On the advent of blockchain technology, core banking solutions within banks are going to face major challenges. The quintessential dimensions of core banking solutions such as defining and replicating products, processing transactions, and GL mapping and accounting are in danger of becoming obsolete due to the arrival of blockchain technology. It may take a lot
For any bank, core banking systems (CBS) lie at the heart of operations: They play an instrumental role in processing transactions, updating balances, running batch jobs and interacting with interfaces. But with the advent of disruptive technologies, along with fickle customer preferences and overall regulatory changes, banks now tend to treat CBS as less important.
More than half of core banking transformation initiates either fail or do not realize the intended benefits. Most of such projects are huge in scale and enormous in terms of impact on the bank. While the above gives a pessimistic view, there is quite a bit of learning regarding ‘what not to do’ in such