Core conversions

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.