- Emerging Trends Fintech Ecosystem
Over the last decade, competition in the banking industry has intensified with a rise in the number of neo and challenger banks serving customers at one-third the cost of traditional banks.
Large banks are increasingly concerned about the limitations of their core architectures and the slow pace of change in terms of time to market and siloed data storage. To regain their ability to compete in this hyper-paced world, banks need to aggressively implement advancements in technology. This will enable them to reach a high level of flexibility and automation with a fully digital core capable of delivering
customised offerings. This triggers the modernisation of Core Banking Systems and the move from legacy systems towards cloud-based and SaaS-enabled models.
With the advent of digital banking, cloud and APIs, banks have witnessed a significant shift in how banking products and partnerships are developed. Banks are now expected to process transactions in real time, release new products/services frequently, and scale (up and down) their infrastructure needs. Legacy Core Banking Systems designed for reliability rather than open architecture are trying to embrace the shift to this new requirement, but dated technologies often cannot support interfacing with new tools.
Included in this Contents
- Connected World | Api Banking Evolution
- Core Banking Architecture | Collaborative Framework
- Implications & Considerations | Designing Core Banking Systems
- The Way Forward | Industry Outlook
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