Cloud-native, cloud-agnostic and open banking systems.

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Cloud-native, cloud-agnostic and open banking systems is what we need now. Stay safe at home.

Enabling Banking Systems To Better Meet Future Challenges, 16 Mar 2020 / Silicon Luxembourg /

Bart Van Mulders has been working on IT projects directly related to banking systems for more than twenty years. He can testify the complexity of the transformation of the environments on which the operations of financial institutions depend. Banking environments have become much more complex over the years, with changing business needs and increasing regulation,” explains the founder of Askja – Banking Sytems Expert. The transformation of a banking system is always a risky project, involving the mobilisation of significant resources over a period of time. This is enough to explain why most actors, reluctant to engage in such projects, tend to postpone them. Many faced with the need for greater agility find themselves with their backs to the wall today.

“The transformation of a banking system today should be seen as an opportunity rather than a constraint.

View the transformation of banking systems as an opportunity

Askja – Banking Systems Expert was born to help them through this transition. Bart Van Mulders wished to share his experience in the management of banking IT projects in Luxembourg. “We want to give them a better view of the future through change. The transformation of a banking system today should be seen as an opportunity rather than a constraint,” says the founder of Askja – Banking Systems Expert. The challenge is both to frame the project, in order to align it with the bank’s future vision and to limit the risks.

A technical and human challenge

“The issue is not just technical or technological. It involves an important human dimension and to take into account strategic issues at stake in the future”, continues Bart Van Mulders. The success of complex projects requires the support of teams, a real enthusiasm on the part of employees to commit to a future project and good energy management. It also requires strong support from the board. “All of this is essential for the success of a project to transform banking systems, which can sometimes take several months to complete. You have to be able to guarantee optimal collaboration between the people involved, mobilise teams beyond the IT department, and ensure that the energy and enthusiasm of the employees is preserved through the project,” explains Bart Van Mulders.

“The bank must be able to open up and collaborate with fintech players in order to meet the new expectations of consumers.”

Towards open systems

Askja‘s founder believes that banking systems should allow banks to operate in a more open environment. Indeed, the financial services industry is undergoing a profound transformation with the emergence of many fintech players and the emergence of new collaborative and/or competitive models. “Each player will have to find a place in this new financial landscape that is being reshaped. Essentially, the bank must be able to open up and collaborate with fintech players in order to meet the new expectations of consumers,” explains Bart Van Mulders. Its IT systems must be able to transform faster and facilitate the integration of new solutions, particularly those provided by fintech players. The bank must also be able to interface its systems more easily with new partners in order to enhance the value of its products and data.”

Working hand in hand with fin-tech players

PSD2, in particular, invites banks to enter the open banking era. It is full of opportunities for institutions working hand in hand with innovative players will find new ways to interact with consumers and create value in new ways. “We are here to help players evolve in this new environment by supporting their transformation projects and enabling them to adapt rapidly,” concludes Bart Van Mulders.

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