Core Banking and Digital - Two Sides of the Same Coin

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Core banking and Digital - Two Sides of the Same
Coin
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• 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.

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• 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.

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• 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  otherwise be confined by outdated core banking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.

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• 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
  channelsonline, branch, and phonewithout
  growing back-office operations.

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• 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.

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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.

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