Toward a New Retail Banking Architecture: Defining the Future Digital Core Platform

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14 December 2022


The core banking system revolutionized the ability of the retail banking sector to achieve scale. However, what were initially key enablers have become inhibitors for success in the modern digital world. Legacy core banking systems have imposed a structural blueprint that centers product over the customer, has resulted in inflexible and fragmented processes, and is unable to rapidly innovate to meet new business opportunities or customer demands.

In response, most established banks have embarked on a program of digital transformation, often focused on a creation of a modern digital banking platform to provide a strong front end experience. However, there is an increasing realization that operating in the digital world requires a product and service proposition that is digital end to end. Legacy modernization is as important as creation of new digital capability, with many banks now assessing new CBS platforms.

However, in this modernization there is a key fundamental question that needs addressing—what should the “core” be to enable the modern digital bank?

The report reviews architectural trends exploring impact of cloud-native, microservices-based, and API-driven architecture on the banking platform for the modern and future bank.