Banks are trying to modernize thier systems by rolling out newer programmes or business changes and considering business services with SOA. By SOA, whether we talk about creating web-services or introducing fancy middle-wares, banks are inevitably moving
towards application consolidations with business process automation as their key objective. Integration technologies is helping users create a “single view” of all their enterprise data and deliver an infrastructure that ensures that applications can exchange
and update business-critical information no matter where it resides.
Key drivers being:
- Increase in Productivity while simultaneously reducing costs
- Need to Consolidate Systems & Data with increased M&A
- Inorganic growth to expand globally to enter Tier 1 space
- Increased Customer expectations – like Consolidated 360 degree product view
Europe being a market more inclined towards Buy versus Build works perfectly well for getting rid of multiple traditional systems at one go. To aid the ‘Buy’ option, all large banks would be looking in products to fit their architecture to enable Data Consolidation,
Business process orchestration, Composite Application Development and Centralised Business Activity Monitoring.
Recent years have transformed banks' System Architecture more dramatically than its previous decade. Would the coming years lead to more applications being consolidated on banks' desired platform with best time-to-market
Are we into 6GL now with just buy products and configure against writing 5GL Code? With more technology advancements and getting into Web 2.0, SOA, ESB are we truly transforming application footprint into product based architecture!?