Technological advancements have initiated a powerful trend for digitalization. In response, business and operation models of various sectors must adopt measures relevant to these changes in order to achieve continuous growth and improved performance. With an environment marked by revolutionary changes, the means by which a bank addresses the issue of information system integration and provide both corporations and the public with stable and diverse financial services have become a key factor determining the competitiveness and the ability to pursue continuous improvements of the bank. With this as the context, the IISI organized a Bank Digitalization and Service Oriented Architecture Summit last month at Le Meridien Taipei and invited experienced consultant teams to share strategies of employing service oriented architecture (SOA) to meet digitalization requirements. The summit also included a number of successful case studies and demonstrations illustrating the features of SOA, providing engaging contents that won positive reviews from the participants.
CEO Mark Fan of IISI pointed out that, in addition to providing services based on traditional operations, effective maintenance of existing systems and releasing new, extended services have become increasingly important for banks in recent years. Implementing SOA is the key solution for supporting an information system of a bank while allowing quick release of business-oriented services. IISI is working with partners such as TIBCO and TEMENOS, establishing core systems and introducing SOA in overseas branches and new commercial banks, thereby providing winning solutions that won the confidence of many clients.
Vice President Max Kuo of the IISI Finacial Department, expressed that IISI partnered with TEMENOS in response to recent developments in digitalization forcing changes to bank business channels. The partnership developed the Core Bank solution by using the TIBCO tool to develop the intermediary platform. In 2016, the proprietary SOA product of BankWiz was released, allowing banks to rapidly integrate existing services and develop new digitalized services. The professional teams organized by IISI include consultants as well as product and technical service specialists, and are able to provide comprehensive consultation and assistance to bank services, systems, and the entirety of the SOA introduction process. The teams also ensured that banks could respond to business requirements and successfully pursue development and replacement of their information systems.
Dr. Alan Megargel, who is the IISI consultant, shared personal experiences when introducing SOA in overseas banks, validating the high repeat usage rates, rapid expandability, and ease of integration of SOA-based services as well as ease of maintenance and the ability to provide a degree of flexibility in various services, all the while complying with relevant specifications and standards. Dr. Megargel pointed out that SOA allowed bank services to release new products and services through multiple channels and maintain their relative competitiveness. Megargel further highlighted the extremely high technical standards for the IISI core system solution and the SOA-product BankWiz. These solutions can help banks achieve, at better costs and faster work times, integration of heterogeneous information systems and enhanced capabilities in releasing new services.
Chang Shuo-Hui, who is the consultant of IISI, has extensive experience in introducing SOA. The successful case study of introducing BankWiz to banks in Taiwan was used to provide an extensive analysis on the methods by which IISI teams and overall planning adopted the 4 major pillars of service design, international / local standards, technical platforms, and SOA administration to build the service oriented architecture. Director Gary Chen of the IISI Finacial Department, gave an actual demonstration to explain the 4 functional dimensions of basic architecture, services, management and analysis, and monitoring of SOA, illustrating how SOA could be used to integrate bank services.
Denny Yu, senior solutions consultant for the TIBCO Greater China Region Solutions, provided the final presentation of the summit titled Future Extensions - Architecture for Deploying Bank Micro-Services. In addition to providing a brief overview of the technological facet of digitalization in the banking sector, the presentation also expressed that TIBCO will continue to work closely with IISI in the financial sector to provide stable and reliable services.
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Diagram: IISI Bank Digitalization and Service Oriented Architecture Summit