Today’s banking customers are evolving at the pace of technology. For banks trying to adapt, legacy core technology poses a challenge. The Finxact Core as a Service moves banks beyond legacy systems to a new, modern banking platform that supports innovation at any scale and at any pace.
A bank’s digital-only initiative can be a meta-strategy for core transformation. It provides a platform for acquiring new customers, while simultaneously creating an innovation lab for the bank where the potential of a next-gen core can be tested, its economics understood, and its potential as the go-forward core for the bank assessed at a level that only a production environment could make possible.
Many midsize and large banks have over time developed their own core and acquired ownership of any timeline associated with its modernization. With that comes the ability to chart a path to core transformation that is incremental; line of business by line of business. This process of hollowing-out the legacy core allows the bank to innovate new products alongside their existing core, while migrating their legacy accounts over time with less risk and cost.