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Not to mention, the telex/teletype machine before the fax machine...

Technology, nowadays, allows the 'new magic' to provide the ‘always-on’ real-time balance data (among others), eliminating the legacies.
It's just a matter of reshaping the financial business Architecture.

joao.bohner@gmail.com

"It's a universal truth that, in general, banks are struggling with legacy systems."

They must not 'struggle with legacys' anymore.

Nowadays there is technology to treat the Banking Business in a STP way, corporately, completely, exactly and definitely; online, real-time 'eliminating' those legacies.

By eliminating those legacies the Banks will perform the Banking Business with simplicity, agility, flexibility, singularity, reliability, scalability, security, accuracy, completeness, cheapness, resilience and international behavior.

Also Corporate decisions are made over information of business activities, performed corporately, completely, exactly and definitely; online, real-time, allowing the capability to control, advice, and take action immediately accordingly to the business behavior.

Technology for this is there, now!

Just to clarify:
Don't forget that the core of the contactless (NFC-Near field communication) IS a Chip - a RFID chip.

@Balázs,

You're absolutely right in the first of the top five challenges financial institutions are grappling with.

Legacy Systems eat more than 80% of the IT budget (which is not small) just for maintenance!

And the worst is that nowadays, with the new technologies and with a clever STP, you don't need those Legacy Systems anymore, reducing drastically the operational costs increasing the profits.

joao.bohner@gmail.com

@Alex, excellent work!

IMO what hinders and restrict the CX and UX design is that there is no backend architecture.

As Andrew Beatty mention in his Finextra Blog article:
The Tortoise and The Hare: Digital Banking Transformation

"The facts are that most Financial Institutions ecosystems are inclusive of varied solutions spanning a number of architectures and technologies and require varied skillsets to update, innovate and maintain."

There is an Architecture "Bank of the Future" (to be developed) to manage the financial transactions.

By this architecture, batch financial processes, silos, ETLs and DWs as well as their interfaces are simply eliminated, being replaced by a single knowledge source and by a single status update machine.

I am available to show it.

joao.bohner@gmail.com.br

@Craig,

The picture is completed.

As I can't upload pictures in the comments, pls send an email to do so.

@Craig,
wise comparison between the processes on a life of a butterfly and the activities on a financial process.
This comparison fits like a glove in the "Bank of the Future" platform Architecture, which handles all financial processes - not only payments.
Both are simple, direct and definitive.
The difference is that the butterfly dies and disappears and the history of financial processes is kept 'ad aeternum'.
I'm doing a butterfly evolution drawing, comparing it with the BotF Architecture.
joao.bohner@gmail.com

@Enrico,

The best definition of blockchain I've encountered so far.

Simple, clear and straight.

Congrats.

@Dharmesh,

Temenos still treat financial activities 'by business lines' rather than 'Corporately'.
Also Temenos still has Core Banking systems, rather than 100% online, realtime STP, for all financial activities.
joao.bohner@gmail.com