Oleg Baranov told about technologies, which allow performing the IT updates in banks and therefore increase their competitive advantages:

“Oleg Baranov, Managing Partner of Neoflex Company discussed the use of modern technological trends to provide time-to-market and other competitive advantages. Today most banks utilize monolith transaction business applications in OLTP architecture: ABC, card processing, RBS, etc. These solutions, as well as other blocks are characterized by extreme coherence: while changing something in one function, one has to introduce changes to other systems. This is difficult and takes too much time.

The analytical block uses OLAP systems, usually conventional DWH (ETL, DOS, Bi), that includes issues of long data overload and a high price of changing data models and storages.

Automated means of decision making like those used in giving loans are typically based on deterministic algorithm “if — do”. Examples are NBO, Fraud Prevention, SOC, used in solving limited not that complicated tasks.

In comparing these features with market requirements, Oleg Baranov reached a grim solution: the IT landscape of a typical Russian bank is characterized by extreme coherence, high prices and slow implementation of new changes, slow-working IT systems, troubles with scaling, impossibility to work with unstructured data.

Organizations that are aware of their surroundings are also aware of modern technology. They are thinking in that direction, making their first steps. Summarizing the market observations and his own experience, Oleg Baranov named the main tools for IT updating of banks: microservice architecture instead of monolith, Big Data and streaming instead of OLAP and OLTP, AI instead of deterministic algorithms” 

The full version of this article is available on the magazine’s website.

A source: Banking Review

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