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Escaping the trap of legacy banking using a value stream operating model
Journal of Digital Banking,
10
(1),
18-29
(2025)
Abstract
Legacy modernisation is high on the agenda of banks but notoriously difficult to do well. The operating model and business architecture can enhance productivity and clarity on which business leaders should feel responsible for modernisation. When the alignment of technology to business has not happened yet, a tech or ‘supply-led’ modernisation effort ensues. Through a case study, this paper aims to explore the right balance between technology-led modernisation and business-led modernisation, the results of when modernisation works, and what can be done to avoid potential pitfalls. Although this paper focuses on value stream-based organisations with ‘product model’ delivery, learnings can apply to functional organisations working with a ‘project model’ as well. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
Keywords: modernisation; legacy; transformation; value stream; platform; productivity
The full article is available to subscribers to the journal.
Author's Biography
Ad Van Der Graaff specialises in technology-enabled transformation. He has strong experience in financial services, with a deep focus on banking, specifically payments as well as insurance. Throughout his career, Ad has lived and worked in the Netherlands, Germany and Australia. In addition to financial services, he has experience with organisations in technology, telecom, media and the public sector. He has delivered both operating model-focused transformation and technology delivery and strategy, both as an external consultant and as an executive in industry. Currently, Ad leads the technology team in PwC’s financial services consulting practice in the Netherlands.
Ramya Raghavan specialises in contemporary operating models. Mainly focusing on financial services, she is experienced in using data and analytics to design processes for organisations and teams as they move to new ways of working. She specialises in defining the future state, developing IT strategies that enable growth and using metrics to track improvements from coaching and transformation. She is passionate about working on strategic change initiatives that enable people and organisations to work together better — whether by enhancing cadences and processes, defining ways of working or exploring technologies that will facilitate more motivated and efficient teams. While working across several industries, including utilities, manufacturing, higher education and the public sector, she specialises in contextualising agile and traditional ways of working to resolve specific organisational challenges and constraints. Currently, Ramya leads the performance and insights team in NAB’s organisational effectiveness team and lives in Melbourne, Australia.
