![]() ![]() Skinner says that when banks insist on building the technology that underpins their value chains themselves, they risk shifting focus and resources away from all important client servicing.Ī wiser option is to curate the best third-party tech solutions, supporting and enabling them to focus on what they do best, that is, financial services and customer relationships.Ī choice then arises about who to partner with, with many organisations opting for a ‘best of breed’ approach rather than being totally dependent on one solution from one provider. ![]() In short, building makes you less agile.Ĭhris Skinner, author of Digital Human – an insight into the fast-evolving banking sector – elaborates this point under the provocative heading ‘Build or Buy. For some, decision making around legacy transformation is a no brainer building internally hampers innovation and simply the number of features you can install. Perspectives on the best way forwards vary. Choosing to buy a new system means really examining if the investment is so important to the businesses and its mission. Questions to consider may include defining what is core to the business (and in turn what isn’t). After all, a new system involves not only a financial cost, but also an investment in people, vision and focus into the area for years to come. Buy or Build?ĭeciding whether to build or buy will necessarily prompt some invaluable, long-term strategic discussions. ![]() Since no umbrella formula exists, each organisation has to consider its unique system architectures and business needs. Having spent decades building up their IT infrastructures, companies face the difficult decision of which systems to keep and which to cut. Moving from legacy applications and hardware systems to newer models is a complex, high-risk exercise, but one required if IT leaders are to progress, innovate and deliver the cost savings and improved user experiences expected of them. ![]()
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