The Future of Core Systems
Polish banks use relatively new banking systems, most of which were first developed in the 1990s. As a result, customers in Poland can count on a range of modern solutions, especially in the front-end area. However, a large portion of core banking systems still relies on older designs, making modernization necessary in many cases. This process currently almost always involves migration to the cloud.
The First Report on the Modernization of Core Systems in Polish Banks
GFT, in collaboration with the Banking Technology Forum and Microsoft Poland, has prepared a report on the modernization of core systems using modern IT solutions, titled “The Future of Core Systems: Is It Time for the Cloud?” One of the main components of the report was a survey of Polish banks regarding the current state of these systems and the challenges associated with their modernization. This is the first report on this topic focused on Polish banks.
Hear from the Experts
Next-generation core banking systems are primarily based on cloud-based systems, which ensure innovation, scalability, flexibility, and efficiency. When it comes to migration, it is possible to adopt an approach based on a partial or complete transfer of services. The first option allows for ongoing testing of new solutions so that the strategy can be adjusted as needed, while the second is used primarily when establishing a new digital bank or a digital branch of an existing bank. However, certain risks and challenges associated with these types of processes cannot be overlooked – you can learn more about this in a report prepared by GFT.
I must admit that when I started reading the report on the future of core banking systems, I didn’t expect a 70-page document to “draw me in” and hold my interest so much. What I find particularly valuable in the report is its projection of what the future holds for the core banking ecosystem in Poland and the Central and Eastern European region.
Core banking systems are and will continue to be a key component of a bank’s infrastructure. The innovation of next-generation core banking systems is based on cloud solutions and microservices-based architecture.
