Much of the core banking systems functionality is duplicated across individual products. This duplicate

functionality is a drain on the bank’s resources.It costs them time, money, and talent, and forces them

to waste valuable resources just keeping the lights on - instead of innovating.

Adding capabilities typically requires a full product release to gain incremental functionality. Each of the

bank’s applications must interoperate, so any change to one application may require updating multiple

applications -updates which must be laboriously planned and orchestrated.This further drains the

banks resources, exposes them to potential loss if the upgrade doesn’t go well,and simply slows

growth and innovation.

Products, their associated data, and the environments in which different layers are hosted are

disjointed, Extraction and migration of data between different layers is accomplished with disjointed

processes.

This makes it very difficult to have a single source of truth for financial data. As a result, banks spend

excessive time and effort to aggregate the data - which is then out of date by the time it’s available.

In legacy banking systems, data is extracted in batches for reporting and analysis. This is typically

done once per day: the core is shut down briefly in order to take a snapshot of the data and enable

closing of the books for the day.

What’s missing is a real-time view of financial activity.With a real-time view, banks could become more

responsive to business changes, develop new and innovative capabilities,and start realising the full

value of their data.