes, starts with aligning the business value of a modern core banking platform with the bank’s business strategy.
The cycle structures the strategic planning for executives and progresses from initial alignment to unique design principles for navigating implementation. Concurrently it allows for iterative strategic readjustments in response to dynamic stakeholder needs. For details on the individual phases, read the whitepaper "Core Banking Platform Modernization Strategy".
Core banking platform modernization projects are usually executed either with a big bang (reaching the end-state architecture in one go-live) or a phased approach (progressive transformations with several go-lives).
Although each approach has pros and cons, there is a general trend toward phased approaches.
At BearingPoint, we are committed to supporting you in becoming a digital-first bank. We tailor our platform modernization strategy to your individual needs. We would be happy to share our expertise with you.