Organizations, especially in the financial services industry, are facing growing challenges that impact their operations and reporting about customer experience, risk and compliance, obligatory reporting, and identifying new business opportunities. Companies using aging legacy technology find it challenging to compete with newer financial technology companies, big tech companies integrating payment mechanisms, companies supporting digital wallets, the introduction of digital currencies, and companies taking steps to overcome regulatory hurdles in establishing their own financial service options.
However, digital-savvy customers expect full integration across a variety of organizations, products, and services among an array of different application frameworks and interaction patterns with their financial service providers, implying the need for systemic innovations. Modernization in the financial services industry opens opportunities for a streamlined pathway for digital transformation that embraces integration with multiple third-party systems and APIs and inherently supports concurrent transaction and analytical processing in real-time.
In this webinar, we explore motivations for legacy system modernization, preparing for data layer modernization, and evolving a strategy for transitional modernization without disruption.
_____________________________________
Key takeaways
- Identifying data accessibility gaps
- Establishing an omnichannel customer experience
- Considering the incremental evolution of the hybrid enterprise
- Adopting modern computing services
- Embracing low-latency data accessibility
- Incorporating an operational data layer
Stop testing, start deploying your AI apps. See how with MIT Technology Review’s latest research.
