Core Modernization for Building Future Banking Experiences

As the financial services industry is transitioning to the future- from delivering banking-as-a-product to banking-as-a-lifestyle, banks need to orchestrate end-to-end customer experiences. While large banks are already making progress, mid-market banks must balance the challenges of meeting evolving customer experience demands, enhancing operational efficiency, and orchestrating an ever-expanding ecosystem.

However, these banks are being deterred by their legacy systems and limited budget. And the COVID-19 crisis has elevated these issues as the core banking system’s agility, flexibility and scalability to respond in the new normal are being stress-tested.

Our joint report with Everest Group® provides insights on business and technology priorities of the mid-market banking industry in the U.S and Canada. In this paper, readers can learn about:

• The driving forces for core modernization in mid-market banks
• Appetite, intent, and approaches for core banking modernization
• Key implications and core banking system tenets for mid-market banks
• Possible steps for banks to take as they execute their recession blueprint and build a resilient business for the new normal