An excerpt of the Accenture Blog posted on June 23, 2022, by Jared Rorrer, Managing Director –Global Commercial Banking Lead, Accenture
The technology behind lending systems has advanced significantly in recent years, and commercial banks are keen to take advantage of those advances and improve their processes to unlock the value that modern systems can provide. Over the past five years, a majority of large banks have either replaced their servicing system or are considering an upgrade. But implementing a new system can feel like a risky proposition, which causes some banking leaders to put off upgrades and modernization and leaves them with outdated legacy systems.
In this series, I’m joined by Rick Bare, CEO and President of AFS, a provider of integrated banking solutions and platforms. Accenture has been working with AFS for over 20 years as they help to meet the needs of banks with the latest technology solutions. Rick and I discussed the implementation of new banking technology, including how to both manage the risks and ensure the bank’s culture contributes to maximizing the value of that technology. This post looks closely at risk mitigation, and our next post will focus on the culture that should surround and support the implementation, which is the key that unlocks that added value.