Chapter 10 transforming LegaCy Banking appLiCations to Banking experienCe pLatforms Create a centralized process management and centralized data management through a system of record. Eliminate information and process silos through centralization. Various phases of digitization of the banking processes are depicted in Figure 10-7. ŝŐŝƚĂůKƉƉŽƌƚƵŶŝƚLJ ŝŐŝƚĂůdƌĂŶƐĨŽƌŵĂƚŝŽŶ ŝŐŝƚĂůdƌĂŶƐĨŽƌŵĂƚŝŽŶ ƐƐĞƐƐŵĞŶƚWŚĂƐĞ ĞƐŝŐŶWŚĂƐĞ džĞĐƵƚŝŽŶWŚĂƐĞ ĐƚŝǀŝƚŝĞƐ ^Ͳ/^ďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĂŶĂůLJƐŝƐ hyƌĞĚĞƐŝŐŶ hyĚĞǀĞůŽƉŵĞŶƚ ŶĂůLJƐŝƐŽĨƉĂŝŶƉŽŝŶƚƐĂŶĚ WĞƌƐŽŶĂďĂƐĞĚƵƐĞƌũŽƵƌŶĞLJ /ŶƚĞŐƌĂƚŝŽŶ ĐŚĂůůĞŶŐĞƐ ĚĞƐŝŐŶ ŝŐŝƚŝnjĂƚŝŽŶĂŶĚŝŶƚĞŐƌĂƚŝŽŶŽĨ ŝŐŝƚĂůŵĂƚƵƌŝƚLJĂƐƐĞƐƐŵĞŶƚ /ŶƚĞŐƌĂƚŝŽŶĚĞƐŝŐŶ ďƵƐŝŶĞƐƐƉƌŽĐĞƐƐĞƐ WĂŝŶƉŽŝŶƚĂŶĂůLJƐŝƐ DŝŐƌĂƚŝŽŶĚĞƐŝŐŶ DŝŐƌĂƚŝŽŶ ŝŐŝƚŝnjĂƚŝŽŶŽƉƉŽƌƚƵŶŝƚLJ W/ĚĞƐŝŐŶ ŐŝůĞ͕ŝƚĞƌĂƚŝǀĞƐƉƌŝŶƚďĂƐĞĚ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ^ĞƌǀŝĐĞƐĚĞƐŝŐŶ ĚĞůŝǀĞƌLJ ƵƐŝŶĞƐƐƉƌŽĐĞƐƐĂŶĂůLJƐŝƐ ĂƚĂďĂƐĞĚĞƐŝŐŶ DŽŶŝƚŽƌŝŶŐƐĞƚƵƉ KƵƚƉƵƚ ŝŐŝƚĂůƚƌĂŶƐĨŽƌŵĂƚŝŽŶƌŽĂĚŵĂƉ ZĞĨĞƌĞŶĐĞĂƌĐŚŝƚĞĐƚƵƌĞĨŽƌĚŝŐŝƚĂů ^>ΘƋƵĂůŝƚLJƌĞƉŽƌƚƐ ^Ͳ/^ƐLJƐƚĞŵĂƐƐĞƐƐŵĞŶƚƌĞƉŽƌƚ ĞŶĂďůĞŵĞŶƚ hƐĞƌƐĂƚŝƐĨĂĐƚŝŽŶƐĐŽƌĞƐ ĞŶĐŚŵĂƌŬƌĞƉŽƌƚ dĞƐƚƐĐƌŝƉƚ WƌŽĐĞƐƐŝŵƉƌŽǀĞŵĞŶƚƐĐŽƌĞƐ ŝŐŝƚĂůŵĂƚƵƌŝƚLJŵŽĚĞů DŝŐƌĂƚŝŽŶƐĐƌŝƉƚ ŶĂůLJƚŝĐƐƌĞƉŽƌƚƐ Figure 10-7. Phases in reimagining banking processes Various phases depicted in Figure 10-7 are discussed as follows: Digital Opportunity Assessment Phase In this phase, we need to do a thorough as-is analysis of existing systems and business processes. During as-is analysis we will look at the following: • Analysis of existing technical ecosystem, standards, and technologies • Creating an inventory of existing functional modules • Analysis of existing business processes During the process we will identify the existing pain points and challenges. We need to interview the key stakeholders and end users to understand the pain points. The typical pain points and challenges are given as follows: • User interfaces not compatible with mobile devices • High page response times and performance issues for key banking transactions 280