Blogs > Adopting new next-gen platforms requires more than just technology change
31 marzo –

Adopting new next-gen platforms requires more than just technology change

Download our whitepaper written by Vishal Dalal, CEO for North America, Europe, and Asia at Pismo, to find out how to implement a truly revolutionary next-generation platform

Alexander Hamilton

A new type of platform is becoming prominent in banking and fintech, one that is public-cloud native and API-driven. It represents a step-change from what traditional systems can offer, but much needs to be done to grasp the chance it represents.

A new Pismo whitepaper investigates just how these next-generation systems can impact the financial services sector. In this article, Vishal Dalal, CEO for North America, Europe, and Asia at Pismo, examines how institutions can react to make the most of this opportunity.

Microservices-based, API-ready, cloud-native, and headless (MACH) systems organise their business logic in granular and loosely couple services able to deploy independently. While it will take time for sizeable and meaningful performance benchmark data to come in, the initial numbers look promising.

Switching to a system utilising these techniques is something that has piqued the interest of many executives in the sector. 66% of banks believe innovative platforms like these can increase revenue and reduce costs.

For the banks that have migrated to such architectures, the results represent a step change from what their former technology stacks provided. They now can release new features once every few hours instead of once a quarter. They have “pay-as-you-go” infrastructure, improved logging, and stack visibility.

Reaping rewards

These modern tech stacks are built for speed, agility, and rapid product innovation. They are intended to allow product owners and business owners to tie together end-to-end offerings using external partners, internal systems, publicly available data, and open-source software.

Despite the benefits, there are tradeoffs. Our paper highlights a steeper learning curve, and a needed willingness to “do more” from firms by stitching together APIs in unique ways and being ready to use more real-time data.

Operating these stacks to their full potential requires more technical experience from users, keener building mindsets (instead of aiming for plain vanilla products), and a willingness to explore the platform and tinker with it.

Leaders at modern institutions should be aiming for transformational business outcomes, including releasing new features on a daily basis, utilising real-time data for personalisation, and creating truly impactful customer experiences through the power of their system.

Yet they must also be willing to engage with these new systems. You wouldn’t evaluate an electric car using the same criteria as a 19th-century combustion engine, so likewise firms must think differently of their modern platforms.

To better grasp the opportunity in front of them, firms must evaluate their readiness, and assess their ability to think outside of the legacy box.

Download our whitepaper to find out how to implement a truly revolutionary next-generation platform.

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