Achieving Agility in Cloud Core Banking

In a rapidly evolving financial landscape, your core banking system must change continuously. It should be able to support new services, reduce cost, and ensure compliance with regulations.

Monolithic systems on the institution premises stifle innovation, but cloud-native cores offer flexible architectures with containerized microservices accessible through APIs. This allows for efficient management of non-differentiating processes while enabling teams to focus on meeting customer demands.

Evolve Continuously

It’s crucial for banks to be able to implement a cloud migration and transformation in an agile way. This includes the ability to deliver a high-level project plan and backlog in a safe communication channel accessible to all project participants, fostering a culture of transparency and motivation.

It also means being able to adapt in an agile manner, using APIs to reduce systems integration work. The ability to quickly experiment with new features and services is critical for staying competitive in a rapidly evolving banking industry, especially as regulatory compliance continues to become more complex and strict.

This is why Skaleet’s cloud core banking Platform uses a logic of continuous evolution and a modular, 100% API architecture. It also enables a cloud-agnostic approach to reduce risks by eliminating dependency on a single host. This allows banks to switch their cloud provider with complete agility.

Rapidly Launch Innovative Financial Services

In a world where customer expectations have become increasingly demanding, banks need to offer banking services that are flexible, personalized and always available. They must also be able to deliver innovations quickly in response to changes in the market or new opportunities to meet customer needs.

However, this can be difficult with monolithic, mainframe-based core systems that stifle innovation. With a cloud-native solution, banks can leverage the power of microservices to build a comprehensive and modular software ecosystem. This enables them to implement updates in days or weeks, rather than months or years, and ensures that they can easily scale up their offerings to meet new demand.

Moreover, a cloud-based core system places a strong emphasis on efficient product parameterization and financial processing, allowing for cost optimization by using state-of-the-art modern IT technology. This is the key to enabling banks to meet changing requirements with rapid adaptation and boosting their scalability and flexibility. As a result, they are better positioned to serve customers and increase their profitability over time.

Achieve Agility

Achieving agility is one of the main goals for banking institutions that embark on a transformation journey to migrate their IT infrastructure to cloud solutions. This requires adopting a new mindset, both in terms of IT and business operations.

A key factor to achieving agility is having a comprehensive cloud ecosystem of software that covers the essential capabilities needed for conducting business operations. This includes ready-to-use connectors to systems such as KYC, General Ledger and Customer management that are typically available through vendors’ marketplaces.

The ability to work with a wide range of products, technological and regulatory partners is also important to achieve agility. A core banking solution that is cloud agnostic and can be deployed on multiple cloud environments provides greater flexibility in this respect. This is a feature that Skaleet’s Core Banking Platform offers. It is designed to connect to a large ecosystem of financial technology products and services, and supports resilience, high security standards, and the ability to manage day-to-day operations while launching innovative products.

Stay Compliant

When launching new digital capabilities, it’s crucial that you stay in line with regulatory requirements. It’s a time-consuming task for financial institutions to update their IT environments with new products and services, and in-house development is often expensive.

An API-native core banking solution enables you to integrate with a large ecosystem of product, technological and regulatory partners that provides resilience, high security standards and ensures compliance. It also reduces systems integration work and supports rapid launch of new services based on customer insights.

In a rapidly-changing regulatory environment, you need a partner with the ability to constantly adapt and evolve your platform to meet changing regulatory requirements. An experienced partner can save you considerable time and cost compared to developing an in-house solution, and a flexible and transparent SaaS model allows you to scale up without significant upfront investments. The leading providers offer a comprehensive suite of services to ensure ongoing compliance and help you remain compliant.