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Replacing your core: Enhance organizational innovation, growth and agility

Market conditions mean financial institutions must accelerate core banking modernization plans

Many financial institutions are still using cores developed decades ago using outdated languages and legacy technologies. Most of these have been patched together with millions of lines of customization code resulting in significant levels of technical debt, which is expensive and complex to support and service. Indeed, many banks have been forced to add new capabilities on separate systems leading to a fragmented and fragile core.

With rapid technological advancements and a growing demand for personalized banking experiences in APAC, modernization of core systems is not just an option—it’s an imperative to maintain a competitive edge. Celent’s 2024 report highlights investing in delivering enhanced products (44%), consumer banking channels (33%) and open finance (28%) as 3 of the top IT priorities for retail banks. Financial institutions (FIs) are now facing a situation where it’s not whether to replace their core, but when and how.

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