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Challenge: Over the last two decades, financial services organizations have often managed to address rapidly changing customer demands while retaining existing IT systems and infrastructure. This has effectively extended the productive life and return on investment for core platforms. However, organizations are increasingly losing out on the efficiency and flexibility that a contemporary infrastructure would offer to meet continually expanding demands for new capabilities.

Transitioning to modern banking, cards and payments systems is inevitable as 20th century account-centric processes yield to 21st century customer-centric technologies. But to succeed, the business case will have to account for the need to incrementally address ongoing impacts in the areas of: regulatory compliance, business and revenue consolidation/expansion, mergers and acquisitions, cross-border and international operations, and emerging “born digital” competitive offerings. And, while the financial benefits of an overhaul delivering a dramatically improved banking experience for customers could be real enough, the counter-argument has always been around how well the risks of such a transformation are understood.

Why CeleritiFinTech: CeleritiFinTech’s mandate is to help the banking industry modernize business environments, designing customized roadmaps that ensure maximum gain with minimum business disruption and associated risk. Our goal is to make modernization an agile and adaptive process, leveraging advanced banking software platforms and services to deliver speed to value. And with a deep pool of subject matter experts, CFT will provide banks with on-demand talent who can help them steer an efficient path towards a desired future state.

Select the issue below to see how CeleritiFinTech can help you modernize your core applications.

Developing a modernization roadmap

Issue: Difficulty in developing modernization roadmap that meets business priorities in the near-term while minimizing disruption / risk.

CFT Solution: S3 Managed Services: Progressive Modernization maps out a gradual, planned transition to the new environment, starting by reducing dependency on older technology and decommissioning legacy applications.

Result: Upgrade process is expedited while lowering implementation costs an estimated 50 percent. Operational impact and risk is reduced by eliminating the ‘rip and replace’ approach.

Upgrading multiple system versions

Issue: Multiple system versions and missing updates make upgrading core systems challenging and resource-intensive.

CFT Solution: S3 Modernization Services: Upgrade Services gives clients a ‘one-stop shop’ on the path to upgrading core systems. CFT subject matter experts are brought in to discuss the objectives with stakeholders, assess the current system and planned future state, develop a gap analysis and present a roadmap for how to achieve the targeted goal. Once approved a virtual copy of the client’s system where all design, development and implementation elements are tested prior to installation.

Result: Organizations able to efficiently upgrade from any system version without requiring previous patches / upgrades to be completed first, streamlining path to modernization.

Responding to regulatory changes

Issue: Each new capability and regulatory change requires significant modification to core banking system, slowing development while increasing risk.

CFT Solution: S3 Modernization Services: Incremental Modernization APIs standardize access to the core applications without requiring upgrades, conversions or significant system downtime. APIs also allow new fintech applications to interface with customized core technology. Necessary internal systems are interlinked, improving performance and integration while maintaining high level of core system security.

Result: Enables banking institutions to quickly and cost-effectively respond to emerging digital and regulatory imperatives. Potential application vendor pool is increased while application integration and deployment costs are reduced.

Improving collections and debt management processes

Issue: Collections and debt management process are time and resource-intensive due to inefficiencies and a lack of automation.

CFT Solution: AIMS Debt Management Solution provides organizations with an all-in-one debt management solution, a centralized and customizable platform where business rules, risk strategy, workflows, scheduling and third-party interactions can be automated. All activities and customer interactions are recorded in the account, enabling detailed reporting of both debt status and collector performance.

Result: Improves efficiency and transparency while reducing account management costs. Your business rules and risk strategy determine how and when processors collect debt.

For more information on how CeleritiFinTech can help you better Modernize your core systems.

Contact Us

Case Study: Commerzbank

More than 50 customers in 12 countries use PTS, from national / international credit institutions, transaction banks and financial service providers to public authorities. With an aim to cost-effectively grow its payments transactions business within Europe, Commerzbank adopted PTS/BULK to develop customized, value-added services for its corporate customers. PTS/BULK enables the bank to easily comply with SEPA regulatory requirements, reducing resource demands and furthering Commerzbank’s global ambitions. 

CeleritiFinTech is a banking software and services company that helps banks, credit unions and other financial services companies modernize their business environments. Explore our digital banking solutions including core banking solutions, payment processing solutions, lending software, debt management services, and more.

Call: +1-866-554-4CFT
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