{"id":15196,"date":"2021-02-04T20:29:12","date_gmt":"2021-02-04T14:59:12","guid":{"rendered":"https:\/\/cigniti.com\/blog\/?p=15196"},"modified":"2021-02-05T11:22:09","modified_gmt":"2021-02-05T05:52:09","slug":"modernize-legacy-core-banking-platforms","status":"publish","type":"post","link":"https:\/\/www.cigniti.com\/blog\/modernize-legacy-core-banking-platforms\/","title":{"rendered":"What is required to modernize legacy core banking platforms?"},"content":{"rendered":"<p><span data-contrast=\"auto\">A recent<\/span><span data-contrast=\"auto\">\u00a0report by the UK\u2019s\u00a0<\/span><b><i><span data-contrast=\"auto\">Financial Conduct Authority (FCA)<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">\u00a0<\/span><\/i><\/b><span data-contrast=\"auto\">says<\/span><span data-contrast=\"auto\">, \u201c<\/span><b><i><span data-contrast=\"auto\">Around 50% of the banks do not upgrade\u00a0<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">legacy core banking platforms<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">\u00a0as soon as they should<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">,<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">\u00a0and 43% of US banks still use COBOL, a programming language dating from 1959.<\/span><\/i><\/b><span data-contrast=\"auto\">\u201d<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While majority of the COBOL programmers are enjoying a happy retirement, it is obviously a tough choice to find one.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The need to modernize legacy core banking platforms has been augmented by the mounting shortage of\u00a0<\/span><span data-contrast=\"auto\">the\u00a0<\/span><span data-contrast=\"auto\">age-old<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">technology<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">talent<\/span><span data-contrast=\"auto\">\u00a0pool<\/span><span data-contrast=\"auto\">, which makes it extremely expensive and difficult for banks to maintain and operate their existing legacy core banking systems<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It is<\/span><span data-contrast=\"auto\">\u00a0also<\/span><span data-contrast=\"auto\">\u00a0evident that the modern-day customers expect banks to provide breakthrough features and services they usually receive from companies<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0who are on the leading edge of\u00a0<\/span><span data-contrast=\"auto\">digital innovation.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">According to a 2019 survey\u00a0<\/span><span data-contrast=\"auto\">conducted\u00a0<\/span><span data-contrast=\"auto\">by\u00a0<\/span><b><i><span data-contrast=\"auto\">Censuswide<\/span><\/i><\/b><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">\u201c<\/span><b><i><span data-contrast=\"auto\">43<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">%<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">\u00a0<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">of the people\u00a0<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">expect to open an account instantly, but only 37<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">%<\/span><\/i><\/b><b><i><span data-contrast=\"auto\">\u00a0of traditional banks offer this service<\/span><\/i><\/b><span data-contrast=\"auto\">.<\/span><span data-contrast=\"auto\">\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The digital innovations continue to disrupt the marketplace, leaving legacy core banking platforms decades behind.\u00a0<\/span><span data-contrast=\"auto\">The customer experience, quality at high-speed, and experience assurance hold the key for next-gen banking services.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Today\u2019s core banking platforms typically fall under the following categories \u2013\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Legacy\u00a0<\/span><\/b><b><span data-contrast=\"auto\">p<\/span><\/b><b><span data-contrast=\"auto\">latforms<\/span><\/b><span data-contrast=\"auto\">\u00a0\u2013 They run on a closed platform, more often a mainframe system that usually comes with a multi-year,\u00a0<\/span><span data-contrast=\"auto\">license-based<\/span><span data-contrast=\"auto\">\u00a0pricing model<\/span><span data-contrast=\"auto\">. Since these platforms are decades old, they<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">are highly\u00a0<\/span><span data-contrast=\"auto\">complex to implement in today\u2019s digital transformation\u00a0<\/span><span data-contrast=\"auto\">milieu<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Service-oriented platforms<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">&#8211; These<\/span><span data-contrast=\"auto\">\u00a0platforms enable real-time processing and are designed around a service-oriented architecture (SOA)<\/span><span data-contrast=\"auto\">\u00a0model. They feature a license and subscription-based model and are usually offered as hosted software-as-a-service (SaaS) solutions.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Cloud Native platforms<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">\u2013<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">The Clou<\/span><span data-contrast=\"auto\">d<\/span><span data-contrast=\"auto\">\u00a0native platforms leverage micro services-based architecture with application programming interfaces (APIs) that provide access to and from other internal and external services. As they are Cloud Native, they typically offer a pay-per-use subscription model and support real-time processing.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h3 style=\"margin-bottom: 20px !important;\"><strong>Determining the best platform for your bank\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"auto\">To determine the best platform for your business, there is a need to establish a modernization profile based on the\u00a0<\/span><span data-contrast=\"auto\">&#8211;\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf076\" data-font=\"Wingdings\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Sustainability\u00a0<\/span><span data-contrast=\"auto\">of the existing platform<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf076\" data-font=\"Wingdings\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Need\u00a0<\/span><span data-contrast=\"auto\">to innovate any of your service offerings<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf076\" data-font=\"Wingdings\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Complexity\u00a0<\/span><span data-contrast=\"auto\">of your data profile<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf076\" data-font=\"Wingdings\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Urgency\u00a0<\/span><span data-contrast=\"auto\">to transform based on any critical considerations<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf076\" data-font=\"Wingdings\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Dire\u00a0<\/span><span data-contrast=\"auto\">need to upgrade your existing products to meet current trends and<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf076\" data-font=\"Wingdings\" data-listid=\"5\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Appetite\u00a0<\/span><span data-contrast=\"auto\">for risk<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">According to a recent\u00a0<\/span><b><i><span data-contrast=\"auto\">McKinsey<\/span><\/i><\/b><span data-contrast=\"auto\">\u00a0survey, \u201c<\/span><b><i><span data-contrast=\"auto\">Not surprisingly, incumbent banks are increasingly concerned about the limitations of their own core architectures and their relatively slow pace of change. As a result, some 70% of banks are reviewing their core banking platforms.<\/span><\/i><\/b><span data-contrast=\"auto\">\u201d<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3 style=\"margin-bottom: 20px !important;\"><strong>Cloud-native core banking platforms and their differentiators\u00a0<\/strong><\/h3>\n<p><span data-contrast=\"auto\">Fortunately for these\u00a0<\/span><span data-contrast=\"auto\">incumbent\u00a0<\/span><span data-contrast=\"auto\">banks, tools are at hand to overcome these limitations. A new generation of cloud-native core banking platforms such as\u00a0<\/span><span data-contrast=\"auto\">FinXact<\/span><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">Mambu<\/span><span data-contrast=\"auto\">, Thought Machine, and 10X\u00a0<\/span><span data-contrast=\"auto\">promise the banks to meet their challenges.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The<\/span><span data-contrast=\"auto\">\u00a0differentiators enabled by these<\/span><span data-contrast=\"auto\">\u00a0cloud-native and other traditional core platform vendors\u00a0<\/span><span data-contrast=\"auto\">are<\/span><span data-contrast=\"auto\">\u00a0as follows \u2013\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Cloud-native architecture<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0resulting in experience assurance, quality at speed, automation<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0and low cost<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">APIs and microservices to enable reusability and\u00a0<\/span><span data-contrast=\"auto\">faster integration<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Real-time data analytics for digital transformation, enabled by a single source of truth for customer and transaction data<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Enabling ultra-personalization, faster time to market<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0through hyper-parameterized product ranges<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Leveraging best of breed solutions through 3<\/span><span data-contrast=\"auto\">rd<\/span><span data-contrast=\"auto\">\u00a0party ecosystems<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0to ease digital transformation<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Innovative digital features and capabilities can be offered by banks through the modernization of their core system.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3 style=\"margin-bottom:20px !important\"><strong>Benefits of modernizing legacy core banking platforms<\/strong><\/h3>\n<p><span data-contrast=\"auto\">The m<\/span><span data-contrast=\"auto\">odernization of legacy core banking platforms\u00a0<\/span><span data-contrast=\"auto\">harnesses<\/span><span data-contrast=\"auto\">\u00a0a wide range of potential benefits\u00a0<\/span><span data-contrast=\"auto\">such as &#8211;<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Enabling\u00a0<\/span><span data-contrast=\"auto\">data insights and cognitive automation that can create innumerable opportunities to serve clients<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Driving\u00a0<\/span><span data-contrast=\"auto\">performance, growth, and compliance by improving business process cycle time and eventually creating business value<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Supporting\u00a0<\/span><span data-contrast=\"auto\">product innovation, customer satisfaction, and improved service levels<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Creating\u00a0<\/span><span data-contrast=\"auto\">a new technology hub for talented professionals and reduc<\/span><span data-contrast=\"auto\">ing<\/span><span data-contrast=\"auto\">\u00a0the scarce of legacy programmers<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0d8\" data-font=\"Wingdings\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Enabling\u00a0<\/span><span data-contrast=\"auto\">strategic flexibility and scalability through cloud-based solutions<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">To capture these host of benefits, it is imperative that your data governance framework<\/span><span data-contrast=\"auto\">\u00a0is<\/span><span data-contrast=\"auto\">\u00a0strongly align<\/span><span data-contrast=\"auto\">ed<\/span><span data-contrast=\"auto\">\u00a0with a wider IT Governance framework.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As put forth by\u00a0<\/span><b><i><span data-contrast=\"auto\">Luis Moreira-Matias, the head of Data Science at Kreditech, \u201cThe key factor for banks to increase customer lifetime value is by personalization or the ability to make the right offer at the right time \u2013 either to grab a customer or to make a profit out of them. Such personalization is only possible with data analytics and data science.\u201d<\/span><\/i><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Thanks to cloud technologies<\/span><span data-contrast=\"auto\">, i<\/span><span data-contrast=\"auto\">n 2020, the financial data can reside anywhere. Yet, it remains stranded or uncollected in the legacy systems<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0for the lack of ability to do so in real-time. Due to this, the legacy core banking platforms cannot compete with the digital players in the aspects of innovative analytics driven solutions and cannot experiment with machine learning, artificial intelligence (AI), and predictive analysis.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">There is no doubt that the legacy core banking platforms\u00a0<\/span><span data-contrast=\"auto\">that<\/span><span data-contrast=\"auto\">\u00a0take the right approach to modernization will reap valuable benefits on their journey towards digital transformation. They will eventually see improved productivity, reduced total cost of ownership, and digital innovation.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Another\u00a0<\/span><b><i><span data-contrast=\"auto\">McKinsey<\/span><\/i><\/b><span data-contrast=\"auto\">\u00a0survey reveals \u2013 \u201c<\/span><b><i><span data-contrast=\"auto\">In terms of budget, the majority have earmarked $10 million or more over the coming year (sufficient for experimentation), with around 20% planning to invest $20 to $40 million.<\/span><\/i><\/b><span data-contrast=\"auto\">\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">When you factor in the operational, performance, and ultimately revenue gains, you will realize that modernizing legacy systems isn\u2019t too costly.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">Rather, it might prove expensive<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0if delayed further!<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Through Cigniti\u2019s extensive experience<\/span><span data-contrast=\"auto\">\u00a0of<\/span><span data-contrast=\"auto\">\u00a0helping banks modernize their legacy core platforms, we have identified several key practices that can amplify your success ratio.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"-\" data-font=\"Calibri\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Carefully choose a modernization approach that minimizes disruption to your business<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"-\" data-font=\"Calibri\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Expedite your mainframe-to-cloud migration and extraction of business rules by leveraging APIs and latest digital tools<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"-\" data-font=\"Calibri\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Simultaneously improve your business processes while modernizing your technologies and legacy core banking platforms<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"-\" data-font=\"Calibri\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Implement a creative funding model, mostly self-funding, and don\u2019t wait until the alarm bells ring<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"-\" data-font=\"Calibri\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Not just purchase price, focus on\u00a0<\/span><span data-contrast=\"auto\">the\u00a0<\/span><span data-contrast=\"auto\">total cost of ownership (TCO).\u00a0<\/span><span data-contrast=\"auto\">With the right approach, it is possible to minimize costs early in the modernization process<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Our proven\u00a0<\/span><span data-contrast=\"auto\">quality-at-speed<\/span><span data-contrast=\"auto\">\u00a0will be an integral step in your journey of digital transformation.\u00a0<\/span><span data-contrast=\"auto\">Our dedicated banking Domain Competency Group (DCG) strengthens our thought leadership in the banking\u2019s functional and technology landscape.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">We have a proven track record of supporting the IT operations &amp; annual transactions of over $80 billion for\u00a0<\/span><a href=\"https:\/\/www.cigniti.com\/resource\/case-studies\/banking-agile-qa-framework-payment-processor\/?utm_source=blog&amp;utm_medium=hyperlink&amp;utm_campaign=casestudy\"><span data-contrast=\"none\">large banks in US using our customized QA Framework<\/span><\/a><span data-contrast=\"auto\">\u00a0support. Our Test Automation Framework (CTAF), a tool-agnostic platform, can be used across multiple banking applications and mobile devices with minimal rework, thus reducing manual effort by more than 50%.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Using\u00a0<\/span><span data-contrast=\"auto\">Cigniti<\/span><span data-contrast=\"auto\">\u2019s<\/span><span data-contrast=\"auto\">\u00a0expertise in automation and test\u00a0<\/span><span data-contrast=\"auto\">centres<\/span><span data-contrast=\"auto\">\u00a0of excellence<\/span><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">you can:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"-\" data-font=\"Calibri\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">R<\/span><span data-contrast=\"auto\">educe more than 50% operational costs by\u00a0<\/span><a href=\"https:\/\/www.cigniti.com\/industries\/banking\/?utm_source=blog&amp;utm_medium=hyperlink&amp;utm_campaign=banking\"><span data-contrast=\"none\">automating core banking functions<\/span><\/a><span data-contrast=\"auto\">\u00a0with AI<\/span><span data-contrast=\"auto\">&#8211;<\/span><span data-contrast=\"auto\">based solutions\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"-\" data-font=\"Calibri\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Achieve<\/span><span data-contrast=\"auto\">\u00a0continuous testing and end-to-end validation for digitalization of\u00a0<\/span><span data-contrast=\"auto\">your\u00a0<\/span><span data-contrast=\"auto\">core banking systems<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"-\" data-font=\"Calibri\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">A<\/span><span data-contrast=\"auto\">chieve\u00a0<\/span><span data-contrast=\"auto\">E<\/span><span data-contrast=\"auto\">xperience\u00a0<\/span><span data-contrast=\"auto\">A<\/span><span data-contrast=\"auto\">ssurance<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">while transforming your backend operations and modernizing core legacy technologies<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Without a better core platform, you will not be able to bank on bigger innovations such as enhanced\u00a0<\/span><span data-contrast=\"auto\">red-carpet<\/span><span data-contrast=\"auto\">\u00a0security layer,\u00a0<\/span><span data-contrast=\"auto\">360-degree\u00a0<\/span><span data-contrast=\"auto\">fraud detection,\u00a0<\/span><span data-contrast=\"auto\">next-gen\u00a0<\/span><span data-contrast=\"auto\">AI\/ML powered decision analytics engines,\u00a0<\/span><span data-contrast=\"auto\">and\u00a0<\/span><span data-contrast=\"auto\">innovative credit card scoring models<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.cigniti.com\/contact-us\/?utm_source=blog&amp;utm_medium=hyperlink&amp;utm_campaign=ContactUs\"><span data-contrast=\"none\">Contact us<\/span><\/a><span data-contrast=\"auto\">\u00a0to determine the best candidates for modernization of\u00a0<\/span><span data-contrast=\"auto\">your\u00a0<\/span><span data-contrast=\"auto\">legacy core banking platforms.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent\u00a0report by the UK\u2019s\u00a0Financial Conduct Authority (FCA)\u00a0says, \u201cAround 50% of the banks do not upgrade\u00a0legacy core banking platforms\u00a0as soon as they should,\u00a0and 43% of US banks still use COBOL, a programming language dating from 1959.\u201d\u00a0\u00a0 While majority of the COBOL programmers are enjoying a happy retirement, it is obviously a tough choice to find [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":15197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[732],"tags":[3409,3413,501,3170,3167,3412,565,3169,3408,105,3410,3411],"ppma_author":[3727],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is required to modernize legacy core banking platforms?<\/title>\n<meta name=\"description\" content=\"The digital innovations continue to disrupt the marketplace, leaving legacy core banking platforms decades behind. 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