Most financial institutions have a complex technology stack that's been built over time. However, it's hugely challenging to launch new products and features on a legacy core banking system. It's difficult to meet consumer expectations for convenience and personalization. Consumers wonder why their financial institution doesn't deliver the types of experiences they expect and why banking is so painful.
Since changing the core is an expensive and lengthy undertaking, many financial institutions choose to keep the core in place and use APIs to build digital front ends to meet the needs of the business and consumers. The disadvantage of this approach isn't with the stable core engine itself but with the integration built on top of it. Data is siloed. Functions take a long time to deploy. Upgrading is difficult. The talent needed to keep the core running is dwindling in numbers. Learn more about the limitations of traditional core banking systems and the benefits of core banking modernization. Also gain insights into how to transition to a next-generation cloud-based core banking solution that supports both retail and commercial banking on the same platform.