A New Generation of Core Banking Systems Propels Asia/Pacific Banks to a Future Beyond Digital

A New Generation of Core Banking Systems Propels Asia/Pacific Banks to a Future Beyond Digital

  • August 2020 •
  • 17 pages •
  • Report ID: 5949886 •
  • Format: PDF
This IDC study has presented a framework for new digital core banking and its importance in achieving digital transformation (DX). The attributes required for new digital core banking have been presented as four digital archetypes that can be used based on the core banking generation currently in use. Understanding the 25 digital core attributes, four digital archetypes, and what generation core is currently in use will help banks determine if they should continue to extend the life of their current core banking system or speed migration to a fourth-generation organic digital core system.Michael Araneta, associate VP, IDC Financial Insights Asia/Pacific says, "A new breed of digital core banking systems built on and using the technologies of our time exists, making migration easier, with the agility to continuously evolve core banking systems as needed. These new propositions effectively future-proof the core."Steve Shipley, senior executive adviser, IDC Financial Insights Asia/Pacific adds, "Given the age of most core banking systems across Asia/Pacific and availability of fourth-generation digital core banking systems, banks with core banking systems that are 5-10 years or older must be analyzing and planning a migration to an organic digital core system today. Although not for the faint of heart, a number of banks have bet the bank on DX and believe the best approach is migrate to a fourth-generation organic digital core system today as the quickest and surest way to achieve DX in time to remain relevant."