To remain competitive in the future, financial institutions must continuously keep their existing system platforms up to date. Ultimately, the goal is to have a reliable system that helps an organisation accomplish its mission in a cost-effective manner. The key motivations for making adjustments to the technology landscape are:
- Realignment and consolidation of numerous legacy systems arising from merger activities, or as an organisation has grown over the years.
- Upgrading increasingly outdated technology with improved functionality and efficiencies to better meet client demands.
- Meeting regulatory requirements in an ever-evolving regulatory landscape.
- Implementation of a global solution tailored for specific local requirements.
- Building a solid and scalable foundation for growth, enabling introduction of new products and services.
At the core of Platform Transformation is the upgrading of systems and uplifting of processes, in many cases making these increasingly digital, streamlined, user-friendly, and overall efficient. It may involve integration of new technologies, such as cloud computing, artificial intelligence, and blockchain to enable optimisation and enhance the user experience.
Client benefits
- Improved efficiency: Reduction of technological depth and simplification of IT landscape through consolidation of systems and tools into a single platform. This can help reducing turnaround times and enable better use of resources.
- Cost savings: Significant cost savings as organisation reduces reliance on expensive legacy systems and hardware.
- Improved agility: Automated tasks and digital workflows will enable quicker response to changing market conditions and customer demands.
- Meeting regulatory requirements: Capability to access and interpret accurate and meaningful information to meet requirements in a timely manner.
- Better risk management: Increased flexibility in monitoring internal and external risks and being better prepared to respond to risks.
- Enhanced customer experience: Digital platforms can offer a more personalised, and user-friendly experience.
- New revenue channels: Exploration of new revenue streams and previously unavailable channels.
finalix contribution
- Assessment of your systems environment identifying weaknesses and improvement opportunities.
- Target Operating Model (TOM) definition, process design, and development of proof of concept.
- Implementation of TOM, test planning & UAT coordination, and rollout support.
- Vendor evaluation and selection.
- Planning and coordination of communications and training.
