CORE BANKING TECHNOLOGY AND ITS TOP 6 IMPLEMENTATION CHALLENGES

Did you know that in the pre-internet era, the turnaround time for any transaction between two or more branches of the same bank was one day or more? And the primary reason that it has now become an infrequent phenomenon is Core banking Technology. Modern IT infrastructure has changed the face of the banking sector. Equally significant factors prompting banking to evolve incessantly are intensifying the market competition. Also, the increased market footing of FinTech companies and the declining affinity of the customers towards oldschool banking adds to the challenges. Laggers who do not catch up with the turbulent banking environment or do not stay relevant with innovative tools shall lose out on the market. The heart of such a modern banking system is Core banking technology. It is the reason customers can quickly manage their money at their convenience. Also, the bank’s core banking system’s efficiency influences customers’ perspective towards the bank.In this article, you will learn about the Core banking technology, its features, functions, and implementation challenge