Competition in the banking sector is becoming increasingly fierce. Attackers are growing their businesses and engaging with customers using a modern core technology architecture that allows them to innovate faster and operate more efficiently. As a result, around 75% of banks are rethinking their core banking platforms, according to a survey of 40 banking executives in May 2021. Analysts define the core banking system as a logistical system that handles daily banking transactions, publishes accounts and updates other financial records. It typically includes deposit, loan, and credit processing capabilities, with interfaces to common ledger systems and reporting tools. The great news for incumbents is that these platforms are poised to meet these challenges.
Continuous innovation to combine rich basic features with modern technology can certainly improve the core systems of traditional banking platforms. Adopting a single codebase not only benefits customers but also creates new growth opportunities, increases efficiencies at scale, and lowers the cost/return ratio by half the industry average. It can be achieved by providing an open, pooled cloud banking service at a fraction of the cost of legacy systems.
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