Symbiosis: Innovation without compromise (Infographic)
For most established banks, legacy core banking systems have grown in complexity and today often consume 70 % of the IT banking systems budget for the maintenance alone, according to research conducted by Celent. By 2028, it is estimated that outdated technology will cost banks $57 billion.
As market demands continue to increase, outdated, legacy cores are lack the flexibility to integrate new technologies, hence growth opportunities are missed.
Completely replacing core systems is tremendously challenging and can be risky. Is there a better way? Yes.
The time has come when agility in a highly competitive market makes core modernization not a nice to have, but a critical requirement for success.
Adopting a symbiosis strategy helps banks increase agility and reduce costs by deploying a next-generation core in parallel with their existing core.
If you’re still wondering how to compete in a highly competitive landscape and whilst providing organizational agility, maybe it’s time to consider a symbiosis strategy?
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