The following article is a summary of our latest ebook: Is a Core Transformation Best for Your Bank? You'll read through the introduction and learn what's inside the ebook. Like what you're reading? Click on any link in the article to visit the official ebook page and download your copy. Happy reading!
In the rapidly evolving world of digital banking, many institutions are faced with the challenge of modernizing their existing core systems. With the emergence of innovative technologies, cloud-based systems, and API-based banking options like Banking as a Service, banks operating a legacy core system must carefully consider whether their current setup is sufficient to compete with larger fintech players. Factors such as the cost of maintaining hardware and software, speed to market for new products, and flexibility in connecting with third-party partners could be enough for a banker to take action and upgrade their system.
Banks who recognize that their core technology is continually posing barriers to success and who wish to remain competitive in their industry and grow their business need to consider a full core transformation as part of their modernization strategy.
- Define the components of a full core transformation
- Explain the business, technology, and operations benefits
- Present the common challenges and how to overcome them
- Identify best practices for a successful transformation
- Discuss the steps bankers can take now to prepare for transition
Whether your bank's core system is on the verge of obsolescence, or you have five to ten years left of operability, one thing is clear – a core system replacement is inevitable. This e-book will provide you with valuable insights and prepare you for this monumental shift.
The author generated a portion this content with GPT-3, OpenAI’s large-scale language-generation model. The author reviewed, edited, and revised the language to fit IBT Apps editorial guidelines and takes ultimate responsibility for the content in this article