Digital Transformation Fueled by a Modern Architecture Framework
The Challenge
Our client, with a business focused on transactional processing, needed to ensure its payments were processed swiftly and efficiently. Except, internally, its own legacy systems were stymying innovation and hindering updates in capabilities. The business was concerned that its own technology might threaten its leading position in the market and sought the help of BCG Platinion to design a modern architecture framework that would keep it ahead of the digital curve.
The Approach
BCG Platinion reviewed the planned architecture in a bid to increase time-to-market for new services and reduce the costs to maintain existing systems. This meant supporting the client with a proof-of-concept for target architecture and the outline of a transitional approach. In the first phase, BCG Platinion reviewed internal applications, data, integration landscapes and platforms to prioritize the pain-points that were hampering business-critical processes and future innovation. Based on our analysis, we recommended high-level tradeoffs, pressure tested current target state plans to align on viable options and developed a proof-of-concept for a new enterprise architecture. The team also established a governance structure and an Agile center of excellence that would help upskill current resources.
The Impact
- Dramatic cost reduction on existing systems
- Stability of platform functionality
- Decreased time-to-market for new products and services
Looking Into the Future
Our client now has the tools and people to evolve its operating model, as digital technologies fundamentally redefine its industry in transactional processing. To maintain relevance in a dynamic marketplace, our client has increased its agility and reduced its IT complexity, while accelerating innovation and product development.
More to Explore
Teaming Up For Disaster Mitigation
Everybody is feeling the impact of climate change on the environment – for instance, in the form of dramatic natural disasters in areas that were previously rarely affected. As such, a catastrophic natural disaster in the heart of a Europe has severe consequences, including loss of lives and livelihood. BCG and BCG Platinion were immediately on hand to enhance resilience in a European region hit by the worst catastrophe in its recent history. The team worked with passion and deliberation to develop a sustainable and resilient concept to better deal with similar situations in the future.
The Core & Beyond - A Tailor-Made Transformation
Replacing or keeping the legacy Core Banking System (CBS) is one of the most fundamental decisions for a financial institution to make. This strategic bet should be carefully evaluated, with three key aspects in mind: a clear view on the entire IT platform (wider than legacy CBS and its constraints), a strategic vision set within a specific time horizon, and the return on investment. For organizations with a burning platform, CBS replacement may be a necessity, but in many cases the real investment potential is located elsewhere – in areas such as data platforms, integration layers, portals, or process engines. This alternative approach leads to numerous non-trivial questions: Where does the value come from? Is legacy the real issue? Which areas to reinforce and in which order?
Setting up a Secure and Resilient IT Infrastructure in the Cloud
Everybody who considered Europe’s energy infrastructure as safe against attacks got an eye-opener when the Nord Stream 2 natural gas pipeline erupted on the Baltic seabed: It clearly is not as safe as previously thought. With the winter looming ahead, energy service providers have to assure the security and resilience of critical infrastructure. This is not only limited to physical buildings, but must also focus on IT, especially in the light of a rising number of cyberattacks. Especially for older IT infrastructure that is difficult to modernize, migration to the cloud has proven to be a solution, severely improving security and resilience, not only in the long-term, but also in the short-term.
