FIS Modern Banking Platform
Advance your bank with a modern core platform.
Andrew Beatty | SVP and General Manager, FIS Next Generation Banking, FIS
October 24, 2019
In our digital age, banks must shift their focus, and their solutions, to ensure delivering user experiences that meet or exceed customers’ expectations. Today’s customers view their relationship with their bank more as a personal relationship than a business one; and like most personal relationships, expect it to be built first and foremost upon trust. They place priority on being able to personally access their funds, digitally, from anywhere. And when doing so, they are trusting their bank to provide that access securely, protect their data and privacy, and be able to move their money quickly and securely. And for the bank to do all of this, it must completely trust its solution providers. Real time is becoming reality, and essentially a requirement, worldwide. The evolution to real-time personalized customer centricity will drive what products and services banks offer to compete and gain market share successfully. Whether your bank is long-existing looking to transform itself or is a de novo digital bank, you’re evaluating:
Banks know they need to transform, and countless vendors are eager to help. However, it is essential for banks to vet and select providers with the expertise and scope to beat the industry odds and make their transformation a success. We at FIS offer the solution and delivery certainty to do just that.
Today’s focus on exceptional user experience, hyper-personalization and digital transformation requires a modern banking platform to support the bank’s evolution, operations and growth.
A modern banking platform has positive impacts on cost structure as well as user experiences – agility that allows for quick product launches, product launches from the core without significant investment, lower operating costs, more flexibility as data moves from mainframe to cloud and an elastic model that flexes with supply and demand.
Two strategies for modernizing and future-proofing core banking solutions and technology include the “rip and replace” model and a model of incremental modernization where cores as “components” can be decoupled and evolve according to the bank’s needs.
The uncomfortable truth, however, is that core banking replacement is costly and complex, and implementations are hard to deliver. Many consider modernizing the core banking platform risky, akin to diving off a high board into murky waters without a life preserver. The odds of a successful landing without injury are likely higher than successful transformation. Cognizant has estimated that only one-quarter of core banking transformations are considered successful one-quarter fail without any positive results and one-half do not meet transformation objectives. Often, costs and implementation times far exceed original estimates.
Given the disappointing success rate, the best way to achieve solution certainty and delivery certainty is to pick a partner with a proven track record. Careful vetting is critical to determine who has the expertise and scope to beat the odds and deliver a successful transformation. Criteria to begin your search include looking for a partner that is:
There is no one path to digitization, as each journey will be unique. We can state this with certainty: With FIS, banks have a strong and proven partner with best-of-class technologies and the delivery capabilities to make the journey a success.
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