Banks are aware that their legacy systems may become a constraint going ahead. A digital core is needed to keep up with all the shifts. African banks are now keenly interested in embarking on core modernisation projects to better support their current needs and enhance future-readiness.
Legacy systems have long been marred by issues such as process inefficiencies, high time to market, rigidity, and limited functionality to integrate with new-age systems. While technological advancements have opened new opportunities for banking technology to enable rich functionalities for banks and their customers, legacy systems aren’t well placed to realize all the benefits. The COVID-19 pandemic acted as an eye-opener to highlight the gaps in the resilience of existing business models. It was a wake-up call for incumbent banks with legacy systems and inadequate digital readiness. The banking industry in Africa is at an interesting juncture. Typically, the IT infrastructure of African banks has lagged behind their global counterparts. The legacy infrastructure has struggled to keep pace with the technological advancements and market requirements.
Read this whitepaper created by Intellect in collaboration with IBS Intelligence to understand the 4 Anchors which every African Bank should consider for their banks along with key considerations and roadblocks on the way of creating a modern core.