Date Added: Jan 2009
As a result of globalization, demographics, technology and regulation, the world is a flatter place. Banks are rethinking strategies for both business and technology. They are maximizing globalization, innovation, agility and diversity while minimizing costs and risks to compete and win in the new, flat world. To do so, banks are effectively leveraging technology to achieve a shift in their strategic and operational priorities in a level playing field. However, banks must change their approach to upgrading technology - moving from core bank replacement to a core banking-led transformation strategy. This entails not just meeting technology needs but creating a technology ecosystem surrounding the business requirement, including strategies around process orchestration, process-reengineering, employee empowerment, customer empowerment and innovative products and services.