Core transformations and related operational risks in retail banking: engaging for success in complex IT transformations

In this paper, we focus on the technology side of transformation programs, specifically for retail banking. We do not cover organizational or strategic business aspects, which may be the trigger for such transformations. We do assume that a decision on consolidating or replacing core banking systems has already been made. As a result, we focus on the program and planning related aspects of such transformations. <p> Although the past 20 years have seen new technologies create immense opportunities for advancing the banking business, the consolidation of IT systems has only started to gain ground in recent years. <p> This consolidation can be driven by the individual efforts of financial institutions to reduce complexity across their own IT landscapes. Or it can be the logical consequence of mergers between financial institutions, driven by critical mass and heavily influenced by the crisis-driven evolution in the financial services industry.