CSC (NYSE:CSC) today announced the availability of its Celeriti Customer and Celeriti Deposits products and the delivery of the software to its first client.
Celeriti, which was unveiled in June 2010, is an end-to-end suite of software products, components and services to help financial institutions of all sizes realize the benefits of modern enterprise banking, cards, payments and lending platforms.
For banks wanting to undertake core systems renewal projects, Celeriti provides significant advantages over the more traditional "rip and replace" approach. In addition to deployment within an accelerated time frame, banks are able to renew their core systems at significantly lower cost and risk. CSC's progressive modernization approach allows Celeriti to be implemented on an incremental basis and aligns the deployment of Celeriti components with the business imperatives. Further, it allows a gradual transformation of the environment, reducing the operational impact and complexity associated with replacement programs.
"The growing need for core modernization presents banks' IT management with the complexities and risk of implementing new core systems and migrating tens of millions of customers to new systems and databases," said Robert Hunt, senior research director of Retail Banking & Cards for TowerGroup. "Large banks cannot consider 'big bang' conversions because of the risk of extended customer service disruption arising from conversion or software errors. In fact, the complexity of core replacement has been compared to changing the engines on a passenger jet while the plane is still in the air. Simply put, banks must develop and execute a core modernization plan that minimizes the risk of customer service disruptions. Large banks, then, must develop a phased implementation plan for core systems modernization."
"Some banks are spending upwards of $1 billion on core systems replacement projects when higher business benefits could be delivered faster and at a fraction of the cost using an incremental approach," said Paul Leadbetter, global chief technology officer of CSC's Banking and Credit Services Division. "For banks wanting to deliver a true multi-brand and differentiated experience, Celeriti is customer centric and delivers personalized, accurate and timely content to all of the delivery channels, allowing banks to broaden their services offerings to customers and grow wallet share."
Celeriti leverages CSC's industry experience and software that have been the mainstay core banking and cards management solutions for more than 400 banks around the world. The systems inherently support multi-brand and real-time transaction processing in a highly robust environment. Celeriti also offers a dynamic customer experience through all of the customer touchpoints and provides full access to information and a broad range of services.
Celeriti helps banks accelerate time to market with new products and address regulatory change through an integrated Web portal user interface, service-oriented architecture (SOA) business processes and Web services, business intelligence and data warehouse, business rules and parameters. Delivering these out-of-the-box capabilities is a huge accelerator to core systems renewal programs, while recognizing that bank environments are heterogeneous.