Independent Banker - April 2023 - 24A

Interested in learning if a full core
transformation is best for your
bank? Scan the QR code and
download our free ebook
CORE
MODERNIZATION
Strategies for Your Bank to Consider
With heavy competition flooding the banking
industry, community banks are constantly being
nudged to embrace and implement modern
core technology. However, it takes more than
shiny products and services to make a bank
successful.
In this white paper, we share different strategies
a bank should consider when exploring core
modernization. By the end of this piece, you'll
have a better understanding of your options and
be able to determine which one is best for your
bank.
CORE
TRANSFORMATION
A core transformation requires the full
replacement of an existing core platform
with a new, modern core banking system.
Banks pursue this approach when their
core is obsolete, is a barrier to growth or
compliance, or because their core provider
is sunsetting the system.
ADVANTAGES
There are several benefits, including: labor
and cost savings through the automation
of manual activities; increased revenue
opportunities with new products; and
improved compliance through enhanced
security capabilities.
DISADVANTAGES
Timeline and costs can vary. Additionally,
a full transformation often involves large
data migrations as well as multiple system
integrations. To ease concerns, a bank's
core provider must be transparent about
the process, costs, and delivery.
CORE
INTERVENTION
Banks that have five to ten years left on
their core can consider a core intervention.
Several options include upgrading the core
version, updating the database or codebase,
or enhancing existing products. The bank
could also add a separate core system that
tests new products and capabilities.
ADVANTAGES
Banks can modernize their core without
experiencing the challenges that often
come with a full core transformation, e.g.,
data migration complexities, employee
training, and the risk for potential business
disruptions.
DISADVANTAGES
The bank's existing system may not be
flexible enough for updates or upgrades.
Older systems may not play well with
newer frameworks and can extend delivery
times and add costs.

Independent Banker - April 2023

Table of Contents for the Digital Edition of Independent Banker - April 2023

Independent Banker - April 2023 - Cover1
Independent Banker - April 2023 - Cover2
Independent Banker - April 2023 - 1
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Independent Banker - April 2023 - 24A
Independent Banker - April 2023 - 24B
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Independent Banker - April 2023 - Cover3
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