Core conversions

The digital bank had previously notified about 1,000 business customers that they would lose access to their debit cards for a week, amid a systems update.

Legacy core systems and the high cost of hiring people with artificial intelligence skills are among the factors getting in the way of big AI payoffs, experts say.

Smith, chief technology and operations officer at the Utah Bank, shares some of the lessons learned from a recently completed core system replacement.

Portney, one of our The Most Powerful Women in Finance honorees, discusses her role and responsibilities.

The Salt Lake City bank recently completed what was arguably the first successful large-scale U.S. bank core transformation from an international core provider. Few banks are following in its footsteps. 

Consultants at McKinsey and Accenture are offering to use gen AI to understand legacy software and write new code. Experts say this idea has merit, up to a point.

Kristiane Koontz at Zions and Neal Shah at Regions explained how they are coping with the many challenges of rebuilding the technology foundations of their banks at American Banker's Digital Banking Conference.

The regional bank is switching VirtualBank, a digital-only unit added through a recent merger, to a core system that relies on Finxact software and Amazon Web Services. The move epitomizes the industry's cautious approach to cloud-based technology.

The North Carolina bank deployed Finxact's new technology, which runs on Amazon Web Services, to make Paycheck Protection Program loans and will use it next to offer business savings accounts and CDs.

Many community banks, like Peoples Community in Wisconsin, say they proceeded despite the technological challenges presented by social distancing because the crisis has exposed the shortcomings of their digital systems.

Switching core banking systems has long been done face to face, but the pandemic has driven the process into the digital arena. The change could be permanent.

Switching core banking systems has long been done face to face, but the coronavirus has driven the process into the digital arena. The change could be permanent.

FirstBank, the initial customer of the startup Finxact, sought a modern core system that jibes with fast payments and other new technologies.

Newcomers Nymbus, Neocova, Finxact and Technisys and older competitors like Temenos, Infosys and Oracle are winning over community and regional banks by offering what some bankers describe as more flexible technology at fairer prices.

The New York bank was burned by a core replacement project that failed in 2011. This time it's using its PurePoint unit as a test lab and co-developing the software.

The State Bank Group and The Provident Bank are backing Neocova, which focuses on community banks.

Readers react to Regions Financial's plan to replace its core deposit system, a House bill meant to curb jobs moved overseas, a resurgence of consumer complaints against the credit bureaus and more.

Rakefet Russak-Aminoach, who will leave the company at the end of the month, has raised net profit and lowered costs by revamping its technology and culture.

The company says the upgrade will support future digital investments. It also said Tuesday that third-quarter profits climbed 8% but reported a sharp increase in criticized business loans.

Early in her career, Strybel took a leap of faith when she followed her mentor's guidance and took a role outside her wheelhouse. It paid off, and it's a lesson she shares with younger bankers as part of her mission to pay it forward.