Celent Model Bank 2016, Part VII: Case Studies in Legacy Transformation

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13 April 2016


The vision for Celent’s Model Bank research, now in its ninth year, is to spotlight effective uses of technology in banking. The approach that Celent takes is to seek examples of best practices in technology usage which, in aggregate, would answer three questions below.

Every year we suggest five to eight categories and invite banks to nominate their technology initiatives. We review all nominations and recognize a number of them — up to four per category — with a Model Bank award.

In 2016, Celent accepted nominations in seven categories and awarded 18 initiatives. The case studies of winning initiatives are profiled in a seven part report series published today:

  1. Digital Banking Transformation
  2. Omnichannel Banking
  3. Digital Payments and Cards
  4. Corporate Payments and Infrastructure Modernization
  5. Cash Management and Trade Finance
  6. Security, Fraud, and Risk Management
  7. Legacy and Ecosystem Transformation

In Part 7, Celent profiles three award-winning initiatives in legacy system transformation.

  • Sberbank: Centralization 2.0
  • Umpqua Bank: CrossBank Service Platform
  • Vietnam Bank for Social Progress: The Mobile Branch

Legacy and ecosystem transformation is one of the most challenging aspects of a bank CIO’s agenda. The banking ecosystem of most large banks today is a mélange of the old and the new, with robust but inflexible legacy core banking systems (CBS) overlaid with retail and business product delivery systems of every vintage and variety. Some delivery systems like branch and teller quality for pension benefits, while others like mobile banking and NFC payments have arrived on the scene as the freshly scrubbed cadets of bank customer service delivery.

“Today’s bank CIO faces a cacophony of demands from bank marketing departments, line of business executives, and risk management personnel seeing greater access to the insights and lessons to be learned from data that is bound up in the bank’s legacy processing systems,” says James M. O’Neill, Senior Analyst with Celent’s Banking Group and author of the report. “As each business unit seeks to gain actionable insights through the emerging science of data analysis, they often come to realize that the lack of openness of their CBS platform is a major inhibitor.”

Nominations for Model Bank awards were accepted in late 2015. The Celent Banking team selected winners based on business benefits, degree of innovation, and technology or implementation excellence. Each Model Bank winning initiative is presented as a detailed case study within the report, including descriptions of business drivers, solutions, success metrics, and future plans.

This 32-page report contains three Celent Model Bank case studies, six tables, and eleven figures.