Modern banking: The time is now

Juniper Research has estimated that 4.2 billion people use digital banking services today.¹ They’re hungry for new products, more personalization, greater control, and for artificial intelligence (AI) to infuse their banking with analysis, prediction, and support the way it’s transforming everything else.

Relying on legacy banking cores with data tools and architectures that pre-date the era of AI makes it difficult to give customers the more simplified, personalized experiences they want. While banks are under pressure to keep costs down, legacy data and core technologies are the root of the problem. If banks don’t address these problems and modernize now, they run the risk of losing market share to competitors that deliver the differentiated experiences customers crave.

Answering today’s enterprise and customer needs calls for a nimble banking data platform supported by a scalable, cloud-based core. Imagine a new kind of modern banking in which it’s easy for customers to open accounts, gain instant access to insights, or learn through automated alerts or a personal digital banker that they’re making redundant subscription payments. If they contact the call center, all the pertinent information is already there—along with personalized, predictive insights and other solutions that haven’t been invented yet.

These streamlined experiences on next-gen technologies also have the potential to drive significant cost savings for the bank, along with seamless data integration across departments, more agile and efficient operations, and a quicker, less expensive regulatory and compliance process.

This vision rests on real-time, scalable, resilient, secure, and cost-effective modern cores that set the stage for a new way of working in the digital era—and it starts with Converge by Deloitte BankingSuite on AWS.

The BankingSuite solution for modern banking

Converge by Deloitte BankingSuite on AWS helps expedite modernization and mitigate risk. As a modular digital banking stack hosted on AWS’s cloud platform, it offers extensive adaptability to address your digital banking and core modernization challenges. Deloitte’s years of design research, banking experience, solution architecture, and implementation experience are incorporated into its development. This allows banks to innovate for customers, distinguishing themselves with novel experiences, products, and services.

BankingSuite’s pre-integrated solutions of next-gen core systems and data platform products and services can aid institutions in enhancing customer service and transitioning into the future with a more robust architecture and a solid foundation for growth.

The resources and experience that Deloitte and AWS contribute to modernization are concrete; many steps can be executed with one-click deployments, saving substantial design time. The next-gen core approach, as facilitated by BankingSuite, tackles the top challenges of implementing next-generation cores—monolithic architecture, dual-core coexistence and integration issues, and data silos.

Built for banks’ specific needs, the strategy speeds core and data modernization—enhancing speed to market—by providing flexible integration options, real-time data access, diverse migration templates, a zero trust security architecture, and the ability to build directly in a cloud-native framework.

Endnotes

¹ Juniper Research, “Over half of global population to use digital banking in 2026,” press release, July 19, 2021.