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FINsights: A Core Banking Transformation for All Seasons


Core Banking Transformation

The latest issue of FINsights focuses on the rationale for a core banking transformation investment. Find out how to proactively address and mitigate key challenges and risks. Learn more about the approaches and best practices to be implemented, while effecting radical changes to a bank’s business process, technology and organization environment.

Customer Expectations and Next-Generation Banking
By Sumit Srivastav and Alok Kumar

While a majority of banks struggle to cope up with the financial crisis, the smarter ones are set to usher in new age banking. It will be driven by customers and requires... banks to focus on creating value for customers, run an optimized business and evolve a business model to emerge stronger when the global economy begins recovery. Our article discusses five customer imperatives that will drive New Age Banking, and the way forward for banks to emerge as winners.

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"Survival – Driving Core Banking Transformation (CBT)"
By Madhav Soundalgekar and Marc Barad

Infosys believes that banks will be compelled to change their core banking systems to survive in the near future. The evolving customer dynamics and changes in the value chain in the financial services industry will drive this change. The future core banking system will require a different set of capabilities to support the creation and distribution of products and services required by customers. They are based on certain scenarios that are extrapolations of the current banking environment and not far from reality.

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Core transformation – How do you write a winning business case?
By Eric Librea and Shashidhar Bhat

While the benefits of a core banking transformation seem obvious, teams struggle to put together their business case and get approval. The challenge is not only to identify/quantify benefits but also to ensure all decision makers feel motivated to approve it. Our article puts forth six guidelines to write a winning core transformation business case. Each guideline is explained with experiences from engagements with customers in financial services. The Infosys Value Realization Method (VRM™) is used to develop the business cases and forms the basis of the six guidelines. The tools and best practices of the method are used to illustrate the guidelines.

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Realizing value from a core banking transformation initiative
By Ramesh Dhulipala and Richard Gerry

Our article helps executives identify, measure and realize value from core banking transformation programs using the example of deposits. It shares an aspect of the Infosys Value Realization Method (VRM™), called the value diagram. VRM™ is one aspect of the broader IMPACT Framework™ from Infosys. Our experts explain why this approach is most effective in extracting value through large complex transformations, as it is increasingly becoming the focus in banking today.

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Web 2.0 – Transformation strategy for banks
By Anand Subramanian and Rajaram Ramaswamy

We have moved from a World Wide Web of interlinked pages to a Web of applications. Web 2.0, the second Internet revolution, is transforming the way banking is done. These technologies are paving the way for online social interaction. Social commerce creates websites that enable people to connect and interact. People can ask and answer questions while creating content that the community can leverage. They can suggest product features and become part of the product design process. They can learn from each other to transact better (and more often). Our article discusses how banks are using these technologies, how it has benefited them, and how best to approach the transformation to a Web 2.0 bank.

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Overcoming organizational change management challenges in a core banking transformation program
By Marilyn Watkins and Edie Wiley

Since banking is a highly competitive service industry where customers vote with their feet, managing change is critical to successful business transformations. An increase in bank failures in 2008 has eroded customer loyalty while increasing pressure on banks to transform. In this white paper, Infosys highlights three key challenges in organizational change, together with tried and proven implementation strategies. The staff implements processes and systems efficiently and effectively, only when it is fully prepared and ready to transform. It is particularly critical for customer-facing staff that directly impacts customer satisfaction and defection.

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Technology and system integration challenges of a core banking ransformation (CBT)
By Rajashekara V. Maiya

The challenges of transforming a core banking system are well known by the banking industry. While the challenges remain the same, addressing all of them together is a challenge in itself. Infosys has helped several clients address these challenges within its framework across three broad areas – Vendor Management, Legacy Vendor and Technology Risk Management, and Business Change Management. Our article also prescribes certain do’s and don’ts to address these challenges in the context of core banking renewal.

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Core banking implementation challenges for a global bank in a multi-country environment
By Balwant C Surti

A core banking implementation is a large and challenging transformation project. When a global bank implements core banking in a multi-country scenario, there are additional challenges that add to the complexity of the implementation. There are several reasons why a bank operating in multiple countries will choose a single core banking solution – costs, control, standardization of operations and practices, consolidation of hardware and software, common administration and monitoring. The article highlights the challenges involved in such implementations and how they can be effectively addressed.

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Reliable implementation frameworks for core banking transformation (CBT) programs
By Suryakiran Bonta

There are several ways to implement core banking transformation. The approach depends upon end-user readiness, branch readiness, interfaces and integration, data migration, technical feasibility of the project, and the time it would take implement it. Our article helps you get prepared before you devise an implementation strategy.

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Core banking transformation (CBT) – Methodology for implementation
By Venkatesh V.

Our article focuses on the key implementation objectives involved in a core banking transformation program. It discusses the Infosys IMPACT Framework™ related to defining and implementing large transformation programs to ensure that the program is accurately specified, managed and delivered. The article highlights the implementation enablers required to ensure the success of the program, specifically the implementation strategy and governance required.

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Portfolio analysis for migrating legacy applications to a new core banking platform
By Venkatakrishnan B and N Dayasindhu

Our white paper describes a portfolio analysis framework. It uses a business-IT approach to help banks gain insights into their current legacy applications landscape and facilitate the migration to a new platform. The framework provides a comprehensive view of the existing legacy applications and the functionality that they support to prepare for core banking transformation.

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Products and services: Innovation-led approach to transformation
By Rajashekara V. Maiya

Renewing core banking systems is always on a bank’s to-do list. Banks have spent millions of dollars on research and consulting engagements to define the right approach for transformational success. Infosys has been engaged with several global customers in core banking transformation programs. One of our approaches that works well for small and large banks, is a product and services-led transformation. It combines the tenets of Line of Business-based migration with the Service-Oriented Architecture framework. Our article describes how the product and services transformation needs to be applied and how it mitigates several risks of such a critical program.

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Core banking transformation (CBT) – 'Bank–in-a-Box' (BiaB) approach
By Arun Patil and Frank Samuels

Our article focuses on core banking transformation and the different strategies adopted by banks. While most banks follow either the big bang (revolutionary) or phased roll out (evolutionary) approach, a Bank-in-a-Box (BiaB) approach, provides banks with a unique opportunity to accelerate implementation timelines. This is done by adopting a modular platform that is rapidly deployable and enabled with pre-defined, pre-integrated and complementary technologies. Our article discusses the components of a BiaB solution, its implementation using the Infosys IMPACT Framework™ and shares some critical success factors.

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