Banking Transformed with Jim Marous Is Your Back Office Ready for the Future?
Oct 7, 2025
Sandeep Lalwani, Head of UST FinX, and Barry O’Connell, Managing Director at Thought Machine, dive into the urgent need for banking modernization. They discuss why many banks hesitate to update outdated systems and highlight the importance of gradual, modular approaches rather than drastic overhauls. The conversation emphasizes the significance of real-time data and cloud-native technology for enhanced customer experiences. Additionally, they outline strategies for mid-sized banks to innovate while managing costs, urging a mindset shift to embrace continuous modernization.
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Legacy Core Limits Digital Ambition
- 46% of banks are early or planning in digital transformation while 92% say cores can't fully support goals.
- Less than 10% believe their current core can fully support transformation, revealing a systemic gap.
Generate ROI Mid‑Migration
- Launch new products on a modern stack while modernizing the legacy core to generate mid-journey ROI.
- Use progressive delivery to prove value, reduce board risk, and fund further modernization.
Modernization Is An Ongoing Journey
- Modernization is a journey of iterative change, not a one-time milestone.
- Cloud native, real-time data, and composability are now table stakes for banks.