For banks that are looking to transform their customer experience, the initial operational challenge is to innovate faster and more efficiently. This calls for software delivery approaches like Agile software development and DevOps automation that enable banks to better connect new services to core banking solutions via APIs.
Changes need to happen at different levels for banks to transform and innovate processes:
The final stage of modernization will be to update the core banking solutions. For incumbent banks, the immediate need will be to beat or integrate with fintech competition. This should be done as soon as possible, by enabling innovative new services to be brought into a bank as a platform through the API-first approach. Such steps are necessary and sufficient for banks to avoid being rendered obsolete in the near term.
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