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Core systems replacement in Canada

Replacing legacy banking systems

Most of today’s core banking systems were originally built in the 1970s and 1980s and after countless modifications and add-ons have become so complex and convoluted that it may be difficult to fully understand them. This can make it hard for banks to comply with regulations and determine adequate controls. It can also make the systems difficult and expensive to support and improve.

Many banks spend half of their IT budget simply maintaining their core systems. And whenever they need to modify their systems to handle a new product, channel or market, they run into a brick wall. To make matters worse, it is increasingly difficult to find IT staff with the skills to support the legacy technology.

The good news is that viable and demonstrated solutions to these challenges have started to emerge. Many modern core banking platforms are flexible and scalable – designed to adapt to a bank’s changing needs. Also, many of these platforms are designed to provide real-time capabilities to improve the customer experience and help banks manage risk more effectively. These solutions are already being adopted in Europe and Asia and are gaining traction in Canada.

 

Learn more at www.deloitte.ca.

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