Navigating the Journey to Cloud-based Core Transformations

Indian financial institutions face unprecedented challenges in the digital age, necessitating the modernization of core systems through cloud-based solutions. This report explores these challenges, highlighting the need to keep pace with digital trends, meet customer expectations, and comply with regulatory requirements.

Core transformation hinges on three key enablers: adopting emerging technology architectures, investing in tech talent, and embracing new ways of working. Two main approaches to modernization are discussed: abstracting/ hollowing the core and replacing/ augmenting the core.

Selecting the right approach involves assessing business transformation readiness, core complexity, execution speed, IT maturity, cost appetite, and risk appetite. The report also identifies common pitfalls and offers a multi-step strategy to ensure successful core transformation.