Banking in Europe: navigating the digital imperative for modernization
The webinar discussed modern banking challenges and emphasized strategic planning, customer-centric redesign, and collaboration for a competitive and innovative future.
by Backbase
In our recent webinar, Jouk Pleiter, CEO & founder of Backbase, led discussions with industry professionals, including Sophia Wikander, General Manager Financial Service Industry, Western Europe at Microsoft, and Henning Soller, Partner at McKinsey & Company, exploring insights on the challenges and strategies shaping the future of digital banking.
Modern banking faces challenges from economic shifts, fintech disruptions, and outdated IT systems. The panel stressed the dual challenge of simultaneously running and changing banks, highlighting the necessity for strategic planning to navigate competition, regulations, and workforce needs.
They also emphasized the transition from old to new systems, aligning tech changes with business priorities. Crucial strategies included standardizing infrastructure, leveraging automation, and demonstrating early value in transformation projects.
The focus on creating a modernization roadmap brought up the importance of uncoupling large systems and aligning tech debt reduction with business priorities. Progressive modernization, with initial steps focusing on standardization and automation, especially in cloud-based systems, is the way to go.
The webinar also explored acceleration patterns in modernization efforts, with a particular focus on the digitization effect and a common approach. The discussion also touched on program management in implementing cloud technologies and DevSecOps operating models.
It’s all about having a clear vision, strategic planning, staged execution, risk assessment, and understanding the organizational impact.
Here are some key takeaways:
Customer-Centric Redesign: Rethink architecture around the customer, not just the system.
Progressive Core Approach: Choose a strategy that progressively changes the core for lasting improvement.
Holistic Overhaul: Revamp both tech and operating models for complete transformation.
In short, the webinar highlighted the need for flexibility in the face of banking's ever-evolving landscape. The panel emphasized the pivotal role of cultural shifts, standardized technologies, and the crucial collaboration between business and IT. Strategies like progressive modernization, addressing mainframe challenges, and leveraging data-driven leadership became imperative for a competitive and innovative future in the banking sector.
Want to find out more about how these strategies can shape the future of your bank? Catch all the highlights and explore the full webinar.