This article was previously published online at independentbanker.org.
It’s not uncommon for banks to remain on the same core system for decades—sometimes 20 years or more. And it’s not surprising that even though the core’s performance slows over time, the bank continues to use it simply because it’s familiar. The thought of switching cores requires much more than a financial commitment, so why disrupt the status quo?
The reality is legacy core systems aren’t built to last. They may appear functional on the surface, but beneath, they harbor hidden risks that can have serious implications to your bank if left addressed. And in today’s competitive environment, relying on outdated, underperforming technology is a gamble your bank can’t afford to take. There has to be a better way.
In IBT Apps’ latest ebook: 3 Legacy Tech Risks Threatening a Bank’s Future, we explore the major risks associated with legacy systems and present a modern solution designed to help mitigate these threats. Additionally, we discuss why a modern solution is much more than a technological upgrade, but a strategic move towards future-proofing your bank. Whether you're a bank executive focused on compliance, a risk officer prioritizing security, or an operations leader planning for future innovations, this guide will greatly benefit you and your bank.
Why should you download this guide?
Regardless of your role, this ebook offers honest information and actionable insights to transform your business. Here are some reasons for and benefits of downloading this guide:
- Understand the hidden costs of legacy systems: You’ll learn about the financial and operational risks tied to outdated technology, including escalating maintenance costs and inefficiencies that can impact profitability.
- Mitigate cybersecurity threats: Discover why legacy systems are more vulnerable to cyberattacks and how a modern core banking solution can bolster your institution’s defense against increasing threats.
- Enhance risk management: Learn how modern technology reduces the risk of regulatory penalties, and ensures your bank meets evolving industry standards.
- Improve customer experience: Explore how upgrading your core system can enable faster service delivery, enhance digital banking capabilities, and meet the growing expectations of your customers.
- Gain a competitive edge: See how a modern core platform can level the playing field against larger banks by enabling you to offer innovative products and services that attract and retain customers.
- Future-proof your institution: Learn strategies for making your bank more adaptable and resilient, ensuring long-term sustainability and growth.
Ready to read the ebook?
Equip yourself with the knowledge to tackle the challenges and risks you’re facing with legacy technology.
Learn more and download the guide to take a proactive step in safeguarding your bank’s future.
