Financial institutions running pre-internet era legacy banking systems and platforms, modified over time to meet pressing requirements, need to transform. However, such transformational initiatives can be extremely challenging, with high expenditure and opportunity costs.
Banks partner with ITC Infotech in their legacy transformation journey which makes ITC Infotech’s Core Banking Surround Services (CBSS) a vital package for banks.
Given its scale and organization-wide impact, CBSS requires extremely skilled management during this transformation process. A bank’s internal IT department is best suited to manage such transformation and ITC Infotech works closely with their internal teams to help them with core processes like testing, application integration and data migration.
Delivering Results
To keep up with digital disruptors and address changing customer demands in a fast-paced dynamic environment, banks are embracing digital transformation. They adopt technology, embrace global trends and form the right ventures to increase agility, flexibility and speed in order to better align themselves with digital interests of businesses and customers.
However, global surveys point out only 25% of all core system transformation projects are successful – highlighting a deeply flawed approach to transformation.
- Higher IT cost in the event that multiple solutions need to be replaced
- Insufficient information during the gathering phase or lack of historical information on location-specific customizations
- Lack of an appropriate product selection methodology
ITC Infotech addresses business need by offering easy and quick adoption of new technologies.
Business Benefits
Simplified change delivery model
- Drive out complexity and cost through approach rationalization
- Increased confidence to effectively manage disruptive incidents
- Enhanced business enablement through a robust transformation engine
- Resolution of known issues through functional, usability, compatibility, user acceptance and deployment testing
Simplified business-as-usual (BAU) model
- Develop an evolved view of the changed business and technology landscape
- Evolve a robust data management and intelligence strategy to build market differentiation
- Plan a standard approach for BAU support to customizations
