Banking Systems Modernisation

Many core banking systems are products of their time. Built decades ago to serve branch operations in a reliable and secure way, these systems are now creaking and expensive. They struggle to scale and are failing to manage the modern demands on banking services brought about by digital technologies.

The need for these core systems to adapt has never been clearer and banks need to think about: 

• How these core systems can be replaced in a way that minimises disruption to their existing processes.
• How artificial intelligence and machine learning can be leveraged to identify business services causing legacy systems to fail or that are increasing operational costs due to inefficiencies. 
• How key functionality can be maintained within a more adaptable architecture.
• How this can be achieved in an agile way, with limited internal technical specialists.

That’s where Critical Software can help. We offer core banking transformation services that modernise core systems while minimising any disruption to existing processes, taking a 360-degree approach to project management. A better core system built for the digital age brings real efficiency savings and greater capacity for banks to deal with the unique demands and product requirements of their customers – who are tech-savvy and expect 24/7 responsiveness. 

Making the right change to the wrong system is worse than making no change at all, making it essential that financial institutions have a clear idea of what modernisation looks like for them. We understand the value of extending our human capacity to collect and process information, offering specialised solutions that can analyse large swathes of data to help decide and prioritise which legacy systems to modernise. By accounting for cost and business value, amongst a range of other variables, intelligent algorithms help establish a modernisation strategy grounded in reality rather than fiction. We can build intelligence into an automated process that helps our clients make the best decisions regarding system modernisation. 

With experience working with international banks, our bespoke way of working means projects can be managed around existing core systems – using a set of tools and processes to protect day-to-day operations. For example, key data is made available to the ecosystem early in the process so abstraction layers can be built in to ease the transition to the new system. This new, modern system is designed to be more secure and adaptable, with scalable, flexible modules making it easier to maintain and evolve over time. 

Although we specialise in bespoke core systems that give banks complete ownership and control of their core banking solution, we are also able to integrate commercial off-the-shelf (COTS) solutions into our transformation strategy too, while still retaining any bespoke aspects that clients may require.