Governing change in financial organizations with ‘just-enough’ architecture

The business transformation challenges faced by the financial industry are as complex as they get. Read our blog for an overview of six core trends financial services will face in the coming years, and watch our on-demand webinar to start implementing ‘just enough’ architecture using an outside-in approach.

1. Digital transformation

Digital transformation – the all-encompassing ‘rethinking’ of your operating model, processing, application automation, IOT, application integration,  cloud systems, security, and data.

Digital transformation requires today’s architects to gain full control of the entire ecosystem – and make changes that will support tomorrow’s world.

2. Open banking

Open banking can be seen as implementing digital transformation in the financial services industry. The consumer is now actually a part of your eco-system – allowing you to now be in even closer contact with your clients than ever before. Of course, this also places new demands on data safety and security.

3. Remote work

COVID-19 has dramatically accelerated a move to global remote working that was already on its way. Chances are that ensuring your enterprise was fully enabled for safe, secure, and efficient remote working for all employees has been at the forefront of your mind. Technically, of course, this isn’t so difficult to achieve for organizations with a cloud-first strategy. But security and effective collaboration remain points to pay attention to.

4. Rethink the concept of money

In Jordy’s opinion, “the line between the old role of money and the new role of money will overlap entirely in just a few years. And if you’re not on board the ship, you will be obsolete within a decade.” Cryptocurrencies and blockchain are, as innovation does, experiencing cyclic growth. Rethinking the concept of money takes us to…

5. Neobanking and fintech

Rethinking the concept of money is at the heart of neobanks and fintechs. This means that quality, APIS, and data security must be priority number one. Where is the data, and who is using it? Outdated systems and processes play zero role in neobanking. Progressive enterprise architecture is essential for banks to move into the digital era. By translating the organization’s strategic goals into functional models, architecture has the potential to drive the reinvention of financial services.

6. AI as a progress driver

Artificial Intelligence (AI) is a progress driver for furthering new ways for organizations to do business and deliver customer value, and it’s making its way into the financial services industry. These fast-paced technological developments are a lot to cope with. Still, by focusing on organizational and architectural agility and adopting a “just-enough” approach to enterprise architecture, we can start to harness them in ways that may have seemed impossible just a few years ago.