The economic consequences that are unfolding rapidly and unpredictably mean that banks must double-down on both their efficiency and customer experience agendas. We believe that the need to modernize legacy banking platforms will gain sharper focus as banks emerge into this post Covid-19 landscape, driven by the need to focus on value and agility.
A quick scan of headlines over the last few years offers more than ample evidence of the challenges that banks and financial institutions traditionally face when they have tried to transform and replace their banking platforms. It’s clear that major banking transformations are extremely risky, with high rates of failure. Looking beyond Covid-19, it’s equally clear that the stakes are now higher, so these typical failure rates are more than ever neither sustainable nor acceptable.
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