Like every other technology, core banking solution must be updated and modernized. In fact, McKinsey research shows that legacy solutions cost banks ten times more to run than modern core banking systems. Legacy core banking solutions are past their prime, making it hard for banks to offer new features and keep up with the latest […]
This piece will unveil the significance of a core banking solution being appropriately chosen and also bring to light five major mistakes that, in most cases, are made during the selection process. Through insights into these pitfalls and preventing possible measures, banks and financial institutions can begin a journey of increased profitability, satisfied customers, and sustainable growth. […]
Whether dealing with changing regulations or effectively implementing digital financial solutions, banking organizations have revamped everything with technology according to the customer’s requirements. Now, what is this modernization process and how banks have changed to keep pace with the changing customer requirements is an intriguing story. Therefore, this blog will look at different aspects of the […]
Whereas many banks are still contemplating whether implementing a digital core banking system is worth taking the trouble since it can be a daunting task involving re-factoring, re-scaling, and re-platforming. The market size of the core banking software industry is projected to grow from $12.51 billion in 2022 to $40.67 billion by 2029, observing an 18.3% of […]
They’ve established themselves as a reliable source of low-cost loans and savings options. In contrast to banks and other formal businesses, growth has occurred without the use of numerous technology enhancements. As members of SACCOs were unable to meet in person and deposit their savings due to the spread of the COVID-19, a race to digitalization ensued. Furthermore, […]
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