Core Modernization
Core banking & innovation can coexist
Hollow out core systems and deliver new capabilities to market in parallel
The problem
Replacement of a core system is costly and risky
Our solution
Extend productive life for your core systems while positioning for future replacement
Overlay existing core by externalizing product and pricing
Re-direct product and pricing calls from across bank eco-system to the product and pricing platform
Expand change windows by removing core systems from critical path for product and pricing changes.
The problem
Rapidly evolving regulatory and emerging business models require capabilities and speed of change that core systems cannot accommodate
Our solution
Externalize product variants and pricing from core systems to enable product managers and marketers to iterate at speed
Revamp the product architecture by maintaining shell products in the core system and creating/maintaining market-facing products and pricing in an innovation layer outside the core
Allow agile configurations to make products multi-industry, multi-market and multi-channel enabling partnerships and collaboration
Business users can create propositions that simultaneously operate across multiple cores and even 3rd parties
The problem
Complexity within existing core systems elevates operating costs and risks
Our solution
Simplify your core systems by removing the primary complexity drivers: segmentation and pricing
Remove product variants and pricing from core with only shell products remaining
Simplified feeds to critical downstream systems (e.g., regulatory and tax) without compromising profit architecture
Business users can Introduce and modify market facing products and propositions at speed with minimal IT dependency
The problem
Increasing scarcity of legacy core expertise amplifies sustainability risk
Our solution
Reduced demand for legacy core expertise enables focus on critical activities
Enabling progressive modernization limits demand and narrows focus on scarce legacy core expertise
Legacy core expertise focused on shell product establishment
Simplified core no longer requires specialized historical knowledge
The problem
Internal investment hurdles require accelerated time to value (payback)
Our solution
New foundation for product and pricing can generate business and risk outcomes in < 3 months
Select and launch initial MVPs based on criticality within 3 months (e.g., rising rate response)
Progressive data provisioning unlocks expanding set of use cases and value generation
Support for streaming, real time and batch integration patterns enables modern delivery and overcomes legacy constraint
Outcomes
Separate product and pricing functionality from core systems to reduce risk for one of banking’s riskiest projects
Material reduction in the complexity of the legacy core
Externalizing product definitions, segmentation from core banking systems and into the Product Catalog reduces the number of products supported as well as the manual intensity of maintenance
Lowered costs and execution risks in introducing a new core
With product definitions and segmentation defined within the Product Catalog, the design and features of the new core narrow the scope of the implementation and accelerate the time to value
More precise customer segmentation
Within the Product Catalog, products and packages can be directed at granular segments, optimizing client experience and adoption
Growth driven by personalized product and pricing across all channels
Fit for purpose products and packages defined within the Product Catalog can be published across the bank ecosystem enabling granular go-to-market strategies
Reduced operating risk capital allocation
Defining eligibility and suitability criteria in the Product Catalog and integrating with channels and Deal Manager prevents mis-selling
Self-funded core replacement
Initial MVPs integrating Product Catalog with Rates & Fees deliver material business outcomes while also initiating core transformation
Unlimited product and pricing flexibility without compromising control
Product Catalog’s native extensible data model gives business users the flexibility to design and maintain the go-to-market models that work for their customers and prospects
Reduced total costs of ownership for core banking systems
Externalizing product definitions, segmentation from Core Banking systems and into the Product Catalog reduces the number of products supported and lowers total cost of ownership of core banking
Our solutions
Learn about our other solutions
Enterprise Product Catalog
Centralize and distribute product information within and outside the financial institution
Dynamic Relationship Pricing
Drive sustainable growth and profitability with personalized pricing