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Legacy Core Banking Sytems – 5 Hurdles to Profitability-PART V
Published on 04 Jul 2012
Posted by Darren Negraeff, Marketing Director at Zafin Labs
But now, legacy core banking systems are an impediment to innovation. Faced with a new generation of mobile, internet-savvy customers occupying a greater number of narrowly defined market segments, banks have to increase their ability to meet changing appetites or risk losing customers and profitability. It is not enough to have to have a stable and secure core system, it must also be flexible and agile.
The final major hurdle core banking systems need to overcome is:
Slow Time-to-Market – Banks can create the perfect product or banking bundle, but if it isn’t available to the target customer segment, it’s pointless. Standard core systems, which were all developed in older programming languages like COBOL, C and C++, make adding a new product to the bank’s lineup a time consuming, frustrating experience.
Core systems, by virtue of their architectural design, are limited and cannot view the entire customer relationship. It's challenging enough to be operating a legacy core system, but worst still is enhancing the system with new modules that are still built using legacy code (i.e., COBOL, C, C++). These “new improvements” add a new layer of complexity. It's time to modernize these systems, not patch over them with legacy code.
Banks who chose to augment their core systems with a truly flexible, innovative and agile solution pick one with 100% Java architecture. Banks with an eye on longevity and profitability base their pricing and billing initiatives on solutions that can handle the complex relationship and regulatory environment unique to the financial services industry. Banks are starting to specialize in relationships – those who chose a solution built only for financial services will realize the true profitability of relationships.
Talk to us about how Zafin Labs values relationships – and what an innovative, flexible, and agile core system should look like. miRevenue, our award winning relationship pricing and billing solution has helped 17 banks clear these 5 hurdles to profitability – and we’re working with more to show them how to create customer-centric practices and sustainable relationships with an augmented core system.
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