Reimagining core systems for a digital world
Some core banking platforms are 30 years old or more. A new generation of Google-like platforms are being launched. This is great for new entrants, but what about legacy systems? How can incumbents be competitive with agile cloud-based startups and marketplace platforms when their core systems are still running in overnight, batch updates? Is there really a compelling reason to change the back-end infrastructure or can incumbents survive by just adding the new tech to their old systems? If they do need to change, how can banks manage this migration in a stable and risk-averse way? How can these new platforms enable new digital products and capitalise on the value of data?