The client, a renowned global banking institution operating in over 100 countries, faced challenges with a 25-year-old monolithic application serving as the online banking and payment platform catering to commercial clients. Outdated technology, underperforming user interface, and difficulties in adapting to evolving compliance and regulations led to lower growth in revenue and put pressure on client satisfaction. The service caters to over 100 countries and it was critical to maintain its availability across multiple time zones while adhering to stringent security requirements and complying with frequently evolving country-specific regulations.
Previous attempts of transforming the platform led to wrappers and overheads adding unnecessary layers of complexity and kept degrading the overall performance. It was difficult to keep up with necessary upgrades with a high maintenance cost. Even small improvements were getting expensive and time consuming. This challenge is often faced by businesses when transformation is approached only from a short-term technology perspective. Fundamentally, the business needs to take the lead and ownership, and the focus needs to shift from a technology refresh to digital business outcomes that would improve collaboration, agility, speed, and scale.