A global investment bank and financial services company reduces overall costs by 20%

with core modernization

The Challenge

The client was operating on an inflexible legacy system with high licensing and infrastructure costs, without the ability to add new functionality and enhancements that were critical to their modernization goals. Their goal was to capitalize on emerging digital technology and improve user experience, as well as time to market. In addition, they also wanted to improve performance and achieve zero downtime with the deployment process.

The Solution

Virtusa completed a detailed product assessment and proof of concepts across all leading core banking products to identify the right solution fit. We then defined a modernization strategy based on the business benefits, cost vs. potential ROI, and target state. After determining what to build vs. buy vs. integrate, we used blue-green deployment to migrate the organization to a modern platform leveraging the latest cloud-native and microservices architecture.  By following these steps, we were able to:

  • Decouple the non-core components from the legacy core banking application
  • Redesign and rebuild the service components using domain-driven design and BIAN compliant microservices
  • Leverage Kafka and Kubernetes to implement the event-driven architecture
  • Implement design patterns for reusable out-of-the-box support, including the Circuit Breaker pattern, Strangler pattern, Saga pattern, and others  

Services offered:

  • Build vs. buy
  • Products selection
  • Application development
  • Maintenance 
  • Migration

Technology landscape used:

  • Modern core bank
  • Kubernetes
  • Kafka Java
  • Spring boot
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The Benefit

With a modern core banking platform, the financial institution future-proofed its architecture to increase flexibility and become more agile.
Virtusa helped the client:

  • Reduce overall costs by 20%
  • Improve customer experience by 20%
  • Increase system availability by 30% to 24x7x365
  • Achieve 0% downtime with blue-green deployment
  • Accelerate time to market by 30%

 

How can flexible and agile architecture benefit your investment bank?

Learn more about Virtusa’s Core Modernization.

 

 

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