Published: 09 January 2023
Banks are finally connecting digital transformation to core banking agility, but CIOs often struggle to develop a successful core modernization business case. This research provides a starting point and stepwise progression for justification and cost estimates for core banking modernization.
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The most important objective of a core modernization business case effort is transparency. The complexities, risks, investment and sacrifice that banks may endeavor are too consequential for anything less than deep insight and clear purpose.
Open banking, banking as a service and embedded finance are gaining market momentum, but opportunity and problem statements for core replacement are too often written in pure technology terms that don’t address business aspirations.
Core modernization programs are often conducted without clear expectations and metrics, such as digital key performance indicators (KPIs) that target expectations for customer engagement, sales and marketing, operations, and the workplace.
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