AUGUST 20249extensive experience in creating a more secure framework and an internal architectural simplicity to enable an effective defence better.Access to real-time dataAs every bank now knows, access to personal data gives us the edge. It enables us to rapidly adjust and enhance the customer experience through personalisation, and we are now seeing this acceleration in hyper-personalisation. As every legacy bank also knows, they are no longer playing on a level playing field regarding data. When account holders make purchases online or send money through payment apps, transactions don't close until the end of the day with many batch systems. Sure, banks have invested millions, so it seems to customers like a transfer is processed instantaneously and debited or credited to accounts, but the reality is different. As a result, crucial real-time data remains locked in legacy infrastructure, and these banks are missing out on the potential benefits.Open-banking readyThe new generation of financial services is built on partnerships. Customers want to be able to click through from their banks to readily access mortgages or loans without going through an unnecessary sign-up process with each new application. Most traditional banking systems can't easily offer this third-party connectivity, whereas the new generation's core banking system architecture is open banking ready. This enables banks to easily collaborate with best-of-breed financial and non-financial partners to create interconnected services and multiple new revenue streams. The drive towards an ever-better CX is here to stay, but the demand for speed, innovation, and growth must be balanced by attracting and keeping the best talent while maintaining a close watch on time and money. The only way to achieve this balance and gain an advantage in today's highly competitive market is through modern core banking platforms, which are built for developers, encouraging rapid innovation while delivering new, faster functionality and improving the experience for everyone internally and externally. By switching to the cloud-native, modular architecture enjoyed by neobanks, any bank can be more agile in response to customer feedback, seamlessly scale or descale according to changes in demand or market conditions, and ensure that real-time services are available 24x7, with no downtime
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