Digitally reframing legacy transformation
Legacy banking estates are one of the biggest challenges facing the financial services sector. They are a drag on cost, resilience and change agility, with UK banks likely to spend £1-2billion over the next three years on resiliency alone.
Many established banks also struggle to take advantage of the flexibility and cost efficiency of new fintech platforms.
So what can banks do? This report, written by PwC in conjunction with Mambu, explores how banks are shaping programmes around new technologies - not just replicating legacy capabilities.
Transform customer-facing banking operations
PwC in collaboration with Mambu have identified six ways banks can optimise the chances of success in their digital transformation efforts:
- Mobilising data to enable personalisation and a real-time experience
- Leading with innovation in mind, not legacy transformation
- Decommissioning the legacy selectively
- Building the ecosystem as a greenfield platform
- Orchestrating the servicing of legacy products via the digital channel and bringing all customers onto the digital platform
- Selectively refactoring critical legacy functionality and remove the legacy platform
