The good news is that core transformation and the technologies needed to support it have come a long way. Financial services organizations can greatly reduce their risk and position themselves for optimum return on investment by considering the following when beginning their core transformation journey:
- Can the solution support the real-time requirements of today's financial institutions?
- Is the solution built on a modern service-oriented architecture that enables multiple sequencing options, giving banks the flexibility to frame their transformational journey according to their individual requirements?
- Does the solution enable banks to transform their business and IT operating models progressively by mitigating technology obsolesce risks?
- Can the solution support customer centricity with a customer hub?
- Is it a rules-based solution that can facilitate a paradigm shift from programmers modifying code to that of business analysts defining new products and making business process improvements?
- Can the solution support new distribution strategies, including multi-brand or white labeling, to tap into new markets and enterprise product origination that can support multi-product packages to drive an increased customer-to-product ratio?
- Can the solution meet the needs of the modern banking institution -- with multiple brands, legal entities, currencies, languages, and time zones -- from a single platform?
- Does the solution enable the bank to extend its existing technology investment as part of the new core environment?
- Does the solution offer a path to reduce in-house integration and testing efforts that cuts IT costs and improves time to market?
- Does the solution provide enterprise-class security covering customers, staff, and third parties?
The industry finds itself at an exciting time in which technology is at hand to drive business transformation -- from customer service to operational efficiency -- in ways that we could not have imaged even a few years ago. It's time to begin the journey and prepare for growth.
Frank Brienzi is Senior Vice President and General Manager, Financial Services, Oracle.
[What's the best strategy for successfully completing a core systems modernization project? Check out BS&T's digital issue, The Core Systems Dilemma.]