At Sibos 2023 in Toronto, Frederico Venturieri, VP of partnerships & GTM at 10x Banking, sat down with Funds Europe to discuss the significance of cloud-native architectures, microservices and the integration of tools like Salesforce in modern banking transformation.
Funds Europe: In the context of banking transformations, how crucial is it for institutions to transition to cloud-native architecture? And what challenges and advantages does it present in offering real-time data-driven services to customers?
The shift to the cloud provides numerous benefits like scalability, resiliency, and even enhanced security, which many financial institutions might not fully recognise. This transition allows institutions to scale their infrastructure based on demand and eliminates the need for maintaining physical servers. This results in resource optimisation.
When considering expansion, such as entering a new market, the cloud makes it as straightforward as activating a new region. As for real-time data insights, they’re foundational to today’s analytics AI and provide insightful customer experiences. The cloud is the key to unlocking these capabilities.
Funds Europe: How are modular microservices changing the way banks move away from legacy systems? And what strategies are best for a phased transformation approach?
Core banking modernisation is a significant topic today. Instead of a comprehensive overhaul, the industry now favours a modular step-by-step approach. Banks typically maintain their legacy systems while transitioning new business operations to modern systems.
Microservices enable this gradual transition, allowing banks to focus on specific segments, like a new line of business or a region, before fully migrating. This method is intricate, but partnerships with specialised consulting firms can streamline the process.
Funds Europe: As customers increasingly expect digital-first experiences, how can modern banking platforms offer tools that facilitate rapid product creation, such as on-the-spot virtual card issuance?
Traditional methods, which often involve outdated programming languages and touching multiple systems, are no longer feasible. Modern platforms are now available that enable product creation within minutes and allow for quick adjustments without intensive coding.
Having integration with innovative fintech partners, facilitated by the microservices architecture, will enable features like instant virtual card issuance upon account creation.
Funds Europe: Given the digital age’s emphasis on superior customer care, how can integrated modules like Salesforce provide banks with a comprehensive view of each customer to elevate service quality?
Offering exceptional customer service integrated with real-time financial data is pivotal. By combining financial and customer data, banks can achieve a unified view of a customer’s personal, business and financial details. This holistic perspective ensures that when a customer contacts their bank, representatives have all the necessary information at their fingertips.
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