However, “legacy” can slow down the enterprise change initiatives, increase operational costs and enhance the risk portfolio and exposure. Furthermore, the legacy IT estate amplifies complexities across operations and results in a broken customer experience. To address these challenges, financial services enterprises are undertaking extensive transformation programs to reduce legacy dependency, adopt digital and cloud technologies, thus improving agility and flexibility.
As BFSI firms balance run, manage, and change priorities, their immediate focus is to enhance digital experience, improve cost structures, and build operational resiliency — with the longer-term vision of creating digital capabilities that drive growth and differentiation. Firms are re-inventing the IT operating model through incremental changes that support near-term priorities while creating a strong foundation via IT modernization and new platforms to deliver on long-term goals. This re-imagined IT operating model requires digital engineering capabilities that can help BFSI firms build growth and differentiation capabilities at speed and scale.
This report describes Everest Group’s and Mindtree’s industry practitioner perspectives on accelerating digital transformation in the global BFSI industry and summarizes the virtual round-table session’s observations.
