Financial industry taking 'patchwork' approach to IT: Bravura
By transitioning to IT systems based on web technology, financial institutions can reduce costs, raise data quality and increase employee output, according to Bravura managing director Roland Slee.
The problem for many financial institutions is they are taking a "patchwork" approach to their IT systems, which are costly to maintain and "prone to providing unreliable data", said Slee.
"Applications are often referred to as legacy systems due to their age, but it is a lack of flexibility that is their true legacy," he said.
"Restraining business growth by stifling new product development, these systems make it increasingly difficult to unlock the value that resides within data and prevents institutions from meeting customer service expectations," said Slee.
Customers are becoming more sophisticated and are demanding a broader range of products and services, said Slee.
"They want real time visibility of their entire relationship with financial providers and their expectations for self-service have risen accordingly," he said.
Financial institutions can also reduce IT running costs as much as 50 per cent by configuring their systems in virtualised or private 'cloud' environments, Slee said.
By improving interfaces by systems and raising data quality, it is also possible to reduce or eliminate 'exceptional processing' - leading to a 30 per cent increase in employee output.
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