Core banking is a perennial top 10 technology for retail banks, largely because of its clear and significant value to any financial institution. But in recent years, we have seen more spending going toward maintenance and less toward the replacement of aging technology. The risks of updating core banking are high, of course, given their importance to so many products, processes and stakeholders. Then, there’s the level of effort needed to
replace the technology, especially because many banks question the ability of off-the-shelf solutions to perform such a complex set of tasks for the enterprise. And in a time when the rapid development of customer-facing services is paramount, the opportunity costs of upgrading the core platform can be significant. When all those factors are taken into consideration, it’s easy to see why maintenance has taken priority over replacement.
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