Core Banking Modernization Minimum Viable Product

Thoughtworks' core banking modernization solution helps banks and financial services organizations stuck with outdated systems that slow down innovation, increase costs, and delay product delivery. In a 4-6 week engagement, Thoughtworks delivers a minimum viable product (MVP) for a modern core banking platform, enabling you to innovate at the pace of fintechs and digital native banks.

To build the MVP, Thoughtworks transforms legacy systems into agile, scalable, and efficient platforms on AWS. By re-architecting applications with cloud technologies, integrating data through APIs, and optimizing workflows with CI/CD pipelines, the solution cuts operational costs, speeds up product delivery, and enhances customer experiences.

Thoughtworks implements an iterative modernization approach. They first target critical systems aligned with business goals while phasing out outdated systems. This approach minimizes disruption and ensures you get value throughout the modernization process.

• Identify use cases and KPIs
• Design the modernized banking platform
• Identify scope for the minimum viable product
• Implement the CI/CD pipeline to support delivery
• Modify and/ develop databases to support the MVP
• Showcase the evolving MVP to stakeholders after each iteration
• Refine the MVP based on feedback from showcases
• Creating a roadmap for future releases that address the next set of use cases

An executive readout showcasing:

• The approach and use case(s) addressed by the MVP
• Business outcomes and value delivered
• Investment roadmap for future projects

A production-ready MVP

• Working software for your top-priority use cases
• Infrastructure foundation for faster future delivery
• Solution design and architectural blueprint for ongoing modernization

A measurement framework to track success;

• Key performance metrics for modules and services
• Leading and lagging indicators of success
• System performance reports

A roadmap for the way forward:

• Lean value tree to prioritize critical business problems
• Ways of working for future service modernization
• Team structures to support the modernization program
• Vision and design for the modernized platform
• Present and goal-state database designs
• Architectural decision records (ADRs)
• Architecture blueprints

Your organization will benefit from Thoughtworks’ core banking modernization MVP delivery if you aim to:

• Innovate and deliver new products to you cu
• Improve scalability and agility to meet market demands
• Reduce operational costs by decoupling legacy systems
• Modernize core infrastructure to comply with evolving regulations
• Enhance customer experiences with real-time transaction processing