Everything old can be new again.
The fact that most financial services firms are burdened with complex legacy infrastructure is well known. Until now, the consensus has been that the path to overhauling these systems would take significant investments of time and money. We challenge that consensus and argue that one alternative is to start again.
By starting again, we don’t mean ceding ground to new challengers or fintechs, we mean that it is possible for established financial services firms to free themselves from the shackles of their legacy infrastructure and embark on new journeys unencumbered.
This means utilizing brand new technology, building entirely new organizations, and focusing on complete customer-centricity. It also means tapping into the same flywheel momentum of growth enjoyed by the technology industry over the last decade.
We believe the quality and low cost of new technology, the capacity for dramatic change in competitiveness, the potential for reduction in conduct and cyber risk, and the scope for smooth migration all add up to make this a compelling proposition.
Is this a realistic vision for the industry? Our news is that if you look carefully, you will see it is already starting to happen.
In this webinar, the authors explore the power and effectiveness of the Greenfield Approach. Learn how Greenfield lets you sidestep the challenge of legacy infrastructure and get to a truly customer-centric offering faster. Hear how you can capitalize on the Flywheel Effect and what steps you need to take to kickstart an initiative within your firm.
- Chris Allchin, Partner, Corporate and Institutional Banking, Oliver Wyman
- Deborah O’Neill, UK Head of Digital, Oliver Wyman
- Martin Robinson, Partner, Oliver Wyman
This webinar is based in part on the report of the same name which can be accessed here.
If you are not a registered user of Celent.com, you can register here.