May 01, 2023
In the current digital era, it is crucial for banks to undergo core banking system transformations to align with the ongoing digital revolution. The ever-evolving solutions in the banking market offer customizable options to fulfill the needs of banks that are operating individually. To enhance operational efficiency, meet customer’s preferences and continuously innovatee, banks need to take a leap and invest in modernizing the core banking system of their bank.
Do you want to learn how banks should reposition themselves to stay relevant for modern consumers? Here are 5 essential factors that banks should know to modernize their core:
- Customer- centric strategy:
In the contemporary digital age, customers lean towards a smooth and customized banking journey. Considering this, banks must make customer centricity their topmost concern when upgrading their core systems. Additionally, ensuring round-the-clock access for customers to facilitate swift and effortless transactions is imperative.
- Scalable and agile nature:
Banks need to make sure that their system possesses scalability and adaptability to meet the growing demands of the ever-evolving customers. This includes developing systems that can efficiently manage substantial amounts of transaction volume and data while integrating with third-party integrators to deliver smooth customer experience.
- Security measures and regulatory alignment:
Given the increasing issue of cyber security threats and breaching of data, it is important for banks to emphasize security to modernize their core. They need to guarantee that the systems adhere to regulatory standards and are Refining the security measures to safeguard the data of their customers and carry out the transactions seamlessly.
- Embracing the power of emerging technologies:
It is important for banks to integrate prevailing technologies that include blockchain and artificial intelligence into their core banking system to leverage the benefits of these advancements actively. By adopting innovative technologies, banks operational efficiency, elevate customer experience, and foster innovation.
In conclusion, banks should prioritize cost-effectiveness during their core modernization process. This entails recognizing opportunities for cost reduction, such as adopting systems that are cloud-based, and making strategic investments in technologies which can enable automation of everyday processes and minimize manual intervention.
What should banks do to accelerate their core modernization journey?
With System Limited’s exceptional expertise and proven accelerators, banks can efficiently and smoothly transform their core. As a trusted and seasoned partner of Temenos for Core banking upgrades, we provide comprehensive services, enabling banks to seamlessly transition their platform to the latest platform of Transact.
Our accelerators enable us to transform the core banking system of banks:
- We have the exclusive rights to build Country Model banks in 7 countries of the GCC region on Temenos Platforms.
- With our Agile methodology, we prioritize incremental releases to attain a polished outcome.
- We employ "bite-sized" modules to ensure swift deployment and instant impact during implementation.
- Our process enables a smooth lift and shift by utilizing pre-built templates on data migration and automated reconciliation of data.
- Smooth lift and shift process facilitated by pre-built data migration templates and automated data reconciliation.
- We have a comprehensive training framework in place to facilitate extensive transformations with detailed guidance and information exchange.
In conclusion, transforming a bank demands thorough consideration and meticulous planning. By placing emphasis on customer experience, scalability, security, and embracing evolving technologies, banks can effectively meet the increasing demands of consumers and remain relevant in the dynamic market.