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Modernization Journey For Banks With CDWT

Successfully altering operations for the world’s top financial organisations

SOLUTIONS

Comprehension of the Digital Disruption

Banks and financial services companies are seeking to optimise their infrastructure. According to the Third Annual Nutanix Enterprise Cloud Index, a survey of the financial services industry’s top reasons for modernising its IT infrastructure revealed that, while cost is less of a factor, more respondents in the financial services industry cited cost savings (31%) as a greater driver for cloud than the global average (27%). What banks must consider is how digital disruption can assist them in retaining and attracting new clients.

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59% of them want better control over the use of IT resources.
58% of businesses were compelled to update IT in order to improve speed.
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What impact does IT Modernization have on Banking Customers?

With a digitally updated infrastructure at its heart, banks can swiftly adjust to market shifts and create exceptional customer experiences, such as real-time payments, therefore defining themselves as innovators and leaders in meeting their customers’ and organization’s demands.

A successful digital transformation initiative for financial institutions must centre on four priorities:

Engaging customers with distinct experiences that are tailored to their individual financial requirements and objectives.

Empowering staff inside the firm with solutions that may make accessible, comprehensive information about individual customers readily available, while satisfying important security and regulatory requirements.

Enhancing Internal Operations via synchronized procedures and data-sharing democracy

Transforming goods using open and networked systems and predictive digital processes in real-time

To be successful in this new environment, financial institutions will need to collaborate with an experienced modernization leader who understands their present status and the complexity involved, and who can guide them through the transformation process with a shared goal in mind.

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IT MODERNIZATION FOR BANKS
CDWT
With digital transformation and application-centric managed services, CDWT can bring concrete value to your bank.
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Modernization Challenges for Banks

Deciding to take the first step towards core banking modernization by building a strong infrastructure foundation on the cloud is one aspect but doing it successfully and cost-effectively, quite another. Among the greatest issues banks confront are the following:

The million-dollar question is whether cloud - public, private, hybrid, or multi-cloud - is the greatest match for your financial ecosystem. IT decision-makers depend on a complete PoC that details how, when, and which workloads to transfer. Increased operational efficiency, quicker time to market, and the introduction of new goods and services are major success markers for cloud adoption initiatives.
To ensure cloud readiness, a comprehensive approach is required, since the conception process that is restricted to apps and workloads is often insufficient. Enabling your technical staff to embark on your cloud adoption journey with the aid of seminars and sessions on cloud best practises is essential for the ecosystem to run without interruption after the transition.
Every IT team's worst nightmare is managing many suppliers for various application components, cloud platforms, monitoring, etc. For financial institutions, client demand is of the highest importance, and they want an escape route. It is only conceivable if you have an experienced cloud partner who can assume this responsibility.
Technology executives at banks are most concerned about penalties up to billions of dollars, assaults on extremely sensitive financial data, and the dangers of an open banking system. The problem of ensuring security, privacy, control, and compliance with worldwide legislation and data protection laws must be addressed regardless.

Utilizing established blueprints, frameworks, tools, and migration methods is a need for any bank. Nonetheless, cloud adoption is useless if it does not include using new technology, like as artificial intelligence and machine learning software, to provide more relevant services amid shifting markets.

Your bank may still be assessing the benefits and drawbacks of shifting to the cloud.

The following “use cases” will assist your key stakeholders in making a choice.

Even though cloud computing is the future, many institutions are still weighing the benefits and drawbacks of making the transition.

We are here to assist. We have an extensive archive of applicable use cases to provide you with the weapons you need to advance your digital transformation initiatives. CDWT’s established banking practise is comprised of various subject specialists with unparalleled cloud expertise.

Infrastructure Modernization

CDWT provides infrastructure modernization services to enhance the performance and manageability of your core banking system, application, and software. Using a modular, structural approach, we assist you in navigating your organization’s IT modernisation process through its different stages of effectiveness and adaptability.

We collaborate with banks to simplify and standardise IT infrastructure and application platforms, and help you through the organisational adjustments required to operate a core banking system in a hybrid environment effortlessly and reap its full advantages.

Kubernetes' container-based orchestration environment gives a great deal of flexibility in designing a bank's cloud environment, whether in the public cloud, private cloud, or hybrid cloud. As part of Kubernetes as a Service, the CDWT team of specialists deploys and operates a fully managed Kubernetes control plane, including configuration, operation, and maintenance of all Kubernetes components. CDWT provides best practises and assistance for the deployment and management of highly scalable applications under Kubernetes.

CDWT can assist your bank in accelerating the security and compliance process by developing a complete compliance roadmap and providing you with the required KPIs for people, process, and technology. CDWT will assist you in adhering to the following significant compliances and standards:

CDWT application modernization assists financial institutions in maintaining, expanding, deploying, and managing their applications to suit present and future business requirements. This is determined by the organization's vision, which is influenced by elements such as strategic business activities, application architecture, time, cost, and available talents.

In order for banks to work with third-party technology developers, increase service offerings, and remain competitive, they must adopt the API economy. In record speed, we develop an authorised gateway that enables communication between your banking application and external third-party apps. We assist you in delivering increasingly connected consumer experiences, hence accelerating product and service innovation at minimal cost and risk. With CDWT application modernization, financial institutions can rapidly and securely expand processes, services, content, and data to partners, mobile experiences, and third-party developers.

CDWT's micro-services approach consultancy facilitates the transfer of monolithic applications and legacy systems by constructing a micro-services-based architecture. CDWT can create and manage microservices by interconnecting apps and constructing agile and adaptable databases. CDWT provides support and maintenance for services that enhance the quality of microservices application development and reduce faults.

Banks must adopt a DevOps deployment methodology to achieve agility and a quicker time to market. CDWTDevOps assists banks in expediting the release process by automated testing and releasing new versions of their core banking system's application code on the fly.

The migration of data from traditional databases to current cloud-based databases facilitates the development of data-driven insight about customers, markets, and internal business operations. CDWT, a global cloud-services partner for tens of thousands of businesses, employs certified cloud professionals and data scientists to modernise and guide the transfer of data to cloud platforms.

A discovery workshop is performed to collect perspectives from stakeholders, evaluate the readiness of the data warehouse, and collect server and application information.

Then, the three-pronged migration methodology of CDWTMigration Factory drives complicated and large-scale migrations to the database of your choosing while preserving data integrity and security.

We tailor database managed services by offering a scalable architecture for planned and controlled database setup, specific rule-based rules for users or queries, and automated scripts for effective database administration. We guarantee near-zero management with built-in performance and by removing the administrative requirements of conventional platforms and big data solutions.

Certified data scientists at CDWT can help your bank stay ahead of the curve when it comes to employing intuitive and interactive dashboards filled with data analytics to make smart choices via real-time monitoring and visual exploration, hence bringing predictive power to your company. With a Single Source of Truth, we assist you in constructing data marts that provide visualisation dashboards and the capacity to handle data on the go.

CDWT provides a contemporary workplace that enables banks to guarantee that employees can always access safe information and collaborate to make better-informed choices based on real-time data, hence improving accuracy and accelerating procedures. We assist you in meeting the problems of a distributed workforce by guaranteeing safe communications to and from home.

CDWT's VDI Services enable you to deploy virtual desktops throughout your organization's end-user workforce to improve the user experience, boost security, and save expenses. We guarantee the execution of the design to expedite deployment, allowing users to enjoy the advantages of VDI with little delay and success on Citrix and VMWare.

Although AWS WorkSpaces is an excellent DaaS solution, customers must still increase their readiness to embrace it. This involves selecting the appropriate AWS offering tier, constructing the ideal WorkSpace for their needs, and monitoring the offering. The CDWT team has over a decade of expertise in constructing and supporting virtualized desktop environments, including DaaS.

With its managed DaaS service on Microsoft Azure WVD, CDWT facilitates the transfer of clients to a virtual workplace environment with little disturbance. We provide setup, installation, integration, and UAT services to assure the back-end cloud infrastructure's readiness. In addition, we provide proactive monitoring, incident management, change and patch management, and a service desk to guarantee a consistently enhanced end-user experience.

Factors

Regulatory certified security stack with more than 40 Security measures particularly designed for banks

Total responsibility - SLA delivered upon application login

Compliance with local data residence and sovereign rules in 52 places worldwide

End-to-end ownership of the cloud journey, encompassing IT transformation and migration

IT Modernization For Banks – FAQ’s

What is the essence of banking?
CBS is a back-end system that conducts daily banking transactions and maintains accounts and other financial information.

It generally consists of deposit, loan, and credit processing capabilities, as well as interfaces to general ledger systems and reporting tools. Leading CBS suppliers are EdgeVerve Finacle, FIS, Oracle FLEXCUBE Core Banking, TCS BaNCS, Temenos, SAP Banking and Financial Services, Fiserv, NCS, and more.
What does core banking on the cloud entail?
It is time for banks to cease investing in future legacy technologies and transition to cloud-based core bank processes. The advantages of moving core banking to the cloud include infrastructure savings, scalability and agility on demand, security and availability, and future-proofing the staff. Depending on their functionality and version compatibility with cloud, mainframe based applications that support core banking will need a target disposition assigned to them - Rehost, Replatform, Refactor, Rearchitect, retire and Revisit.
What is driving the modernization of core banking?
Not only do banking CEOs, COOs, CIOs, and other business leaders believe in cloud-enabled, data-driven solutions, but they are also investing heavily in them to deliver highly personalized, digital customer growth campaigns and experiences, enhanced customer lifetime value initiatives, and profitable revenue growth outcomes. They want speed, scalability, and decreased risk, and the age-old reluctance to embrace public cloud for essential financial systems no longer exists. They are shifting away from rigid, inflexible operating models with on-premise, outdated IT systems that fail to fulfil business requirements while consuming hefty IT resources and generating ever-growing IT technical debt. This presents a chance to acquire a "competitive advantage" in a crowded, digital banking industry by satisfying customers' increasingly demanding expectations. Modernization of core banking systems becomes a strategic requirement for all types of institutions.
What is banking transformation?
Transformation in banking includes technology adoption, such as cloud adoption, as well as business process improvements, such as hyperautomation and RPA, which enable banks to reduce their time to market, operational complexity, and assist them in delivering exceptional digital customer experiences.

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