With the digital age has come digital banking. However, with many banks adopting technological solutions early in the development of computerised banking systems, many have been left with legacy systems, which are heavily patched motleys of various different systems. To help banks provide digital aged banking services, Capgemini has launched a new banking service that provides accelerated time-to-market for products across the complete spectrum for improved customer experiences.
In 2010 the first new high street bank in over 100 years opened its doors, the Metro Bank; it did so in a way characteristic of this age – it outsourced one of the most difficult aspects of the banking industry, the necessary top of the line computer system. This method has considerable benefits. Rather than the traditional banking sector approach of financing and constructing a purpose built computer system, the new entrant went for an “off-the-shelf” prefabricated platform that allows for quick and easy launch into business. One of the key advantages new entrants have therefore is a freedom from legacy systems.
To improve customer experiences with digital banking as well as accelerate the time-to-market across the complete spectrum of banking services, Capgemini launched the Banking Platform solution, which provides flexible, scalable banking capabilities to accelerate digital transformations.
The new service leverages various high level digital banking solutions, such as Temenos T24*, and brings them together in a secure private cloud service or on a hosted basis at the bank. The aim of the solution is to help banks address legacy system headaches still inhibiting the digitalisation of banking services at banks worldwide. “In developing Capgemini’s Banking Platform solution our approach was to orchestrate a highly flexible ecosystem over traditional core banking system replacements because it gives banks a fast, low-cost, scalable way to address legacy issues,” explains Andrew Lees, Global Sales Officer at Capgemini Financial Services.
The new solution provides a rich array of services on both the front end as well as the backend. For customers, ‘customer centric’ solutions are offered, including technologies like biometrics and natural language voice recognition, as well as create richer loyalty programmes, better decision making, faster pricing, and digital payments. For banks, the product offers a service platform for pricing, payments and decision making, accelerating time-to-market across the complete front, middle and back-office spectrum, for an omni-channel customer experience.
Mike Davis, Director Client Services at Temenos, comments: “Capgemini’s Banking Platform is a game changer for banks dealing with legacy issues. It offers a new range of best of breed products that deliver superior customer service, based on our reliable, proven T24 platform. Finally, banks have a choice for a low-cost, modular alternative that enables them to stay competitive with faster, more agile and innovative new players.”
* Solutions like the Temenos Group’s Temenos T24 Core Banking service are transforming the banking landscape. The system provides full integrated banking services for both the front end as well as the back end of banking, with its architecture designed to provide a near complete banking experience.