Core Banking and Digital - Two Sides of the Same Coin

1. Core banking and Digital - Two Sides of the Same Coin ©Copyright by Jmrinfotech.com

2. Banks will need to adapt and integrate Open Banking technologies into their operations if they are to take full advantage of the possibilities presented by Flexcube implementation, which range from data monetization to banking-as-a-platform. What is the ultimate goal? To optimize and simplify their Flexcube operations to be more agile in order to capitalize on possibilities created by market change. ©Copyright by Jmrinfotech.com

3. When it comes to banks and their ecosystem partners (such as fintechs), open APIs and Oracle Flexcube may help them provide better customer service, allow end-to-end straight-through processing, and minimize the footprint of their old systems in favor of lightweight designs based on microservices and the cloud. By moving and operating their core banking systems in the cloud, banks can gain the efficiency, scale, and scope they require to launch new products and services faster while also providing real-time services around the clock across any channel with the least amount of investment in IT infrastructure. ©Copyright by Jmrinfotech.com

4. Modern systems may be designed and operated on top of historical systems thanks to Open Banking and Oracle Flexcube universal banking technologies, data-access techniques, and development methodologies working together to simplify the transition of banking processes. It is the method through which banks will progressively migrate crucial customer-facing functions and disclose critical data to new platforms at a pace appropriate for the market. Having systems separated also allows banks to expose their ecosystem to third-party service providers, which will enable them to construct new digital client experiences that would otherwise be confined by outdated core banking systems. ©Copyright by Jmrinfotech.com

5. That is the path that a mid-sized regional bank in the United States chose. The bank developed an integrated, omnichannel platform that could be used across both its retail and corporate banking divisions, allowing it to provide an innovative and unique digital banking experience to its more than 500,000 clients, who represented more than 850,000 accounts. To seamlessly integrate years of disparate acquired bank technology, unify digital initiatives, and deliver capabilities regardless of the customer segment, the solution made use of cutting-edge cloud-based software. This was accomplished while maintaining the core banking IT infrastructure and improving the customer experience. It was possible to construct the best solution at scale using an innovative banking platform that was open-architected in IT. Overall, it allowed the bank to launch its highly tailored digital banking client experience and offer the same experience across all channels—online, branch, and phone—without growing back-office operations. ©Copyright by Jmrinfotech.com

6. Open architectures enable banks to develop their own customer portals, meeting the demands of individual consumers while also attracting new corporate banking customers. While maintaining the commoditized components of legacy IT, such an approach for modernizing bank operations promotes a more customized client experience and revenue growth. Banks may therefore react to changes in the market with increased speed, efficiency, scale, and confidence as a result of this. ©Copyright by Jmrinfotech.com

7. Conclusion: • Making all of this work in the real world is a lot more complicated than just saying it. When deploying new technology, such as Oracle Flexcube 14.x, major universal banks often have the most difficulty. It's critical, however, that these organizations don't give up; modernization may be done via end-to-end communication and the collaboration of many departments. This condition of nirvana, if realized, would allow banks with complicated legacy mainframes to compete with entirely digital challenger banks. ©Copyright by Jmrinfotech.com