This IDC study and research has identified 12 core capabilities (12CC) that are possible with a new generation of core banking systems. IDC research shows that the race to fourth-generation core has started with challenger banks, neobanks, and financial technologies (fintechs), and a few traditional banks are already crossing the finish line."The new generation of core systems that banks are investing on will ultimately allow them to deliver hyperpersonalized banking in an extremely agile manner and on an ultra-lean cost structure. More than half of the largest banks in the Asia/Pacific region might be making significant changes to their core systems in the next two years as they attempt to be truly future-proofed," says Michael Araneta, associate VP, IDC Financial Insights, Asia/Pacific."The rate of change required in banking has increased exponentially during 2020 and will likely increase even more. Addressing and responding to this exponential acceleration of change rate demands banks to migrate to fourth-generation core as soon as possible if they want to stay competitive," adds Steve Shipley, senior executive adviser, IDC Financial Insights, Asia/Pacific.
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