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Wearing the “new black” with style even with old boots
In my last post, I wrote about how Omnichannel initiatives in retail banking are ‘the new black’ - offering the best hope for getting into step with modern digital times and customer demands. I further explained why despite this, retail banks keep kicking Omnichannel into the long grass: the daunting task of moving beyond ‘silo monolithic legacy IT systems, fear of compromising security and failing to analyse budgets appropriately (or at all).
These opposing forces have led to an escalating standoff between organisations, including industry regulators, which are urging banks to modernise and IT professionals who vigorously defend old mainframe technology, believing it to be more safe, secure and stable than modern technology. With each passing day, the risk escalates for more IT disasters like the now legendary RBS payments failure of 2012.
Fortunately, it’s possible to establish a middle ground in this standoff and chart a pragmatic way forward that enables retail banks to migrate their IT systems at a reasonable pace, while using them to full advantage while they’re still in place. Here’s what it looks like:
The stages on the road to Omnichannel
Every organisation’s journey will be different, depending on their situation and the following list is by no means comprehensive. However, based on our conversations with retail banks, these are some fundamental IT steps on the road to Omnichannel for those running legacy systems:
As you continue through these stages, you have the option to continue using your legacy systems so that you can handle migration at a pace that meets your budgetary, security and functional requirements.
In other words, there is a proven way to make the “new black” look stunning, even if you have to keep wearing very old boots for a while longer.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Alexander Boehm Chief Executive Officer at PayRate42
05 September
Alexander Saleh Head of Partnerships at Coincover
02 September
Alex Kreger Founder & CEO at UXDA
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