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Core Banking Modernization Minimum Viable Product

Thoughtworks offers a 4-6 week engagement to help banks deliver the first increment of working software in their modernization journey. This first release will be a minimum viable product that cuts across all essential layers of the banking platform. During this phase, Thoughtworks will align with all cross-functional teams in your organization that deliver banking products and services and lay out the foundational infrastructure to accelerate how you deliver future software releases. Thoughtworks will also collaborate with your IT organization to implement industry-leading practices for iterative software delivery, team engagement, delivery and governance.

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About

Thoughtworks' core banking modernization solution helps banks and financial services organizations stuck with outdated systems that slow down innovation, increase costs, and delay product delivery.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 They first target critical systems aligned with business goals while phasing out outdated systems.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.

Sample agenda

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

Deliverables

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

Applicable areas

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

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