Transformation programs for core banking platforms are highly-complex initiatives that touch every area of a financial institution. Transforming an institution’s operating model is vital in today’s dynamic and aggressive financial market in which there is: increasing demand for innovative business, tight regulatory requirements, demanding customers, complex architectures, and increasing disintermediation. The tradeoff between market diversification and procedural efficiency must be tightly managed during an implementation, in which business priorities clearly align to the operation’s performance goals so that they can be translated into IT capabilities. The following constraints in existing architectures prevent banks from keeping up with market demands.
- Straight end-to-end processing is often limited by application silos
- Mainframe infrastructures with elevated cost levels prevent easy scalability
- Fragmented processes with proprietary developments make an end-to-end evaluation of changes almost impossible
- Highly manual and disjointed processes slow all areas of business
- Long implementation cycles for new functionality turn efficiency optimizations into cumbersome endeavours
- Due to the inflexibility of IT architectures, new products are affected by a long time-to-market
- Disparate channels create poor customer service experiences
Axxiome understands these constraints and more importantly, knows how to overcome them. Axxiome has structured and standardized the core elements of a banking transformation project, and delivers predictable and reproducible results in all of our transformations.