Opinions among bankers are split as to whether they would consider cloud-based core banking. A study from the American Bankers Association found that 29 percent of bankers said they would consider it, 50 percent said they were unsure, and 21 percent said they would not consider it. Because there’s no obvious answer, it’s worth contemplating whether your bank, in particular, would benefit from cloud-based core banking. So how does cloud-based core banking factor into modernization, what are some of the benefits and challenges involved, and why are more companies entering the cloud-based core banking space?
How does cloud-based core banking factor into modernization?
Modernizing your bank starts with modernizing your IT department. As IT becomes stronger and more modernized, IT personnel can give more attention to other areas of the bank. When IT personnel are freed up to modernize core banking and other vital processes, banks are enabled to stay ahead of competitive pressures and focus on serving customers. How does replacing core banking systems play into this modernization process?
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