Today’s fast paced business environment of financial sector challenges institutions to be more agile and responsive to new business demands.
Outsourcing trend in banking solutions
Looking at recent spending trends and priorities among leading financial services institutions, we observe that firms are increasingly in search of customized application development. Even among firms that traditionally felt that their scale and internal IT resources gave them a competitive advantage with respect to technology, we see increased interest in outsourced types of solutions and services.
Banks are in the process of transforming their core banking business to adapt to new market and industry changes. What today’s bank executives aspire is to create leaner organizations than their competition and maintain their speed to market. This requires replacing outdated approaches with true and reliable technology solutions.
Leveraging banking technology
Banks are striving to replace their core banking systems with flexible foundations in a managed and modular way at a differentiated cost. Leveraging modern banking applications on state-of-the-art technologies enables a phased, strategic approach that allows banks to improve operations, reduce costs, and speed growth. Implementing a modular, component-based solution ensures straight-through processing and full integration with existing technologies.
Replacing legacy systems
Business is so unpredictable that you cannot tolerate legacy systems. Conventional banking is obsolete, agility is essential. If you cannot bring new products and services to market quickly, you cannot exist. If you constantly fail to be responsive, you might consider replacing your existing back office systems which may be too complex and inflexible to enable your enterprise to succeed.
Core banking systems are mission critical to any bank. Legacy systems and infrastructures hold back multi-channel banks. The opportunity costs of keeping aging systems operating are steeper than ever because of lost costumers and hence profits. There are a number of challenges involved in maintaining legacy core banking systems:
Difficult to upgrade for new business requirements, long development life cycle
Maintenance problems, complex architecture
Difficult to deploy
Obsolete technology, difficult to find resources
Integration problems with external systems
Partnering with BIS
Our manageable and cost-effective core banking integrates and connects easily with your existing systems, leveraging existing IT investments. Moving toward an end-to-end BIS platform delivers cost benefits and improved integration and agility across your enterprise.
BIS Banking Group works closely with clients and consistently creates advanced software. We provide proven metholodogies to help reduce project risk and accelerate time to value. As a result our clients acquire a more cost-effective and flexible infrastructure foundation that can enable faster transaction processing and improved integration of business processes. Today six of investment banks in Turkey, including three multinationals, rely on our solutions.