Temenos T24 Upgrade- Page Solutions
Banks are finding it increasingly difficult to roll out products at reduced cost that cater to the changing needs of today’s customers. Added to this, is the challenge of staying abreast with technology changes in the market place.
For T24 banks to stay ahead of competition it is important to maximize application efficiency and reduce dependency on local customization. Furthermore there is a dramatic increase in the number of channels being used in the banking sector, which has a direct impact in the complexity of the IT infrastructure. Banks are facing increased competition at the market place, forcing them to move towards an agile system.
Most of these challenges that banks face will be addressed by upgrading the core banking system thus giving you an opportunity to stay ahead of competition
Core banking application upgrade is usually a business decision with focus being on improved security, operational efficiency and reduced cost. Upgrades not only address functional gaps but also introduce new and improved features that dramatically reduce the roll-out time of new business products.
The upgraded system helps streamline operations and manage most of compliance to regulatory requirements giving banks a competitive edge.
Given all the benefits, why do banks resist change?
Change management - Core banking transformation projects always need to deal with significant change management issues, such as organizational resistance, internal communication and retraining operational resources.
Stakeholder management – Such transformations also require a buy in from all the internal stakeholders as it brings significant changes to existing business processes and IT systems.
Time and cost management - Project governance and risk management play an important role too given the time-frames and the inherent risk of time and cost overruns.
Resource requirements – And finally, Upgrade projects require a lot of resources and significant investments over a period of time. It is therefore important to adopt an appropriate transformation strategy that takes into account the available financial and human resources.
Based on our experience of delivering multiple projects, we break the upgrade process into smaller buckets to have better control and transparency.
Analysis and scoping is the starting point of the engagement, enabling us to understand the pain points and areas requiring change. Project initiation comes next where we set the ground rules for a successful delivery. We then perform the application upgrade, which is followed by unit and functional testing.
With our approach and experience, we are confident that we can partner in your progression.
For more information visit us on www.pagesolutions.co.uk
