Core technology modernization in banks and financial institutions is a pivotal strategy that goes beyond improving operational efficiencies—it's a fundamental reimagining of how these institutions can serve their customers, innovate, and manage risks in a digital age.
The benefits of such modernization efforts are vast, touching upon every aspect of the banking experience, from the backend processes to the customer interface. Some of the key benefits are:
● Deepening customer relations by providing personalized banking experiences, offering customers products and services tailored to their specific needs and financial behaviors.
● Digital activation through modern core technologies enables banks to quickly deploy digital solutions, integrate with digital ecosystems, and offer digital-first banking solutions, meeting the needs of a digitally savvy customer base and enhancing the overall digital banking experience.
● A flexible and scalable core infrastructure enables rapid innovation in banking, allowing for the development of new products and services without legacy system limitations.
● Reducing Risk by upgrading to modern core systems enhances security, improves compliance, and ensures operational resilience, protecting sensitive financial information, maintaining customer trust, staying compliant with evolving regulations, and minimizing downtime during disruptions
Join Justin O’Connor, PwC Digital Banking Principal, Dean Nicholakis, PwC Digital Banking Principal, and Aloke Agarwal, Director at PwC and Industry Cloud Banking product owner, as they discuss how core technology modernization is not just an operational upgrade for banks and financial institutions; it's a strategic move towards creating a more customer-centric, innovative, and secure banking environment.
