Selecting Fit-for-Purpose Technology Solutions for Banks - Decision Box Framework

What makes a technology solution a go-to business solution? How should a bank make this critical decision of selecting the best-fit technology solution, on which key business services are going to be reliant on? Is it a Technology decision only or a business decision as-well? The answer may not be straight forward and standard for each banking organisation. It depends on the Undesired Present, the Desired Future and the Anticipated Journey from the former to the later.

 

Banks have been going through a series of transformations over the last few decades with an attempt to ride the technology wave and leveraging it to improve product and services offerings across multitude of business functions. In this context of ever changing technology architecture and solution landscape, banking organisations are making continuous attempts to define, create, select and implement technology driven business solutions, attempting to change the status quo.

Decision Box Framework, for effective technology platform and solution selection, provides a matrix of assessment areas to enable detailed and comprehensive analysis of technology solutions and platforms for banks.  The framework, as exhibited below, provides the guidance to the decision makers to across all aspects of technology and business led decision making to arrive at a potential solution which best suits the bank.

 

For a banking organisation to make the journey from “undesired” to “desired” state, appropriate technology solution is the vehicle. Selection of the right vehicle will only decide if the journey ends in success or failure.