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How can a bank achieve technological leadership? To become a leader in the IT area, a bank needs to build up a correct IT architecture.  From a business point of view this is a key issue – many banks are already elaborating details of a successful IT architecture construction and are trying to choose the most efficient solution. Others will eventually face the same challenge and in two or three years from now they will have to get down to it in real earnest to catch up with forward-thinking banks.  

What is an ideal architecture of a successful bank? When working out details of a corporate IT architecture it is necessary to take into account four main aspects: business processes architecture, applications architecture, technologies architecture and data architecture. Konstantin Varov, Director of the System Platforms and Architecture Department, answers these complicated questions in his interview.

Five, maximum ten years ago, banks used to construct their IT landscapes mainly with the help of monolithic IT systems, as at that period of time they most efficiently satisfied all demands of the banking business. Numerous applications, sometimes called a ‘patchwork blanket’, and tools of their integration within common information space were a far cry from  being perfect. Similar systems are still used today, however, the world has already changed: technologies have significantly progressed, banks’ vision on the ways  to solve their business challenges and what IT infrastructures they need have also changed. Monolithic systems are being replaced by component ones. 

Advantages of new systems are obvious today. When previously banks had to put up with an existing imperfect product and tried either to improve it, or decided to throw it out, replacing it by a new one - which was an expensive, long and risky process, now they have a new convenient alternative.  Having component architecture available and with no need to replace the entire system, it is possible to replace an outdated module by a new one, required for bringing the financial product to market or rendering new services to the bank clients. Such an alternative is FLEXTERA Financial Architecture.

Diasoft has been granted a public reward ‘For material contribution in improvement of insurance companies business efficiency.

Next couple of years the world banking industry will face a number of challenges. First of all, banks will have to thoroughly watch their expenses, secondly, exercise competent control over business processes, and thirdly, work in centralized mode, rendering services to numerous clients in numerous points of presence.  Successful performance of these tasks is a mandatory condition of crediting institutions survival in the new global economic situation.  

In order to successfully handle these tasks banks need new technologies. FLEXTERA Financial Architecture satisfies all the above market requirements. Built on the basis of real-life bank business processes, the system integrates all the products and the organization information resources within one integrated unit, not only reproducing, but also monitoring all stages and all business process participants, providing the bank management with tools of operational efficiency control and a capability to reduce unjustified costs. SOA ideas and a new approach to creation of banks’ financial architecture, implemented in the Diasoft innovative solution, enable a bank to build step by step a flexible dynamic system, capable to ensure quick and efficient business growth in the long-term perspective at minimal targeted investments.