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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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Best tips on how to get the most out of core banking

The core digitalization is a process that might take some effort especially if you are planning on doing it right but it’s important to keep in mind that it’s a much needed process if you want to advance technologically. It’s also the way to go if you’re looking to provide your customers with the best available experience, as you cannot just modernize the far ends of your business while keeping the same outdated core. Here are some important and useful tips on how to make the most out of core banking and to make your transition as smooth as possible.

Think ahead and plan your approach for the debut

When it comes to actually debuting in core banking you have the option to either go in with a splash or go for a more phased release. There are benefits for those who try core banking option number 1 as well as option number 2. It’s a mix of preference and situational advantage as far as picking one goes.

Releasing immediately means that you can start adapting to the new core right away and there are definitely benefits in being able to switch completely, all at once. Dragging it out may be a bad idea in some instances.

On the other hand, planning a phased release means there are a lot less risks to be taken. While you are developing and implementing your new system, the old one is still functional and provides backup and stability, basically acting like a safety net that will ensure that no damage will occur.

Perfect opportunity for a revision and cleaning process

Throughout the years, banks can have different products or services that in time become pretty much obsolete. However, remnants of these past assets remain and cluster the overall business ideal, making it tough for both the business end as well as for the customers to keep track of what the bank does and does not offer at any given time. The occasion of replacing the core serves as the perfect opportunity to get rid of any such remnants and make sure that the business is stepping into this new area completely clean and simplified, in other words fresh.

Testing is critical, and never enough

You can never have enough testing. As long as you still have time to test, do it. And if you run out of time, still do it. Testing is critical because it’s the only way in which you will be able to detect any problems in time but also the only way in which you can effectively calibrate values without it being too late. Masked production data should be of great help for replicating real life activity for the purpose of testing, while organization specific processes can be covered through end to end testing.

 

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