Banking, Financial Services, and Insurance Organizations: The Path to Digital Transformation from Legacy Systems

Encora | July 28, 2020

Digital technology is fundamentally changing the way people communicate, how businesses operate and ultimately how value is delivered.   In the banking, financial services and insurance (BFSI) sectors, there are major technology advancements that are driving organizational change and competitiveness. Digital disruption has forced BFSI companies to reinvent themselves as agile, transformative, and tech-focused companies. This reinvention allows them to react quickly to evolving customer demands. Keeping up with digital transformation, disruptive technologies and customer expectations is a lot for BFSI organizations to face. It is no longer enough for organizations to think that they can operate in a” business as usual” manner. To remain competitive, BFSI organizations must be able to respond quickly to changing customer needs or risk losing them to their nearest competitor. Too often, however, their legacy systems become a bottleneck and can impede business objectives. To overcome this, BFSI companies need to rely on a solid technology partner.

In the BSFI sector, there’s an increased demand to deploy digital banking services. This is due to many reasons, including:

  • The need to reduced operational costs,
  • Heightened customer engagement/retention,
  • Banking deregulation.
  • Increasing demand for more user-friendly digital banking experience is changing the way the banking industry operates.
  • Banks are migrating more customers to their own digital channels.

In BSFI sector, customer behaviour is driving an on-going disruption in technological advancements including digital transformation, collaboration with fintech firms to keep up with consumer expectations and the growing phenomenon of artificial intelligence / robotics. As a result, BFSI companies have a lot to contend with to ensure their survival.  Most BSFI organizations rely heavily on legacy IT systems and face significant IT challenges, this is due to:

  • IT infrastructure being out of date.
  • Ability to integrate emerging technologies is limited and cumbersome.
  • Industry has been fraught with mergers/acquisitions resulting in further IT integration challenges.

To conclude, BFSI sector needs to embrace a flexible approach to digital transformation. Adopting a one- size- fits-all approach doesn’t work for complex legacy modernization initiatives. Having a partner with expertise in legacy transformation and digital transformation is the key to ensure success in designing and implementing new BSFI systems.

Prime Technology Group, as a technology expert, with decades of experience has helped many BFSI companies achieve systems integration and digital transformation. Prime is the ideal partner who can accelerate the next generation of solutions for the BFSI sector in the following areas:

  • Market Data
  • Cloud Compliance/Security HTML5, Web sockets
  • Enterprise Mobile Management
  • Big Data and Analytics
  • Mobile Application Management
  • iOS, Android
  • Mobile Device Management

To learn more about how Prime can help you get the most out of your legacy modernization/digital transformation solutions contact us.

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