Escaping the trap of legacy banking using a value stream operating model

Ad Van Der Graaff and Ramya Raghavan
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Ad Van Der Graaff: PwC, Thomas R. Malthusstraat 5, The Netherlands
Ramya Raghavan: Organisational Performance & Insights, Australia

Journal of Digital Banking, 2025, vol. 10, issue 1, 18-29

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 (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2025
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