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Leveraging cloud solutions for core modernization

Complex monolithic core systems built on legacy technologies have adverse effects on banking, financial services, and insurance (BFSI) organizations’ ability to innovate. With increasing cloud adoption in financial services, firms have begun exploring cloud solutions for core modernization in order to enhance business agility. Core-to-cloud transformation in BFSI firms can help achieve the twin objectives of cost optimization and business agility.

In enabling core modernization, we recommend a ‘no rocking the boat’ philosophy, paying attention to the following design principles:

  • Right capability: Segregation of business capabilities and selecting the right ones for modernization
  • Right returns: Prioritization of business capabilities with the potential to deliver the most value for investments
  • Right strategy: Selection of appropriate modernization option and relevant automation.
     

Ramakrishna Reddy Vem
Head, Core Systems Modernization Advisory, BFSI, TCS.