" “Banking is no longer somewhere you go, it’s something you do.” ― Brett King, Bank 3.0"

Information Technology and Digital Transformation

We don’t know about Nostradamus, but Brett King couldn’t have been more accurate in prophesying tectonic shift in the expectations of the customers from their banks. The Banking and Financial Services Industry BFSI has undergone a paradigm transformation globally as well as in India since turn of the century. This transformation has been fuelled by rising customer expectations on one hand and the rapid developments in technology on the other. Moreover, the pace of this transformation has hastened even more in the last few years due to, disintermediation of delivery of BFS, symbiotic relationship between BFSI and new age Fintech startups, and all pervasive influence of social media. These new technologies inter alia include cloud computing, Blockchain, advanced analytics, and AI/ML backed NLP and more recently ChatGPT.  

However, on the flip side of the coin, there are several actors in the BFSI who are saddled with considerable obsolete technology. This deadwood technology - in terms of both the architecture and the infrastructure - is making them sluggish in adapting to the winds of change. In order to remain competitive, the BFSI actors are expending significant financial outlays on several technology transformation projects. These endeavours are to modernise data centres, carry out major upgrades in tech infrastructure, migrate to cloud, set up of data lakes, integrate their operations with the advanced data analytical tools etc.

Another front is to adopt digital technology by rearchitecting applications based on micro services, replacement of legacy applications, enabling delivery by connecting with FinTech ecosystem through APIs, building enterprise architecture for digital delivery, managing disparate tech stacks due to mergers and acquisitions, etc.

How Digital Dimensions can help

Many a BFSI actors do not have enough technical depth nor practical knowledge nor the hands on experience to manage aforementioned large scale projects. Excessive dependence on vendors and 3 rd party Technology Service Providers without a sharp eye on execution capabilities may lead to cost and time overruns and less than expected delivery. 

Digital Dimensions can help you in not only managing these projects on your behalf but also helping you meet your vision.  We are a team of Sherpas who have collective hands on experience of over a hundred years in each of the domains discussed above. Our team comprises of senior IT professionals who have worked in large private and public sector banks at CXO level and have deep relations within this ecosystem.

Digital Dimensions will support you at every stage in the entire lifecycle of managing such technology transformation projects as follows:

  • Define the objectives and freeze the success criteria
  • Create a Solution Architecture and High Level Concept Designs
  • Revamp IT team structure of the organisation to meet its objectives
  • Help the organisation in arriving at buy vs build as well as on-prem vs cloud hosting decisions for development of the proposed IT stack comprising of necessary hardware and software requirements
  • Advise and assist in creating the evaluation matrix and score card for vendor / TSP selection
  • Advise during SIT for seamless integration of TSP Application(s) with the CBS and other internal Applications
  • Provide Test cases to facilitate comfort testing and UAT
  • Advise in completing various IT / IS audits
  • Render support during production movement and all migration related activities
  • Advise Go to Market (GTM) strategy