Boston, May 19, 2021 –The need for banks to replace their core banking systems is not new, but the urgency to do so has never been greater. Remaining competitive requires faster digital transformation and greater agility than is possible from legacy core platforms. To survive and thrive in this new digital era, banks must have strategies and product offerings supported and powered by next-generation technology on both the front and back ends.

This report explores some of the key challenges financial institutions face in the current banking environment. It discusses the next-generation core platforms built with cloud-native technology and recommends key steps banks should consider taking for a successful migration. This research was commissioned by Thought Machine and independently authored by Aite Group. It leverages the deep industry knowledge of the authors as well as Aite Group’s vast library of studies and specific findings from interviews with U.S. and European retail and commercial banks of all sizes.

This 18-page Impact Report contains four figures and one table. Clients of Aite Group’s Wholesale Banking & Payments or Retail Banking & Payments services can download this report, the corresponding charts, and the Executive Impact Deck.