Core Banking Transformation: 1 hour Workshop
This 1 hour consulting service workshop will help you understand how Wipro & Microsoft together can drive core banking transformation in partnership with a next generation cloud core provider on Azure
Banks and Financial Institutions are lagging in cloud adoption and are facing the risk of becoming sub-par enterprises.
Every next generation, enterprise wants to run their business in the cloud but it’s a complex and tedious journey that takes time. Many banks and financial institutions have invested significantly in the cloud. However, they are not seeing the returns they expected in agility, growth, new markets, and more. As such, Financial Institutions need to accelerate their shift to become intelligent enterprises and industry leaders by building relevant, cloud native and digital value chains.
Wipro has partnered with Microsoft and next generation cloud core providers, (like Finastra) to provide best of breed Core Banking transformation solution and services. In this 1 hour consulting service workshop, we will present an overview of our approach and demo relevant solutions, that can help your customer's needs to overcome the legacy challenges.
Approach 1: Alpha Digital - Focus on a specific business area i.e. Fast time to market, with the MVP typical launched within 6 months (Cloud). No legacy Core migration needed. This approach will essentially reinvent business digital process.
Approach 2: Replace existing core banking system with a completely new core banking system from a new vendor i.e. the bank can cutover quickly to a best-of-breed application & based on new tech, to serve a longer time frame.
Approach 3: Engage in a gradual, progressive transformation with a new vendor on a new core banking system i.e. the bank can move on to a best-of-breed application & based on new technology, in a phased manner
Approach 4: Extend the core by building a microservices layer that is closely coupled with existing core systems i.e. Responsive architecture to build business agility. Drive innovations like Open Banking leveraging existing investments in CBS.
All above are supported by a set of solutions & accelerators that help enterprises achieve core banking transformation efficiently. A couple of key solutions are highlighted as below:
Digital Banking Enabler (DBE) is a digital middleware mesh composed of APIs and microservices that helps aggregate & transform data from underlying modern core(s) and enables the orchestration of a variety of experiences for bank users & customers to avail meaningful banking functions and services. The solution is built on Microsoft Azure and enables banks accelerate digital journeys and drives end to end core transformation through point solutions addressing various facets of banking.
Data Migration Solution (DMS) is a tool to migrate data from legacy applications to new age core banking platforms. This low code utility uses configuration and business user input for data validation, cleansing, mapping, and transformation to target systems. This Microsoft cloud-based solution also features an inbuilt integration with Wipro’s patented data quality and governance accelerator to deliver an end-to-end migration capability.