Lovely to see you, Travis. Thanks for joining us on Publisapient stand today. So how have you found Cyboss so far?
Hey, Simon. So look, it's great to be with you. And so yeah, as you said, we're here at Cyboss. The show's been phenomenal. It's an opportunity to meet with partners and clients and vendors alike. And I guess, you know, as many are already saying, it's just great to be back in real life, in person at these events. And to be with you guys on stand. Fantastic stand, by the way, guys.
Well, I mean, it's over 10,000 people that are expecting through the show today. So it's, or this week anyway. So that's excellent to see everyone in real life again. So that's absolutely great. I wanted to ask you about what you're seeing in the core modernization space. Obviously, Thought Machine are like leading the way in this. We did some research over the last couple of months, and we found that the top priority for banks of all sizes, but in particular, the larger banks is core modernization over the next three years. So obviously, this is at the heart of what you guys do. So what are you seeing and hearing from clients and what are they prioritizing over the next few years?
Great. Thank you. I'm glad you asked. I mean, I read the research. It's a fantastic piece. And as you say, it kind of highlights this core modernization is now a top, top priority for banks around the world. And I guess if we ask ourselves the question, why? Several reasons. The first is because there is a impending kind of disaster, if you like, with the existing legacy cores that are out there. They are expensive to maintain. They are complex. They are resulting in a lack of innovation. And that manifests itself as customer dissatisfaction and too high a cost burden on banks. So, you know, the point has come, the tipping point has now come that banks must do something about that. At the same time, Thought Machine and Vault Core has reached a degree of maturity in the product where it's now deployed multiple times in production states around the world for tier one banks through to digital greenfields and pretty much everything in between. So, yes, I mean, we stand ready to provide a solution to that identification in the report, if you like. And why? Because the technology that's currently deployed in most of the world's banks is not fit for future state.
Brilliant. Now, that's super interesting. I mean, the other finding we found in this research was this focus on customer experience and how they really need to do that and getting their data in the right space to be able to actually look at creating new products and services for them. I guess the end result of modernizing the core does enable that, as you said, the customer experience. Is there other areas of the process that they are prioritizing on that basis?
Yeah, I think if we just look at customer experience generally, customer experience has been elevated by other industries. So if you look at what's gone on in retail or what's gone in media, for instance, the experiences have been elevated and they've been elevated by things like real time data. So knowing what a consumer is watching or knowing what a consumer is buying or what they're browsing has resulted in those industries being able to provide better experiences for their customers. Now, if we apply the same to financial services, real time analysis of financial data means better decision making for customers, better decision making algorithms for banks in terms of risk profile and so on, and a corresponding elevation in the experiences that customers can get. Now, if you complement that with a wider ecosystem of partners, and some of that is advisory, some of that is deployment, and Publicis Sapient have been a partner of ours for many years now, the result is the creation of better experiences, faster deployment of new technologies, and overall a better customer outcome for the bank's customers.
Super interesting. That's awesome to actually hear that. Last question. So looking forward to next year, the next 12 months, you know, what do you think is going to be really top of mind for banks as they kind of embark on this journey of modernization?
Yeah, I think, you know, there's no doubt that we're also in a big flux of change in financial services markets, you know, interest rate changes around the world, you know, regulatory changes coming in and so on. But fundamentally, what really needs to happen is that the core transformation programs need to start at pace now around the world, as your report identified, it's identified within banks that it's needed, those programs kind of now need to be kicked off. What we see is that they can start from all sorts of different angles. One bank might start by creating a digital greenfield offering, another bank might start by migrating one single back book of business, another bank might say, hey, I want a full transformation program. And to some extent, it doesn't actually matter what the starting point is. What's really important is the banks actually wake up to the fact that they must start. You've got to get on with it.
Must now be gone with exactly the point. Amazing. This is great to see you here. Thanks for your time. Really appreciate the chat and, you know, look forward to the rest of the week.
Simon, it's been a pleasure. Thank you.