Bringing Agile into Financial Services

We began working with a global retail bank who was struggling to deliver new digital capabilities and software at scale whilst abiding by strict legislation.

Like many banks, they feared the ‘rip and replace’ impact of digital transformation due to the high level of legacy IT in mainframe systems that have been built up over many years.

Challenge

Following the 2008 global financial crises, consumers lost trust in the banking industry. The PwC Retail Banking 2020 report highlighted the biggest threat to banking as being the rise of non-traditional players, supporting the notion that FinTech providers are accelerating the pace of change in the industry.

Modernising monolithic IT

The pace of technological change, combined with increased legislation makes the task of modernising monolithic IT within traditional financial services institutions not only challenging but essential, with the 2017 Economist Intelligence Unit Symbiosis report revealing that 61% of traditional banks prioritise responding to regulatory compliance over digital modernisation.

 

Competition from Challenger banks

The 2017 IFC Digital Financial Services report highlights the importance of technology transformation of consumer banking services such as account openings and mortgage lending in order to keep up with the pace of change; with some FinTech companies already meeting these consumer demands with low cost, convenient ways to transfer, borrow and invest money.

Solution

To allow the level of agility, flexibility and increased speed to market banks need in order to digitise at speed and at scale, removing reliance on legacy applications is crucial.

Modern platform of APIs

Creating a modern platform of APIs enables cross-platform communication, we were able to design and utilise a microservice-based architecture that feeds directly into the bank’s core legacy system, making the process of implementing new services quick, without affecting the day-to-day running of the existing technology stack. No ‘lift and shift’ is required.

We faced a huge challenge with legislation cost time and the old mainframe, we had to also think about the customer experience and luckily for our retail banking clients, we are best placed to pin all those issues with excellent solutions that we know will work. It took us nine months to deliver one project with four other agencies, which is unheard of in the retail banking industry.

Richard Slater, Principal Consultant, Amido

Benefits

Rapid Deployment
Time-to-market was nine months. Ability to work cross-culturally to deliver financial solutions that centralises the customer with technology transformations

Legislation Compliant
Amido understands and adheres to strict financial regulation with sensitivity and confidentiality

Streamlined Processes
By introducing the communication layer between new products and services and the mainframe, this reduces man hours and enhances customer experience with superfast digital solutions

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