To stay ahead in today’s competitive marketplace, where the environment is constantly changing, your institution will need to deliver fast, secure, and effective services. Improving customer experience, delivering innovative services, products and processes, and utilizing data to gain actionable insight, are required for growth and profit maximization.

However, these may not be realized if legacy functionalities still exist in the enterprise, or capabilities that foster innovation are not available.  Transforming banking operations involves adopting innovative approaches that result in strategic advantages in the long term. This may require digitizing most activities, and utilizing future-oriented banking systems that align with your present and subsequent plans.

Digitalization is an extensive journey and one key aspect to focus on is your core banking system transformation, especially when capabilities that can meet the dynamic needs of your customers seem to be lacking. Therefore, your digital transformation roadmap is incomplete without modernizing your core system. In order to extend its functionalities into the future, it will need to have an open architecture that can support further developments. Aligning the core system to your long term banking strategy will result in efficiency, capacity and profit maximization, and more. To realize these, you will need to choose a future-proof digital banking platform with the following capabilities:

  1. Adaptable, scalable and robust System. If your strategic goal is to build a digital bank, then the core banking system will need to be scalable and flexible to future requirements. It should have the capabilities to provide exceptional functionalities at the front-end, mid-end, and back-end. Having an architecture that enables seamless customer experiences, supports product and client data separation, and a reach set of standardized APIs that connect the layers (front-end, mid-end and back-end), will provide resilience and enable a fully digital customer experience.
  2. Possibility of integrating the platform with legacy systems.Your institution might not have the required budget to replace all legacy components in the enterprise at once, but implementing a flexible core system that can be integrated with other legacy subsystems is essential, so as to reduce cost and enhance operational efficiency. The legacy systems can then be graduallyphased out while letting you rapidly deploy your customer-facing capabilities and to decouple your legacy systems, which have less-frequent release cycles.
  3. Multichannel integration Support.With multichannel integration support, you can focus on synergies across all channels and partners — internal and external— rather than merely on the delivery of a specific product or service. Opt for a digital-first strategy that extends beyond mobile and online devices, to allow for expansion into emerging channels and communication options.
  4. Wide range of capabilities to support a variety of customer experiences across channels.A future-proof digital banking platform offers a broad range of capabilities to enable seamless customer engagement, for example, business process management, customer relationship management, communication management and notification alerts, that can help your customers manage their finances.
  5. You will have an innovative technology. Being future-proof is crucial in digital banking. The banking platform you are considering must be built with more modern technologies. Otherwise, existing challenges in the current system may continue and not be easily resolved, which may have a negative impact on your institution. Opting for a new, modern technology will help you build a future-proof digital bank that supports the deployment and time-to-market of new products.
  6. Seamlessly connect to the ecosystem of third-party services. To ensure viability, a digital banking platform with an ecosystem of third-party services is essential. This will require being able to connect with fintech ecosystems, to leverage innovations and expand into new markets. Third-party solutions enable you to easily add and launch additional functionality, new services, and innovations to your digital banking platform, to enrich customer experience, improve efficiency, and meet regulatory compliance.
  7. Flexible and transparent pricing. When selecting a core banking system, consider the one that provides flexible and transparent pricing, offers affordability structures that you can take advantage of. Additionally, it should have flexible deployment options, such as cloud and on premise, which gives your institution’s related flexible pricing structure that can benefit your institution.

AHEAD banking system is an innovative core banking system that offers an ecosystem of financial capabilities, poised to future-proof your bank. It is backed by a team of professionals, with comprehensive knowledge and extensive experience in core banking systems and interfacing products such as channels, payments, and online identification services. We will be happy to provide you with a proof of concept, and answer any questions you might have. Contact us today!