5 Key things Banks Need to Keep in Mind while Modernizing their Core

Article

Are traditional banking systems still able to keep up with the digital revolution by modernizing their core banking systems in today’s fast-paced world?The core banking solution market is growing rapidly, with a plethora of banking solutions that can be customized to meet the specific needs of individual banks. Banks are investing in the modernization of their core banking systems to improve their operational efficiency, enhance customer experience, and drive innovation.

Want to know more about how banks can modernize their core to meet the demands of the modern consumer? Here are five key things banks need to keep in mind while modernizing their core banking system:

1. Customer-Centricity

In today’s world, customers expect a seamless, personalized banking experience. Therefore, banks must prioritize customer-centricity when modernizing their core banking system. This means ensuring that their systems can deliver personalized products and services, provide 24/7 access, and enable customers to perform transactions quickly and easily.

2. Scalability and Flexibility

Banks must also ensure that their core banking system is scalable and flexible enough to accommodate the changing needs of their customers. This means designing systems that can handle large volumes of transactions and data and can easily integrate with other third-party systems to provide a seamless customer experience.

3. Security and Compliance

With the increasing prevalence of cyber threats and data breaches, banks must prioritize security and compliance when modernizing their core banking system. This means ensuring that their systems are designed to meet regulatory requirements and implementing robust security protocols to protect customer data and transactions.

4. Integration with Emerging Technologies

Banks must also ensure that their core banking system is designed to integrate with emerging technologies such as blockchain, artificial intelligence, and machine learning. By doing so, they can leverage the power of these technologies to improve their operational efficiency, enhance customer experience, and drive innovation.

5. Cost-effectiveness

Finally, banks must ensure that their core banking system modernization efforts are cost-effective. This means identifying areas where they can reduce costs, such as by migrating to cloud-based systems, and investing in technologies that can help them automate routine processes and reduce manual intervention.

How can banks modernize their core banking platform the right way?

With NdcTech’s proven capabilities and accelerators, banks can modernize their core banking platform quickly and seamlessly. We are a preferred and experienced Core banking upgrades partner of Temenos and offer end-to-end services to banks to modernize their platform onto the latest release of Transact.

Have a look at the accelerators we use to transform core banking platform for Banks

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Rights to develop Country model banks on top of Temenos Platforms in the GCC region.

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Agile methodology with emphasis on incremental releases for a refined outcome

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Implementation of “bite-sized” modules for rapid deployment and immediate impact

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Seamless lift and shift with pre-built data migration templates and automated data reconciliation

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Elaborative training & knowledge sharing framework to support large-scale transformations.

THE FINAL
TAKE

In conclusion, modernizing a bank’s core banking system is a complex process that requires careful planning and execution. By prioritizing customer-centricity, scalability and flexibility, security and compliance, integration with emerging technologies, and cost-effectiveness, banks can ensure that their systems can meet the demands of the modern consumer and stay competitive in an increasingly crowded marketplace.

Have a look at how we are supporting leading banks with transforming their Core

Reach out to our experts today to know more about how NdcTech can accelerate your bank’s core modernization journey.

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