In the Cloud, Ahead: Fumbi Chima, Chief Information Officer at BECU, discusses BECU’s early stages of a greenfield migration to cloud computing in Greenfield Transformation. Digital transformation, FinTechs, and employee experience are all topics of discussion.
hosted by Infosys Knowledge Institute researcher and author Chad Watt.
“It’s not just a digital transformation; rather, it’s a complete company transformation. because we need to look at the operating model, the system, and the ways of doing work.
At BECU Online Banking, we always say, “We have the secret sauce.” Our members have a very intimate experience, and my job is to use technology to make it even better and more exciting.
“Transformation is more than just a project for technology. Talent matters. It has to do with managing change. It involves altering our organizational dynamics in order to truly be digitally first.
I always tell people that you have to love fintech. It’s a partnership. We will compete with the fintech with which we compete. because that is our primary line of work. However, there are also aspects of it that, in my opinion, improve us.
Insights BECU is a credit union that serves its members and the community by providing financial assistance.
BECU was founded in 1885. It was more cost-effective to start from scratch and transform the entire system to modernize the technology stack.
BECU is developing a comprehensive security platform with a brand-new data structure and business value streams built on top of it. Additionally, they are able to migrate the most recent ones they started building onto the new platform by employing cutting-edge technology. They construct those that they are unable to migrate. It is a mix.
In the beginning, they only moved some of their core platforms to the cloud. In order to assist them in setting it up, BECU collaborated with a consulting system integrator. Additionally, this took roughly 12 weeks of assignment post strategy. About six months went into the strategy. It’s not just a digital transformation; rather, it’s a complete company transformation.
After the system, they did a proof of idea. They are beginning to use cutting-edge tools and are automating some of their most important processes with robotics. In the old world, they are developing a brand-new platform for consumer lending. They can then redirect that platform to the new instance once they have sufficiently architected it and built it up in the cloud.
Transformation is more than just a project for technology. Organizationally, we must operate in this manner. The operating model is the key to transformation. Talent matters. It has to do with managing change. It’s tied in with changing the elements of us as an association to be careful first.
It’s critical to work with fintechs. Because this is their core business, big companies will compete with certain fintech components. Yet, there are additional components of it that make huge organizations like BECU online Business Banking better.