Replacing your core to achieve growth and agility (Infographic)
Transform today. Plan for tomorrow.
Embarking on a core banking modernization project need not be overwhelming. Choosing the right technology partner can make the seemingly impossible, possible. Not only does the right partner understand your business, your starting point and you destination but they will provide the most appropriate way to help you get there.
Want to know more about your options? Are you ready for digital transformation with a next-gen core?
Since the first ATM was installed in 1967, the evolution of banking technology has only accelerated. Each new wave required banks’ IT departments to either deploy new systems, customize existing systems or both. For many established banks, the result is a fragmented and fragile IT landscape with high levels of technical debt and dozens of disparate, barely connected systems.
Little wonder then that global spending on retail banking IT will rise to an estimated $274 billion in 2024. It gets worse, because as Celent reports, a significant part this spend represents legacy core maintenance, leaving little room for modernization.
In parallel, competition from fintechs and challenger banks is growing, and they are gaining market share. These new entrants understand the power of delivering great customer experiences across all channels, and that’s why more than 75% of retail banks report that “it is more challenging to win and retain customers than it was 12 months ago”.
The question for banks is how to escape this vicious cycle, transform and become truly agile in a dynamic market. And let’s not forget that the competitors won’t stop innovating.
