Digital transformation is well under way at major financial services corporations in the U.S. and around the globe. In many cases, pilots and the earliest iterations of modernization projects have gone well. But for many enterprises, it’s still early days. They’ve taken one or two steps at the onset of a lengthy journey. And now it’s time to pick up the pace and take the next steps on the road to digital transformation.
“Banks and other financial services companies are seeking to optimize how they engage with their customers,” says Scott Sajer, Vice President, Banking and Capital Market at Red Hat. “There has been a focus on expanding their digital capabilities and simplifying the customer experience.
The need to modernize and transform IT is well known, but financial services businesses are feeling the pressure ever more acutely. Overhauling tech-nology and adjusting business processes at global scale are significant headwinds. Financial services firms are challenged to employ new technologies, adopt new processes, and retrain employees swiftly to meet the demand.
At the same time, customers have become accus-tomed to accessing a variety of services and products via apps and the web. Mobility and ease of use are givens. The successful financial services company can-
not be any less efficient and must be ready to please customers whenever and wherever they demand.
A typical bank has thousands of systems and in-terfaces in its inventory, across many generations of technologies. Making one change has a ripple effect across multiple systems and slows down the rate of
transformation.
A solution that is lightweight and flexible, with modular integration capabilities that enables rapid integration, is key.
But technology alone isn’t sufficient. “Companies are, of course, in different stages, but in general we see a lack of bold leadership by people who under-stand the need to transform,” says Alessandro Petroni, Red Hat’s global head of strategy for financial services. “We also see that they may not have the skills in their organization to undertake that journey.”
Getting to the best possible solution can be done with consideration of six steps.
But many IT systems provide little competitive value and are complex and expensive to operate and maintain. Outdated systems force staff to spend inordinate amounts of time on basic main- tenance and operations, time that would be better spent developing innovative ways to create value for the enterprise.
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