Hybrid Cloud System.
The hybrid cloud system is fast picking pace in adoption within the banking industry as a means of bettering service delivery and engagement to customers globally. The major concern by many banks is on data security, and this has contributed to the slow implementation. However, the use of secure means of migrating these data to the cloud has also increased. The hybrid cloud system has numerous advantages from increasing revenue, improving operational efficiency, increasing revenue growth, and many more which Bank&Co can benefit from.
Feasibility
The technology is new hence feasibility can be a challenge, especially on data transfer from the traditional system to the new cloud-based system in a secure manner. Bank&Co should adopt a safer package and easily implement it.
Value analysis
Hybrid cloud systems use a sophisticated technology that eases evaluation of macroeconomic indicators like inflation index, employment data, CPI and PPI numbers, and many more. It has various tools that make all these analyses seamlessly and efficiently giving appropriate value analysis that influences decision making.
Potential revenue from new market segments.
The Cloud system offers flexible models for banks to operate on, this consequently pens room for the launch of new products in the market. The newly launched products create a new opportunity in the market segment which the bank can enjoy. From flexibility, the bank can respond speedily for customers.
Benefits to be gained
The benefits of a hybrid cloud system are varied, from the faster and seamless dispensation of services to increase of bank revenue among many advantages.
Potential risks.
The biggest potential risk is that of security, many financial institutions keep large volumes of data that are very sensitive especially banking information. The data can be accessed by an unauthorized person through hacks, this makes many banks fear. However, engineers of this system affirm full confidence in their system against such risks and urge many to adopt the system.
High-level timeframes for the project
The timeframes for its adoption are per an institution’s speed, however, it should be noted that the system takes time before it completely synchronizes with the tradition of an institution. Additionally, the compatibility implications of the different levels of infrastructures can take a while.
Delivery approach
The hybrid cloud system is rolled out gradually to ensure the synchronization and compatibility of the bank’s systems to be replaced.
Resource requirements
The hybrid cloud system’s Implementation requires appropriate infrastructure, software, computerized systems, and appropriate technology.
Costs to be incurred
The costs are; hardware at $450,000, license at $650,000, integration $700,000, testing $700,000 and 20% of license per year for maintenance
A Robotic & Cognitive Automation platform
Robotics in banking is the use of automated robotic software to create AI virtual assistants. Banks are adopting this software model to save on costs and enhance efficiency in service delivery. The automated robotic and cognitive system help reduce the manual effort, mitigate potential risks, and boost general consumer experience. The system was primarily introduced in banking to help work the repetitive bank process.
Feasibility
A Robotic & Cognitive Automation platform has been in existence in the banking industry and only requires improvements, to make it more engaging with customers in real-time, this makes it easily feasible.
Value analysis
Through automation, the robotic & cognitive automation system generates values of each product offered by the bank at the exert price. These can include interest rates, loan worth, and balances.
Potential revenue from new market segments
Upon correct implementation of the system by Bank&Co, the operational processes will be hastened to efficiency. Hence, this automatically attracts more customers from different market segments.
Potential risks.
The major risks of this are system is flawed adoption and implementation and security issues which can hamper its performance.
High-level timeframes for the project
The key deliverables of the project are the automation of routine processes of banking to ease operations. It is beneficial during large customer traffics which is entire across the year.
Delivery approach
The system is delivered gradually as it takes over activities to enhance compatibility before it becomes fully optimal is delivery.
Resource requirements
The requirements in implementing RPA are the necessary infrastructure, hardware, and software that best fit a specific process.
Costs to be incurred
The RPA system in banking requires no major changes in the initial bank’s infrastructure, this is due to its user interface that is automatic an estimated cost for implementation is $ 800,000.
Instant payments
Bank&Co should implement instant payment to enhance financial transfer with immediacy, this will improve convenience in transactions among many benefits.
Feasibility
The system is easy to implement it just needs few compliance issues and infrastructure and the benefits are massive.
Value analysis
The system keeps an audit of all the money transactions in every account both at transfer and a receipt. With this audit, all unscrupulous payments can be tracked and reported.
Potential revenue from new market segments
The system opens the global market segment and customers who appreciate the convenience, as they transact the bank earn revenue.
Benefits to be gained
New customers who join out of referral and convenience
Key potential risks
The potential risks of this system are security, fraud, and error transfers.
High-level timeframes for the project
The project is whole beneficial throughout its life span unless anew project comes in place with better solutions.
Delivery approach
Should be instant upon implementation.
Resource requirements
Hardware or infrastructure, with a turnover of over $50 billion annually I suggest a high category of hardware, which is complex to integrate into legacy IT and most costly.
Costs to be incurred
The costs are; hardware at €350,000, license at €600,000, integration € 850,000, testing 600,000, and 20% of license per year for maintenance.