Resources

Data modernization: a key element of business transformation

Many financial institutions face issues in using legacy platforms that no longer keep up with their customer and internal requirements in real time. So how can businesses evolve their data processing to become more timely, agile, and scalable while controlling infrastructure costs? Data modernisation is facilitating business transformation by moving from outdated legacy systems to a modern, multi-cloud, data platform to enable personalised customer experiences, new revenue opportunities, and a faster time-to-market. The transition from legacy to modern platforms can lead to multiple benefits for financial institutions. While reducing TCO, these transformations increase developer productivity and reduce data fragmentation and duplication, offering more value from data. For example, organisations can unlock data to support novel onboarding processes by using existing operational data to score new customers. Watch this Finextra webinar, hosted in association with MongoDB, to hear from a panel of industry experts as they discuss the following areas: How will data modernisation solve legacy issues faced by financial institutions and businesses? What strategies of data modernisation are in use? How will data modernisation impact customers? What trends are we seeing in the industry in terms of data analytics? What are some examples of use cases in which data modernisation has been successfully applied? Speakers: Gary Wright - Head of Research, Finextra Joerg Schmuecker - Director, Financial Services Industry Solutions, MongoDB Prabhakaran Pitchandi - Vice President and Global Head of Analytics and Insights, TCS Fabian Khoshbakht - MD, Head of Client Insight & Innovation Treasury Services, BNY Mellon

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Componentized Core Banking

The next generation of composable banking processes built upon MongoDB The financial services industry is in a phase of transition. Challenger banks and Fintechs are introducing new products at high speeds which requires established players to review their existing information landscapes. Often driven by regulatory and compliance changes, many systems, originally designed for never-changing processes, become the static throttle against innovation. Nothing more so than the so-called core banking systems that are the backend of all accounting and can reach back to the 1970s in their designs. Thanks to the progress of software design and the emergence of better data infrastructure based on JSON, the next-generation of composable core banking processes is here, and it’s built on a paradigm of a developer data platform. In this whitepaper, explore the following: Chapter 1: the history of core banking and how the industry has evolved, as well as some of the challenges that traditional core banking systems face Chapter 2: take a closer look at the current state of core banking and some of the solutions that are available Chapter 3: explore the building blocks that are necessary for a composable ecosystem – we focus on four key building blocks: JSON, BIAN, MACH, and Data Domains and how these technologies can be used together to create flexible and scalable core banking systems Chapter 4: learn about real-world use cases for how MongoDB can be used to power core banking systems

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