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Navigating the Digital Transformation in Indian Financial Institutions: Embracing Cloud-Based Core Solutions
August 1, 2024
Vipin V, Suyog Shah, Anupam Bansal, Krishna Ayapilla
Indian financial institutions are currently navigating unprecedented challenges due to rapid digitalization. The need for transforming core systems using cloud-based solutions is paramount in keeping pace with digital trs, meeting customer expectations, and adhering to regulatory requirements.
To drive this transformation successfully, Indian banks must focus on three strategic enablers: embracing emerging technology architectures, investing in skilled talent pools, and adopting innovative ways of working. Two primary strategies for core modernization - abstractinghollowing the core versus replacingaugmenting the core systems - are discussed below.
The choice between these strategies deps critically on assessing business transformation readiness, core system complexity, speed of execution, IT maturity level, financial capacity for investment, and tolerance to risk. The report also highlights common pitfalls in core transformations and outlines a multi-step strategy to ensure successful and seamless transitions.
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