On-Demand Webinar: A Lower Risk, Evolutionary Approach to Banking Transformation
CSC and Ovum experts co-presented a well-received American Banker webinar March 1 on best practices for banking transformation. Geoffrey Weiss, director of Channel Solutions and Transformational Planning, Banking and Credit Services, CSC, and Daniel Mayo, senior practice leader, Financial Services Technology, Ovum, discussed the challenges of banking enterprise system renewal.
“The post-financial crisis landscape presents a series of challenges to the banking sector,” said Mayo. “From an IT perspective, this translates into a series of investment objectives.” He reviewed results of a global banking survey, in which participants rated a list of business objectives by the importance to their IT investment strategy in 2012. Other survey results included the importance of certain business and IT drivers on core systems investment.
Weiss noted that the traditional rip-and-replace approach is often very expensive and high-risk and can result in the loss of application features that create competitive advantage.
Instead, Weiss suggested, “A progressive modernization approach provides a bank with the modern banking software and transformational consulting to reshape applications, processes and delivery channels while lessening the operational impact of the changes.”
Other points discussed:
- Ways to align the introduction of new technologies with business imperatives to build faster ROI
- Best practices on assessing readiness for legacy transformational change
- A checklist for running a transformational change technology initiative
- Why implementing SOA first as part of a channel modernization program accelerates implementation and broadens the services and products delivered to the customer
- How standardizing processes and dealing with more exceptions automatically helps organizations become more responsive to customers
- Which new alternative operating platforms and cloud computing approaches help lower total cost of ownership (TCO) and improve operational efficiencies
- How to let legacy and new coexist, allowing a gradual transition and minimizing disruption to the organization
The webinar, A Lower Risk, Evolutionary Approach to Banking Transformation, was recorded for playing on demand at no cost. Register to watch the video on the American Banker website.
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LINKS/DOWNLOADS
Webinar
A Lower Risk, Evolutionary Approach to Banking Transformation
Research Report
A Leader’s Guide to Banking Transformation