One of the commonly mentioned obstacles to SME and Retail banking innovation is regulation – banks generally decry the amount of resources (time, attention, money, opportunity cost) they have to dedicate to navigating their legal environment, particularly if you consider banks that operate in multiple countries. Of course, while this is demonstrably true, and undoubtedly the opportunity cost of navigating the regulatory minefield is great, there are efficiency to be gained in the form of system replacement and renovation that can help banks to rationalize their product catalogs and move forward with a streamlined product offering.
Rather than focus on the obstacle (regulation), banks should consider a strategy that accepts both the external limitations of the situation and their own internal limitations in the form of legacy systems, and instead focus on using an innovation layer to make the issue of constantly shifting regulation moot: the idea here is to move from coding new products to designing them.
How can this be done?
Well, for all the talk of aging systems replacement in banking, there is relatively little activity in the core banking domain; yes, many banks need or would like to perform a core banking transformation, but again, they face limited resources.
Instead, banks need a system that can transform a product-centric environment into a customer-centric one. The perfect solution would be a soa that can operate as a product innovation layer, whereby data can move seamlessly from the current architecture through the redesigned products and be processed as output which can update GL accounts, offer bill presentment, conform to new and existing regulations, and generally perform any action required of a bank. In this way, a product manager can create new products without IT intervention. Thus we have innovation that works without altering core code. In this way, banks can innovate more easily, for less money, building products for today’s customers without worrying that future regulations will force them into costly code maintenance or reversions.
Banks need solutions that allow them to add value to their customer relationships – new product innovation through our masterclass is one of way to learn these innovative product development . Because our program is rules-based, it is simple to adapt quickly to changing regulation without the need for IT intervention
The fact that the banking sector is nowadays dealing with finding new ways of reaching customers and technologies in product development. “If we don´t change our way of thinking, we can all be the next Nokia or Ericsson in the banking sector. Someone more innovative and agile can replace our market position.“, So dont wait for more join hand in the success of your organization by attending the most sort after masterclass on Product Management and Development for banking industry.
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