A redesign focused on speed, stability, and growth
The bank chose Genpact, its longstanding digital transformation partner, to develop a plan to eliminate its dependency on legacy systems.
For many businesses looking to future-proof their operations, the solution begins with cloud. Genpact advised the firm to migrate its applications to cloud on a new and improved microservices-based application – ideal for processing large volumes of data.
First, we conducted a design session with key business stakeholders to understand their challenges. Then, we developed an agile plan divided into 'sprints' – set periods of time during which we had to complete specific work. At the end of each sprint, we sought feedback from executives so we could incorporate their input into the next phase.
We also redesigned crucial wealth management processes and applications (such as financial advisor trading platforms) using a state-of-the-art, cloud-enabled microservices architecture. Microservices are to software what assembly lines are to manufacturing. The architecture splits large applications into smaller, more manageable pieces. This means that updates, maintenance fixes, and feature enhancements no longer require the bank's wealth management applications to be exposed, regression tested, and released to every single active installation, which reduces risk.
We built all of these changes into the firm's private cloud, but with a design flexible enough to support the firm's ambition to explore a migration to public cloud in the future.
Better still, the new banking platform integrates seamlessly with the older legacy systems and can cope with huge volumes of real-time data to support the firm's growth targets.