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Renovate in Winter

29 May 2009  |  2046 views  |  0 Source: The Boston Consulting Group keyboard 2

The world's banks should take advantage of the downturn to redefine their business priorities and at the same time modernise their patched up and ungainly core banking systems, says the Boston Consulting Group.

To keep technology in step with the business, many banks have kept their core systems — the workhorses that process most activities — in a state of perpetual motion. But after years of updates and fixes, many systems have become unwieldy. The report's authors content that the economic downturn has created a once-in-a-generation opportunity to “renovate in winter” — to undertake a renewal when specialist resources are available and to build or reinforce capabilities that will make the bank stronger not just now but in five or ten years.

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