CSC Position Paper Helps Banks Navigate and Benefit from Digital Transformation in the Enterprise
News Release -- February 18, 2016
New customer-focused approach lowers “run-the-bank” costs up to 50 percent, freeing up IT budgets to fund “change-the-bank” innovations
FALLS CHURCH, Va., Feb. 18, 2016–A new position paper entitled “Digital Banking Creates Opportunity for Customer-Focused Finance,” from CSC (NYSE: CSC), a global leader in next-generation IT services and solutions, provides expert insights and information to help bankers navigate key technology and market shifts on their digital transformational journey.
The paper is part of CSC’s “Journey to the Digital Enterprise” series from the company’s global CTO team.
“Banks are under tremendous pressure to comply with growing regulations, to satisfy customers and employees who are demanding more choice, collaboration and mobility, and to fend off digital startups that are chipping away at their profitable payments sector,” said Mike Steinharter, vice president and general manager, Banking & Capital Markets, CSC. “These industry shifts require banks to create new, dramatically higher scales of efficiency through next-generation infrastructure.”
The CSC paper presents opportunities for banks to free up funds for innovation through customer-focused financial services, a new CSC approach that helps banks reverse the “80:20 rule” by migrating off existing systems, modernizing off-the-shelf and custom applications and moving to new cloud-based platforms, providing APIs that enable new experiences with more agility. Traditionally, banks have spent 75 percent to 80 percent of their IT budgets on run-the-bank operations, leaving only 20 percent to 25 percent to fund change-the-bank activities.
“By integrating next-generation infrastructure with the IT architectures they’ve been building for decades, a customer-focused approach will help banks wring out savings of as much as 50 percent on daily run costs,” said Steinharter. “Those funds can be then redirected to even more digital innovation. Through CSC’s partner ecosystem, we have defined more than 20 specific business problems that banks must address—and a four-layer reference architecture to guide a cohesive transformation—to advance their digital journey.”
CSC in Banking
CSC, serving more than 100 premier banking and financial services clients in 15 countries, takes an architecture-driven and technology agnostic approach to help design, deliver and manage solutions that improve the spend ratio between run-the-bank and change-the-bank. For more information, go to: http://www.csc.com/banking.
CeleritiFinTech, a joint venture of CSC and HCL Technologies (BSE: HCLTECH), helps the banking industry modernize its business environments through advanced core banking software platforms and a broad suite of services. These offerings address significant challenges associated with delivering a differentiated customer experience, product innovation, digital and cloud-based technology transformation, utilizing analytics and big data, achieving regulatory compliance, and driving cost reduction. For more information, go to: http://www.celeritift.com.
- CSC’s Digital Banking Creates Opportunity for Customer-Focused Finance paper and video
- CSC’s Journey to the Digital Enterprise paper series and videos
- CSC’s Journey to the Digital Enterprise blog
CSC (NYSE: CSC) leads clients on their digital transformation journeys. The company provides innovative, next-generation technology services and solutions that leverage deep industry expertise, global scale, technology independence and an extensive partner community. CSC serves leading commercial and international public sector organizations throughout the world. CSC is a Fortune 500 company and ranked among the best corporate citizens. For more information, visit us at www.csc.com.