- Why have banks’ priorities shifted from core modernisation to ensuring end-to-end bank modernisation?
- How can banks update their approach to APIs, digital experiences, data insights, and the wider banking platform?
- What key technological innovations should banks be investing in?
- How can these modern tools be integrated into existing systems?
The phrase “core modernisation” has become outdated. Long gone are the days when banks would simply rip and replace their core infrastructures. Instead, institutions are now focussed on modernising their entire banking platforms and the surrounding technology – to extract greater value from their investments, while innovating for tomorrow.
This shift in objective has been spearheaded by banks’ specific needs and strategic goals. Technology, in other words, is no longer in the driving seat as an end in and of itself. Today, institutions are navigating their banking platform modernisation journeys with nuance – ensuring tech updates support, not steer, the ship.
There are many paths to holistic banking platform modernisation, depending on a bank’s appetite, its strategy, timeframe, and budget. Whether an institution is looking to upscale the digital experience for customers, build out its API ecosystem, or better leverage data to generate informed business insights – core replacement rarely makes the grade, particularly against a backdrop of shifting end-user demands and stiff market competition.
Whether banks look to leverage AI, APIs, blockchain, cloud computing, or robotic process automation (RPA), it is imperative that next-generation tools are seamlessly integrated into existing systems. If orchestrated properly – using composable and flexible ecosystems – banking platform modernisation can yield improved return on investment (ROI) with value-based milestones, elevated customer satisfaction, and streamlined regulatory compliance.
Sign up for this Finextra webinar, hosted in association with FIS, to hear our panel of experts discuss how FIs should navigate wider banking platform modernisation.
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