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An IDC and Virtusa Joint Video Podcast: Episode 1
Personalization is the current overriding trend in the banking industry, and digital transformation is at its core. However, there are different layers of complexities in the process ranging from effective utilization of customer analytics and core banking modernization.
This podcast reviews some of the top trends and opportunities in customer analytics that aid in digital transformation and core banking modernization, along with opportunities smaller banks can capitalize on. Watch this exciting session featuring Dr. Chris Marshall, Associate VP, Big Data and Analytics, IDC Asia/ Pacific, and Javeed Wahab, VP- Technology and Chief Architect, Asia/ Pacific, Virtusa.
Understanding core banking modernization:
The definition of core banking is different for different banks. For some, it might be containerization and microservices. For others, it might be the modernization of the existing legacy systems or cloud adoption. But it inevitably includes gathering and bringing together more data about customers across the various channels. Banks must choose to modernize their core banking for internal transformation, personalized offers, better communication, and faster decision-making.
Digital transformation and technological transformation:
Banks are reluctant to modernize core banking because of the complexity of the process of the cultural change associated with it. To overcome this, banks must view digital transformation as technology transformation by modernizing business processes to generate maximum business value.
Analytical maturity and personalization:
Modernizing core banking platforms through digital transformation will increase customer analytics capabilities. The analytic maturity is dependent mainly on the region and infrastructure capabilities of the business. However, there are opportunities for banks to catch up and jump-start customer analytics capabilities for personalized banking through fintech partnerships, new payment initiatives, and technological adoption in branches.
Banks certainly facilitate better economies when financial well-being is equally important as physical and mental well-being. Through personalization, modernization, and digital transformation, banks can develop better relationships and social values supported by technology.
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Modernization does four things at once: It stimulates growth, eliminates depreciated functionality, replaces outdated design constructs with modern equivalents, and pays off technical debt.