Happen to attend a Webminar on Progressive Core banking transformation.
Major take home points after an hour of the presentation as follows
1. Core banking transformation is nothing but replacing your home with new walls, furnitures, kitchen, Lobby , interiors and painting etc etc.
2. Vision is to replace everything in the home evantually.
3. Critical part during replacement is that every other member of the home would continue to live in the home.
4. No hindrance to the existing facilities or no compromise on services for the members of the room.
Given the above points are the scenario of the current Legacy systems in Banks,
Solution suggested was to have a progressive transformation, going piece by piece approach. Replace room by room.
1. Identify the least crowed, but a critical place of the home.
2. Identify whether it adds value with new proposed structure, design and interiors.
3. Execute the Replacement of the room
4. Make sure connections with other rooms are built
repeat step 1 to 3 again .. till all the rooms are replaced completely.
1. Immediate benefit of usage without waiting for longer time
2. Lower impact on the other rooms, if the new room found not suitable.
3. No enforcement to make all rooms changed , given the time and budjet is exhausted, reduce the number of rooms to be replaced.