Many banks have been hesitant to undertake the costly process of core conversion. But experts say it is critical for banks to upgrade their core systems in order to keep up with consumer expectations and offer an optimal customer experience.
In the fourth article in our series on core modernization efforts, we hear from a community bank that has transformed its back office by outsourcing its core platform without losing control over vital functions.
BS&T caught up with Adam Bennet, executive general manager, enterprise transformation at National Australia Bank about its conversion to Oracle’s core platform to learn about the next steps of the conversion and the capabilities already being enabled by the new platform.
Although legacy systems replacement is a major undertaking for any bank, the global banking industry could regain a significant proportion of the profitability lost during the financial crisis by adopting modern core systems.