target audience: TECH BUYER Publication date: Feb 2024 - Document type: Tech Buyer Presentation - Doc Document number: # EUR251775624
Legacy Core Banking Modernization: Finding the Relevant Path
Content
- 16 slides
Get More
When you purchase this document, the purchase price can be applied to the cost of an annual subscription, giving you access to more research for your investment.
Related Links
Abstract
This IDC Tech Buyer Presentation examines the modernization of core banking solutions. Banks are prioritizing modernization due to market forces: the need for personalization, flexibility, and improved time to market; open banking; and to adapt to the evolving ecosystem. Technology is also a key driver: the need to protect against fraud and cyberattacks and to improve resilience to meet regulatory obligations.
This document explores the rationales and objectives of modernization and the different approaches and methodologies that can be used. There are three major approaches a bank can adopt: progressive transformation that supports a gradual replacement of legacy systems; establishing a greenfield bank with a new core solution; and a “big bang” conversion.
The presentation highlights the pitfalls and risks of modernization and the key decisions that must be taken. It provides reference cases that demonstrate the modernization strategies of several banks and banking groups.