Digital transformation in banking (retail and consumer banking) has so far been quite narrow. Some financial firms have made efforts to get out on social channels (to where the prospects are) and streamline common front-office operations. But that’s about where their modernization ended. Lending, deposits, and other core activities are still mostly run on complex and monolithic legacy systems, though a few companies now have a digital veneer over their antiquated architectures.
70% of banks are now actively reviewing their core banking platforms, according to a McKinsey survey from May 2019.
Types of transformation:
- Rip and replace
- Parallel cores
- Modernize
- New Base Platform
- Passive observation
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