Challenges in Modernization

• Legacy Infrastructure: Many firms still rely on on-premises mainframe systems, hindering agile development and modernisation.
• Manual Processes: Operations often involve manual tasks, reducing efficiency and increasing the need for phone interactions.
• Customer Expectations: Customer-facing applications frequently fall short of expectations, requiring improvements to meet modern standards.

Modernization Strategies

• Agile Development: Embracing agile methodologies, including continuous integration and deployment (CI/CD), can significantly shorten delivery cycles.
• Product Alignment: Transitioning from horizontal layers to vertical "products" allows for more agile and responsive development.
• Cloud Migration: Moving to public cloud infrastructure enables scalable, flexible, and cost-effective solutions.

Key Insights:

Case Studies

1. Breaking Vendor Logjams: Transitioning to a product ownership model enabled a client to overcome vendor dependencies and achieve real-time data processing.
2. Brokerage Modernization: Dividing a large brokerage platform into manageable product families facilitated a successful modernization effort, resulting in significant improvements in customer experience.

Conclusion

Modernizing banking and brokerage operations requires a shift to agile, product-oriented development, supported by cloud infrastructure. Firms that embrace these changes can enhance their responsiveness, improve customer satisfaction, and maintain a competitive edge.

For more detailed insights and strategies, download the full report: Modernization in Banking and Brokerage above.