Digital banking accelerator: A Service-Oriented Architecture starter kit for banks
Digital banking refers to the delivery of interactive financial services through online mechanisms which include web and mobile apps. The main barrier to digital banking for traditional banks, is the presence of legacy core banking systems. Service Oriented Architecture (SOA) is a key enabler to ove...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2021
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| Online Access: | https://ink.library.smu.edu.sg/sis_research/5451 https://ink.library.smu.edu.sg/context/sis_research/article/6454/viewcontent/Digital_Banking_Accelerator.pdf |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | Digital banking refers to the delivery of interactive financial services through online mechanisms which include web and mobile apps. The main barrier to digital banking for traditional banks, is the presence of legacy core banking systems. Service Oriented Architecture (SOA) is a key enabler to overcome this barrier, and a bank’s level of SOA maturity influences its time-to-market capability of delivering new innovative digital banking solutions. However, most traditional banks struggle with implementing an SOA due to a number of technology and organizational challenges, and the overall steep learning curve. This paper proposes a Digital Banking Accelerator, a “starter kit” for helping traditional banks, having little or no SOA competencies, to rapidly implement an effective SOA in order to accelerate their digital banking capability. |
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