We sat down with Dan Jones, head of Oliver Wyman's Digital Practice in Asia Pacific, for a critical conversation on the urgent need for core banking modernisation. Banks are shifting from outdated on-premise systems to cutting-edge cloud-native platforms like Vault Core. Dan warns that sticking to legacy systems is not just costly but limits competitiveness in today’s fast-moving financial landscape. He stresses the importance of adopting a staged "co-existence” migration to ensure success, where old and new systems run in parallel, minimising risks.
Dan addresses how banks can break through the modernisation roadblocks related to talent, system complexity, DevOps, data quality, and regulatory compliance. With advances in technology and flexible commercial models now reducing migration costs and risks, executives must act swiftly to stay ahead. Delay could leave banks struggling with outdated infrastructure while competitors gain the upper hand.