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Rotten to the core: many core banking systems have been in operation for 20 to 30 years, kept going by complicated bolt-ons, and responding reactively to changes. It is time to update them. (Retail Banking).(Industry Overview)
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The Banker
- Article date:
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May 1, 2002
- Author:
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Copyright informationCOPYRIGHT 2002 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FINANCIAL INSTITUTIONS are to be commended for keeping pace with the changing technology and consumer demands of the past decade. They have had to contend with the age of the core banking systems on which they rely; systems that are now proving too costly to support and operate amid lower profit margins. Financial institutions need to look at ways of rationalising costs. Most of them are operating with core banking systems that are so old that they are an impediment to the delivery of strategic objectives. While it is an onerous task, it is vital that they modernise.
Widespread dissatisfaction
A recent survey, 2001 Western European core banking, by global strategic ...
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