Just like Tesla, NASA, Marks & Spencer, Mercedes F1 Team and Singapore Smart Cities, if your bank too wants to take advantage of the ground-breaking digital twin technology, here’s what you can look forward to:
1. Super-quick digital launches
2. Faster API-led partnerships
3. Easier legacy system migrations
4. A happier CFO
5. More loyal customers
6. Happy shareholders, and
7. Very engaged Product & Digital teams
‘How is all this even achievable? Our bank runs on non-digital core banking systems.’
That is exactly what the Digital TWINN is built to solve. It begins by unlocking data stuck in haphazardly structured legacy systems and decouples them from their legacy sources.
This data can then be put to use easily via APIs.
‘But all our systems use different data definitions, languages, and protocols. How will the Digital TWINN solve for such variations?’
A core design principle of the TWINN is to enable a bank to create and then distribute a common definition of ALL its data, entities and relationships – to ALL users and applications.
This is done to dramatically simplify both data flow and data application vs. a bank’s current data processes. Without such a common data model, the more systems a bank has, the more translations it must do, with each hop ultimately adding cost, more time and diminishing quality of customer experience, besides increasing frustration amongst bank teams.
With a digital twin in place, when one system needs to send data to another system, it translates its data into the TWINN’s common data format. But, when the data consuming system receives data from the first system, the TWINN translates that common format back into that of the data consuming system.
This delivers a significant boost to a bank’s digital ambitions because it
· Creates a single source of truth
· Saves time on translation maintenance
· Improves logic maintenance
· Saves time thru version upgrades
· Improves data governance &
· New systems need only one mapping
‘Real digital needs real-time data. But our core systems are all batch-based. How will the Digital TWINN change that?’
The TWINN is designed not just for real-time data capture, but also processing and routing of change events – e.g., an online transaction, an order fulfilment, or a sensor output – in real-time.
It ensures that your data is ‘always on’.
Change events are ingested into the TWINN’s Event Hub and used to update the TWINN’s data stores in real-time. You can also combine real-time data with historical data to enable comprehensive real-time analytics.
The TWINN helps you achieve context-aware customer journeys and processes.
‘Our monolithic systems only scale vertically. So, whenever we have high volumes, e.g., Campaign launches, this can be very expensive. How can the Digital TWINN help?’
The TWINN enables a bank to operate a microservices framework and the architecture can be scaled horizontally.
Each microservice is treated as an independent component and these are combined differently as needed. As such, applications can be continuously modified and scaled up or down. Furthermore, query processing (i.e., approximately 70% of all transaction processing) can be offloaded to the TWINN.
The TWINN can result in a >75% reduction in costs.
‘The risks and costs associated with core banking system replacements are just too high. Can the Digital TWINN help with these enormous challenges?’
The Digital TWINN’s ‘Digital Bridge’ solution is designed to support progressive system upgrades by enabling digital journeys that are powered by either your old or new system.
It expands your options.
You can decide to gradually route transactions from old to new based on the customer segment, channel, product type, etc.
The TWINN allows processing data both from legacy and go-to systems in parallel.
How new is digital twin technology?
The digital twin technology was first commercially used in 2010 by NASA to monitor behavior and activity of space stations thru a digital replica (or a digital twin) on earth, in real-time. Since then, the number of industries and use cases that have adopted digital twins has simply exploded. Here’s but a sample of them:
- Rolls Royce runs engine analytics in-flight
- Unilever reduces false AI alerts
- Mercedes wins F1 races
- M&S optimizes store layouts
- Nevada manages water supply
- Tesla updates their cars’ software
- Singapore manages traffic
The digital twin market is set to grow at a staggering 58% CAGR to $48Bn by 2026, and to $106Bn by 2028.
Digital twins represent the ‘third wave’ of the internet, after search and social media.
We would be delighted to engage in a discussion should you see the need to give your bank its first digital twin.