Empowering Legacy Renovation Using a Modern Data Layer
TDWI Speaker: David Loshin, President of Knowledge Integrity
Date: Wednesday, November 3, 2021
Time: 9:00 a.m. PT, 12:00 p.m. ET
The bank of 2030 will look very different from today. Facing changing consumer expectations, emerging technologies, and alternative business models, banks need to start putting strategies in place now to help them prepare for this future. An important indicator of the shifting landscape? Customer-focused (CX) digital banking. CX is moving to the forefront as a focus for the chief information officer and the C-suite. Consumers demand speed and security in the digital experience.
Many modernization efforts have focused solely on reporting and analytics demands for the traditional data warehouse, but there has been significantly less discussion about modernizing the core transaction and operational processing systems to support frictionless CX. Yet organizations, especially in the financial services industry, are facing growing challenges requiring acute attention to legacy transaction processing system modernization.
Customers are transitioning from occasional visits to brick-and-mortar banks to continuous banking interactions through mobile apps, while third-party payment processors for microtransactions produce a continuous stream of transactions that need to be addressed in real time. These companies need to modernize quickly or risk imminent obsolescence in the wake of neobanks and other digital disruptors.
In this webinar, we explore changing expectations, key issues, and challenges keeping financial services and retail banking organizations from keeping up with the need for digital transformation. We discuss the use of a modern data layer to enable non-disruptive innovation, and then consider how specific financial services use cases can benefit from using a real-time data platform.
Attendees will learn about:
- Architectures that use a high-performance data layer
- Benefits of using an in-memory database
- How horizontal scaling can help maintain predictable real-time performance
- The need for robust, battle-tested, and secure applicationware