Core Banking Across The World

Core banking is a multi entity capability which supports various units across various geographies, currencies and time zones on a single instance of application. Core systems need to enhance innovation while rigid processes must be transformed into horizontal, closely integrated core systems. Data needs to flow freely and processes must drive better decisions and faster responses.

Smarter core banking software solutions provide a foundation of innovative and growth.

Smooth Operating Environment

Homogenous Business Processes

Automated Operating Environment

Flexible Core Banking Systems

Some of the methods which will help in producing and sustaining higher revenues at a later stage are successful core banking system transformations and core banking software solutions which should keep evolving and building on agility and mobility.

Business process management capabilities along with supply chain integration, capabilities found in e-commerce platforms are the platforms which core banking can depend on heavily. It is also estimated that 90% of core banking transformation will be carried out by smaller banks and credit unions.

Online, web based and real time are some of the few important dimensions banks have added to their list. This will usher in a new age of banking automation which will allow the branch users to access applications seamlessly from centralized datacenters using a web browser.

Strategies around customer centricity, risk management and regulatory compliance are the key factors driving core banking. Banks are now taking on mobile banking besides conventional methods such as online banking which is leading to a convergence of mobile and online technologies.

Top tier banks in the west and Asia; have been quite skeptical about the suitability of external universal core banking platforms for their crucial domestic banking operations. But the question really is; could banks gain from outsourcing their core banking system or contracting outsiders to help with specific upgrades?

After a wake of operational problems banks started to contemplate on the feasibility of upgrading their aging core banking system and infrastructures to an outsourced vendor-supplied operational platform, but there were a lot of banks which did not support the move.

This big bang approach does not really work for established banks because of the burden of legacy and much higher volumes of service demands which are placed upon retail banks. Also the typical implementation approach for packaged software upgrades does not favor the transformation path required by top tier banks.’

The solution lies in gradual migration, where elements of the old platform are replaced with the new system over time. This often means systems will run in parallel for years, with the new platform running as a secondary or slave system for much of this time. It provides a route to manage the significant operational risk and make such transformational projects feasible

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