Bringing banking core capabilities to the cloud

03/07/23 • 26 min

At the center of every bank’s operation is its mainframe. These computing behemoths power all of a bank’s core processes, allowing institutions to function day to day. But mainframes the world over are facing some challenges. They’re becoming difficult to maintain with the talent pool of specialists qualified to keep them operational dwindling each year. Plus, the yearly cost of running them is high and likely to keep rising.

Banks need to upgrade their cores to a more sustainable and cost-effective technology - and the solution everyone is turning to is the cloud.

In this season of Financial Futures, we’re examining a new generation of intelligent tools that are making financial services fit for modern institutions and their customers. And in today’s episode, we’ll learn how banks are taking on the task of migrating their cores from the mainframe to the cloud.

We’ll be joined by banking cloud leader for North America at Accenture, Nicole Lanza, and division executive of modern banking platform business at FIS, Rick Foresta, as we find out why banks are choosing to move their cores to the cloud and how they’re de-risking the transition.

We’ll also ask:

How important is it for banks to move their cores to the cloud?
What are the benefits of having a cloud-native core?
Should banks opt for a public, private, or hybrid cloud model?
What are the risks involved in migrating banking cores?
How should banks approach the task?
What does having a cloud-native core look like?

Banks need to upgrade their cores to a more sustainable and cost-effective technology - and the solution everyone is turning to is the cloud.

We’ll also ask:

How important is it for banks to move their cores to the cloud?
What are the benefits of having a cloud-native core?
Should banks opt for a public, private, or hybrid cloud model?
What are the risks involved in migrating banking cores?
How should banks approach the task?
What does having a cloud-native core look like?

Previous Episode

Fortune Favours the Brave: Entrepreneurialism in fintech

Creating a startup in any sector is a challenge. But given the level of technology, regulation, and specialist knowledge required, creating a successful business in the fintech space is even more complicated. But thanks to technology partners (and competitors that are always on the lookout for new innovations), visionaries in fintech don't need to go it alone when trying to bring their products to market, making entrepreneurialism in fintech a truly unique pursuit.

On today's episode of Financial Futures, we delve into the world of entrepreneurialism in fintech to find out how startups can set themselves up for success in the fintech space. We hear from an entrepreneur about their own journey to market and learn about the challenges and opportunities in the current investment climate.

Joining us today are CEO of Cashplus, Rich Wagner, and SVP of banking and payments Europe at FIS, Silvia Mensdorff-Pouilly. They reveal what makes the fintech space such a unique, lucrative and collaborative market for startups to break into, and Rich details his own journey of taking his idea to market. Plus we'll learn how technology partners can help startups to actualize their innovations.

We'll also ask:

What's it like being an entrepreneur in the fintech space?
Why is it important to keep your competitors close when bringing new products to market?
Which skills and attributes do entrepreneurs in fintech need to be successful?
What are the benefits of innovating during a time of market instability?
How do you spot opportunities to innovate?
What are investors' priorities when making investment decisions?

Next Episode

Making big business personable with customer data platforms

Most financial institutions are well beyond the mom-and-pop store stage of their journey. And while this greater scale is good for business, it does make knowing their customer base almost impossible. And knowing the people an organization serves is essential if they are to continue offering the right products and services. But how does an institution get to know thousands of customers?

The answer is simple - they need a customer data platform.

In this episode of Financial Futures, we find out how customer data platforms are helping financial institutions (and indeed a whole host of businesses) to once again reconnect with their customer base. We'll learn how data is helping to shape new services and strengthen customer engagement, plus we'll hear about some of the out-of-the-box strategies organizations have utilized thanks to the insights they've gained through their CDPs.

Joining us today are senior director of full-stack solutions at TEKsystems, Peter Thum, and senior director of strategy and decision & data solutions at FIS, Brandon Richardson. Join us as we find out how CDPs fit into an organization's data strategy and how institutions can adopt the technology.

We'll also ask:

How do customer data platforms differ from traditional data warehouses?
Why do organizations need to understand their customers better?
How should organizations approach their customer data platform efforts?
Which organizations (and departments within those organizations) can benefit from a CDP?
What do institutions need to ask themselves before adopting a customer data platform?
How will CDPs continue to evolve?