Symphonies and orchestras are the two things that come to mind when I think of banking operations. Today’s banks have to outshine competitors and provide exceptional customer services; that’s the path of success. In doing so, banks need to harmonize technology and IT services that run and monitor business operations.
Like an orchestra, organizations have numerous back-end systems and applications playing their own tunes. The complexity lies in creating harmony that eventually soothes business initiatives around revenue growth through customer experience, improving operational efficiency, and mitigating risks. The right set of technologies enable enterprises to derive more value out of back-end systems or applications, address the complexities around managing volume, velocity, and variety of data (or BIG data) and help organizations do more – easier, faster, and more cost effectively.
But to do all of that, IT teams at banks needs to strike the right notes with their existing back-end instrument, which is integration! Many business initiatives including, but not limited to, straight-through processing, faster on-boarding of customers, expansion to new markets, payment orchestration, real-time settlements, etc., require a perfect symphony among infrastructure entities. Everything needs to play together and constantly listen and adjust to each other.
How Banks Create 21st-Century Symphony Using a 70 Piece (Back-end) Orchestra
Chinatrust Commercial Bank has been named the country’s best private bank for five years — no mean feat. How do banks continue to innovate and outshine competitors? With an enterprise service bus, Chinatrust Commercial Bank’s service-oriented architecture connects around 70 systems across a disparate environment. The bank can harmonize and standardize communication from a mix of different message formats and protocols. This symphony now synchronizes real-time services such as inquiry, payments, and notifications, by orchestrating 500 services (many of them re-usable) to enable event-driven business across multiple lines of the company — core banking, net banking, the loan system, the lottery system, and more.
With the right conductor of this orchestra at Chinatrust Commercial Bank, they now have a global view of information from their global customers. The bank has a unique ability to manage volume, velocity and variety of data, including 100,000 daily transactions in corporate banking, 50,000 daily transactions on the retail side and approximately 1.2 million transactions a day on the e-banking side.
The ability to synchronize assets and their collective output, yet leveraging individual value (whenever needed) is the key, and technology plays an important role. The right set of technologies allow banks to manage a 70-piece orchestra today, with scalability and flexibility to add more pieces, if required tomorrow.
Read here for more information on how Chinatrust works as a world-class conductor.