Many traditional core banking systems have grown cumbersome and outdated, especially when compared to the flexibility and efficiency offered by newer cloud-based cores. These legacy workhorses are plagued by a tangle of point-to-point integrations, duplicate functionality, dead code, and inconsistent data. The complex environment makes it difficult for financial institutions to incorporate modern capabilities, such as analytics, machine learning or AI. Unable to capitalize on technology innovations, financial institutions can easily fall behind competitors.
As financial institutions look at the agility and bottom-line benefits associated with next-gen core systems, executives are no longer asking if they should upgrade the core, but when.
Despite the many advantages associated with next-gen cloud cores, ripping out the existing system and replacing it with a new one brings with significant challenges, including lengthy timelines, significant costs and risks. Frequently these challenges are more than can be realistically accepted by many financial institutions.
Maybe its time for a Symbiosis Strategy?
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