Building the foundation for a bank of the future

Addressing industry challenges with IT infrastructure modernization

Consumers aren’t the only ones who expect more from banks—so do the banks themselves. They want to offer the agile, open banking environment that attracts business. They want to strengthen regulatory performance, bolster security, streamline development of new offerings, and keep costs under control. They want to operate as banks of the future.

Central to all these ambitions is the IT infrastructure a bank relies on. Siloed, batch-based, monolithic architectures have left many institutions limited in their ability to adapt while navigating compliance and security concerns. Meanwhile new market challengers are often cloud-native, which gives them the high degrees of scalability and flexibility they seek but lack.

Modernizing a bank’s IT infrastructure by moving to the cloud can open the door to capitalizing on artificial intelligence (AI) solutions and meeting customers at their point of need, restoring balance to the playing field. Banks that have taken this journey have seen cost reductions of as much as 60% compared to their legacy systems, freeing resources they can devote to customer acquisition and digital competitiveness. Banks that have not made this leap may risk being left behind, and customers may perceive them as slow, lacking in innovation, or unresponsive to their fast-changing needs.

What’s stopping every bank from taking on this transformation? In some cases, the will is there, but it’s difficult to know where to begin. There are many active proofs of concept, but less certainty about which investments add value to the business, or how to align them into a coherent whole.

Putting the principles into practice with BankingSuite

Recognizing the need for banks to modernize rapidly, without compromising on security, Converge™ by Deloitte BankingSuite provides banks with a secure, stable digital platform to lay the foundations for future growth and new capabilities.

The combination of BankingSuite and AWS services with the cloud and cyber strengths of ConvergeSECURITY addresses the five principles outlined above by design. Details of this combined operation include: