Webinar: Is Your Legacy Core COSTING You Money?
A core banking system represents the central nervous system of a financial institution (FI). No other IT system within an FI is as mission-critical or impacts the delivery of as diverse customer services as does the core system.
Yet these systems are often incredibly resistant to change. The business model of banking is rapidly evolving, yet many of these systems are incapable of providing the agility needed to compete. Business requirements, technology, and systems integration continue to place increasing pressure on banking systems — many of which were architected in the 1970s and 1980s and have not been overhauled since.
Incremental investment made in updating the plumbing of today’s account-centric systems will eventually give way to more dramatic transformation efforts, as banks introduce the next generation of agile customer-centric banking systems. When the revolution starts is anyone’s guess, but banks and vendors alike will ignore these developments at their own risk. Banks running legacy systems will see a number of competitive challenges going forward. Join Celent senior analyst James O’Neill and D+H as we explore these risks and challenges.