Page 81 - Bank Case Studies

the digital revolution is bigger than the industrial

revolution or the agricultural revolution”

“…..The other thing which is becoming amply clear to

me now, which was not clear even maybe 12 or 18

months ago is that you can’t pursue a digital program

without having a data program sit solidly behind it.

Without the data, your ability to deliver digitally or

deliver a new business model just doesn’t happen.” (13)

Moving away from legacy IT is a complex task that many

banks have delayed it. Banks that accelerate their

replacement of legacy IT stand to gain a competitive edge

that will be hard to erode.

Aiding this process is the overhauling of Barclays back office

operations in order to comply with new post-crisis rules

forcing British banks to ring-fence their retail operations by

2019. It created a new company that operates as a

standalone unit providing support services to both of

Barclays’ two main operations Service Company (ServCo). It

affected most of the more than 10,000 people who work in

Barclays back offices operations in 17 countries around the

world.

With structure addressed strategic change could move on

apace.

Vaswani explained that

“Blockchain, very interesting, one small company called

Wave, which was actually on an accelerator, we actually