The foundation of this transformation process is the ability to leverage - and extend - the bank’s current technology stack. At the heart of it is a proprietary mainframe system, which runs the bank’s core business applications such as payments and account management. Relying on this tried-and-tested technology backbone, while layering on new services and applications in an agile, flexible, standard fashion is the key to a successful digital transformation.
As early as a decade ago, the bank realized the need to open up their various IT platforms and applications so they can share data and integrate business processes. To that end, it even instituted a policy of opening up business flows as APIs.