In the face of new regulatory requirements, dynamic customer expectations and agile digital-based rivals, banks are finding that their application service provider (ASP) model as a core banking platform is becoming increasingly inflexible and restrictive. Being handcuffed to it is putting them at risk of becoming digitally irrelevant.

So, what can banks do?

To stay competitive, banks must strategically break free from the ASP model. They must transform core banking to be hyper-flexible, enabling them to change as quickly and often as needed to deliver the in-the-moment personalized advice and product information customers want at their fingertips. It’s one way that banks can regain their core banking strength and ready themselves for the future.

Whereas the ASP model at most banks is a Frankenstein-like system of many stitched-together pieces, which is rigid, costly to maintain and slow to change, competitive, digital-ready core banking requires banks to evolve to a modern core IT architecture through two strategic actions:

Re-wire the IT delivery organization

Adopt a flexible, multi-speed approach to deliver innovative changes without compromising speed or quality. Single speed is destined for failure.

Hollow out the core

Enable IT teams to set up the scaffoldings for a modern plug-and-play architecture powered by newer, best-in-breed digital technology solutions.

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Banks that are unable to innovate quickly and efficiently to deliver what customers want are on their way out.

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