Replacing your core: Enhance organizational innovation, growth, and agility
A series of industry-wide macro and micro trends is driving banks and financial institutions (Fis) to take action on the modernization of their core banking system.
As ever, banks and other FIs are also being asked to do ever more with the same or fewer resources in an era when cost to income ratios are still too high. Stakeholder pressure for profitability and growth never ends, even while banks need to invest in technologies that enable them to deliver the innovative products and services customers want.
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Banks and other FIs have reached a tipping point where it’s not whether to replace their core, but when. Outdated and fragmented IT systems developed decades ago using outdated languages and legacy technologies hold many FIs back from adopting new operating models.
Setting priorities, not just for today, but for five or 10 years down the line is the key to understanding costs, the resources and skills needed, and the type of technology required. By choosing the right technology and partner, banks and other FIs can ensure that they deliver on their near-term and longer-term strategic goals, whether that’s simple cost reduction or the ongoing absorption of new and exciting technologies like Gen AI to drive growth.
In this white paper we explore the key considerations and strategies when replacing your core.
