Banking Transformation and Modernization

Vaughn Vernon has a conversation with Alfredo Muñoz regarding the transformation and modernization within banks, why it's so urgently needed, and how efforts can be successful. Their discussion encompasses BIAN, Domain-Driven Design, Data Mesh, and why focusing on business capabilities as business, service, events, and data domains is critical. We address why banks are so resistant to change but why they must learn a new mindset in order to both survive and flourish in the age of cloud and digital banks. For example, a bank transaction that has 1,000 COBOL calls will never work in the cloud, nor will a transaction that makes 100 API calls. How can new technologies and approaches to software development help banks, insurance, airlines, telecom, and other industries that heavily rely on mainframe power successfully switch out of the old status quo? Alfredo is an Enterprise Architect, and Banking Transformation Expert with more than 25 years of experience in large scale banking transformations in Europe, Asia and Latam, always involving first tier banks He currently works in the Global Center of Excellence for Banking and Financial Market at IBM During the past years he has developed the methodology for the modernization of corebanking systems, including the adoption cloud infrastructure in coexistence with legacy systems, the BIAN Industry Standards, the industrialization and standardization of the design and development processes and the use of low code development frameworks with the primary objective to deliver transformation at scale, as required for large Financial Institutions. He has authored leading points of view, methods and assets on core systems transformation to Cloud. https://www.fintechna.com/authors/alfredo-muñoz-ríos/ https://www.linkedin.com/in/alfredomunoz/ Hosted on Acast. See acast.com/privacy for more information.