Chapter 10 transforming LegaCy Banking appLiCations to Banking experienCe pLatforms dƌĂĚŝƚŝŽŶĂůtĞďdĞĐŚŶŽůŽŐŝĞƐ /ŶƚĞŐƌĂƚĞĚyW hƐĞƌdžƉĞƌŝĞŶĐĞ ,ĞĂǀLJǁĞŝŐŚƚh/ĐŽŵƉŽŶĞŶƚƐ >ŝŐŚƚǁĞŝŐŚƚůĞĂŶh/ ,ĞĂǀŝůLJƐĞƌǀĞƌďĂƐĞĚ ůŝĞŶƚƐŝĚĞĂŐŐƌĞŐĂƚŝŽŶ ĞƐŬƚŽƉͲĨŝƌƐƚĚĞƐŝŐŶDŽďŝůĞͲĨŝƌƐƚĚĞƐŝŐŶ ŝƐũŽŝŶƚ ĂŶĚŝŶĐŽŶƐŝƐƚĞŶƚh/hŶŝĨŽƌŵĚĂƐŚďŽĂƌĚĞdžƉĞƌŝĞŶĐĞ ŶĂůLJƚŝĐƐĂŶĚŝŶƐŝŐŚƚƐ DŝŶŝŵĂůŽƌĂďƐĞŶĐĞŽĨĐƌŽƐƐĐŚĂŶŶĞů /ŶďƵŝůƚĐƌŽƐƐĐŚĂŶŶĞůĂŶĂůLJƚŝĐƐ ĂŶĂůLJƚŝĐƐ DŝŶŝŵĂůƉĞƌƐŽŶĂůŝnjĂƚŝŽŶĨĞĂƚƵƌĞ/ŶĨŽƌŵĂƚŝŽŶĂŶĚƐĞƌǀŝĐĞƐƉĞƌƐŽŶĂůŝnjĞĚ ďĂƐĞĚŽŶŝŶƐŝŐŚƚƐ͘ ƵƐŝŶĞƐƐŐŝůŝƚLJ >ŽŶŐĞƌĚĞƉůŽLJŵĞŶƚĐLJĐůĞƐ ^ŚŽƌƚĞƌĚĞƉůŽLJŵĞŶƚĐLJĐůĞƐ ZĞƋƵŝƌĞƐ ŝŶƚĞŐƌĂƚŝŽŶǁŝƚŚŵƵůƚŝƉůĞ /Ŷ ďƵŝůƚĂƵƚŽŵĂƚŝŽŶ͕ƐĞůĨͲƐĞƌǀŝĐĞĂŶĚ ĞdžƚĞƌŶĂůƚŽŽůƐ͘ ďƵƐŝŶĞƐƐƉƌŽĚƵĐƚŝǀŝƚLJŝŵƉƌŽǀĞŵĞŶƚ ŚĂůůĞŶŐĞƐŝŶĂďƐŽƌďŝŶŐĐŚĂŶŐĞƐZĞƐƉŽŶƐŝǀĞƚŽĐŚĂŶŐĞ Figure 10-6. Impact of migration to DXP Main Digital Transformation Methods There are broadly two main methods for the digital transformation of traditional banks: • Digitizing existing banking systems: We can adopt this option for large traditional banks that have heavily invested in legacy platforms. We will enable the key digital capabilities on top of existing banking systems. This helps banks to leverage existing investments. • Reimagining the banking experience: In this bottom-up option we will completely revamp the existing access channels, user experience, business processes, and services to create a digital native banking experience platform. This is suitable for banks that want to start fresh and the ones that have minimal investments in legacy banking systems. Digitizing Existing Banking Systems Let’s look at the main digital enablers for this option, which can be provided by reengineering existing functions: 278