Why should the BFSI sector consider legacy system modernization?

Why should the BFSI sector consider legacy system modernization?
[Source: ciosummits.com]
  • Legacy system modernization
  • Building a new proprietary platform
  • Buying a standard software package
[Source: mckinsey.com]
  1. Faster time-to-market: The ability to launch new products quickly and with ease. Quicker sales cycles as agents are better equipped and can have engagements that rate higher among customers.
  2. Elevated customer experience: Better agent interactions, quick support, faster claims processing and real-time updates rate high on customer satisfaction.
  3. Higher operational efficiency: IT modernization helps provide a 360-degree view, enabling enterprises to not just automate processes but organize workflows as well. New technology also helps agents and employees perform better, increasing the overall efficiency of the organization.
  4. Reduced IT expenditure: Modernization also brings down IT spend as it reduces complex configurations and decommissions older, high maintenance systems.
  • Built in microservices to enhance performance
  • User friendly UI that enables faster sales and easy navigation
  • Reduced TCO
  • Better agent coverage and productivity

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