Case Study, Digital Transformation of FinServ Legacy Systems

March 15, 2018

 

What does digital transformation look in the financial services space? Unpacking big data and harnessing new IT to deliver on unique, engaging client experiences that are tailored to each individual end user. In other words, client experience is a leading driver in enterprise digital transformation, particularly in financial services.

 

Over 80% of digital transformations fail -- siloed digital platforms, security vulnerabilities, lack of specialized talent, migration challenges, alongside ever-evolving tech and regulatory requirements are just some of the shortcomings firms face. With a potential value opportunity as much as $100 trillion by 2025, digital transformation is fundamental in the realization of workforce efficiencies, scalability, as well as lasting innovation and business growth.

 

Making a Legacy System Agile and Modern

The financial services space is being disrupted like never before. Innovative products and FinTech startups -- leveraging new IT like business intelligence, AI, IoT, and blockchain -- are threatening to displace the more established players who are still operating within outdated systems and processes.

 

Upgrading legacy systems requires new thinking and specialized, laser-focus execution. In light of the business and technology obstacles faced across the industry, here are some of the priorities we’ve deployed in future-proofing enterprise legacy systems in financial services:

 

  1. Hyperfocus on next generation platform development, including unified wealth management to provide an omnichannel client experience for investors and advisors

  2. Compliance monitoring and security transformation, deploying brokerage system enhancements to meet and safeguard against new regulatory requirements and cybersecurity threats

  3. Smart automation for customer service portals, featuring client request workflows, straight-through processing capability, and on-demand infrastructure support

  4. CX-driven product ideation, development, and deployment, from performance analytics engines and smart trading to blockchain-driven solutions

  5. Platform development and migration following corporate takeovers or large-scale acquisitions, including the transfer and integration of technical talent, infrastructure, data, and business intelligence

  6. Digital-first app development for new enterprise products, spanning custom system specifications, code development, gap analyses, UX/CX, impacts assessments, implementation, and more

 

Are these priorities on your enterprise digital transformation checklist? Let’s talk.

 

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