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The Rise of Multicore: Core Banking System Transformation and the Many Ways to Be Digital

Publisher IDC
Published Feb 17, 2022
Length 27 Pages
SKU # IDC16986316

Description

The Rise of Multicore: Core Banking System Transformation and the Many Ways to Be Digital

This IDC Perspective presents a multicore framework for core banking system transformation, especially for mature and incumbent banks. The framework recognizes how these banks can introduce fourth-generation digital core banking capabilities alongside the existing and legacy core system. Transformation can be done more cautiously and over a longer period of time, consistent with a bank's priorities, capabilities, and risk appetite."There are four possible usages and roles for core banking in the multicore model: main core, specialty core, edge core, or parallel core. Every bank's journey is different, and there are different project types for a suitable digital core banking implementation and legacy core replacement. But, essentially, when a bank considers a core banking system, it is not just a simple 'one over the other.' In some cases, it can be 'one and others.'" — Michael Araneta, AVP, IDC Financial Insights"The multicore model integrates the best from main and specialty legacy core platforms with modern digital core banking platforms to provide a richer digital banking experience for customers on the front end while legacy core banking continues to do the heavy lifting on the back end." — Steve Shipley, adjunct CIO, IDC Financial Insights

Please Note: Extended description available upon request.

Table of Contents

27 Pages
Executive Snapshot
Situation Overview
Multicore Model
Is Multicore Right for Your Bank?
Overview
Main Legacy Core
Specialty Legacy Core
Edge Digital Core
Parallel Digital Core
The Path to Achieving Digital Core Banking
Seven Project Approaches to Digital Core
Big Bang (Non-Multicore)
Edge Multicore
Channel and Engagement Focus
Future Process Masters
Cost-Efficiency Seekers
Parallel Digital Core
New Digital Banks
Ambitious Overhauls
Iterative Replacements
Guidelines for Implementing Digital Core
ADVICE FOR THE TECHNOLOGY BUYER
Learn More
Related Research
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