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Where are you in your Banking Modernization Journey?
“Banks that invest now in modernizing their core technology and evolve it to a platform-based experience will simultaneously delight customers and grow profitably.” Anirban Bose, CEO of Capgemini’s Financial Services and Group Executive Board Member.
Banking Modernization and the move to further digitization by retail banks have become a “must-have” to stay competitive with new entrants in the banking sector. In addition, banking modernization will allow retail banks the ability to uncover operational efficiencies and introduce new products/services quicker than they’re able to now, allowing for increased revenue and overall profitability. Lastly – and likely the most important – customers are demanding a secure, easy-to-use, omnichannel experience with their banking providers. This last point has become increasingly apparent over the last couple of years due to the pandemic and has resulted in a shift in customer expectations – now and in the future. As such, it has become increasingly crucial for banks to address their legacy applications and infrastructure to a more modern, robust, and agile environment to keep pace with customer expectations and internal requirements going forward.
At the core of this banking, modernization is Oracle’s FLEXCUBE – a technology platform named as a Leader in 2022 Gartner Magic Quadrant for Global Retail Core Banking that will allow banks the ability to address all of their technology and business needs – both internal and external – for banking of the future. My colleague – Inder Khama – has eloquently provided his thoughts on the newest version of FLEXCUBE – 14.6, which I would highly recommend you review (Oracle FLEXCUBE: The Shift In Core Architecture). This latest version of FLEXCUBE 14.6 leverages its already strong history as a core banking platform and updates it to provide all of the functionality required to establish or reaffirm a bank’s competitive advantage, leverages the cloud, and optimizes the total cost of ownership. Given the complexity, planning, architecting, and far-reaching effects of a retail banks core banking platform and that these are typically multi-year projects that encompass technology, operations, line of business, and executives throughout the organization, it’s imperative that these banking modernization projects have either started or are well underway. Where are you at with your banking modernization initiative and what barriers exist for you to get there? Hopefully, at this point in 2022, you have developed a thorough plan or are in the process of executing that plan in order to update your core banking system to address both customer and business requirements for future success!
Wherever you are in your journey – Eclipsys can help. Our team of FLEXCUBE experts plus our deep architectural experience with Cloud and Exadata can help.
“Success as a bank of tomorrow begins with the architecture and technology decisions made today” – Oracle
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