Having directed many core banking system conversions, Oon says replacing them was "like a heart-and-lung transplant".You see, the patient is still alive, you take out the heart, you try to replace it when the patient is still running and walking [and you try to] operate."
Oon says core banking in Asia is being transformed. "Some banks will want to replace their legacy systems, some will want to improve the middle layer and build capabilities to improve the multi-channel interfaces with built-in business process flows, to enhance the customer experience."
Oon also talks about industry benchmarking, value management and the need to spend more money on business growth and strategic projects, instead of just spending on maintenance and efficiency projects. He says the returns on strategic and growth projects are significantly higher, per dollar spent.
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