The change in consumer habits brought by the pandemic, the launch of many new virtual banks, and the increasing number of banks adopting a cloud-native approach, create a major challenge for some incumbent banks. Many are burdened with legacy technology stacks that cannot meet modern demands due to data silos and the limitations of mainframe infrastructure. The technology that once drove business success now inhibits progress due to a lack of flexibility and scalability. In the meantime, digital challengers are forging ahead, with the ability to innovate and scale as necessary.
Banks have responded to the new market dynamics in broadly three different ways:
- Building a new digital core.
- Building on a greenfield site.
- Engaging on a progressive modernisation.
This paper considers the need for a digital-first approach to banking and why GFT has created BankLiteX. It explains how we have harnessed the power of AWS technologies and Thought Machine’s Vault to build a world-class banking platform for the digital age. BankLiteX offers a framework built on well-architected best practices validated by AWS to deliver functionality through modular ‘blocks’ that accelerate development, testing and deployment by 40%.