The Digital Leap: CloudCore Banking's New Era

In a time when digital evolution is crucial, financial institutions face a clear choice: innovate or risk falling behind. Traditional core banking systems are unable to keep up with the rapid pace of technological advancement. Modern, cloud-based, and agile solutions are replacing outdated systems, enabling financial institutions to stay ahead of the competition.

Low-code platforms, AI, and Open Banking APIs aren’t just industry buzzwords; they are the driving forces.; they are the driving forces behind greater operational efficiency, enhanced customer experience, and reduced costs, all of which help businesses stay ahead in a competitive market. This is where OBS CloudCore takes things a step further. It’s not just a replacement for a legacy core system; it’s a flexible and scalable solution that empowers banks to roll out new products and services without being held back by the limitations of outdated core banking platforms that are difficult to integrate with modern Fintech solutions.

With CloudCore, agility becomes a practical reality. Financial institutions can quickly adapt to market changes, launch new services efficiently, and lower operational costs. Cloud-native technology allows for seamless integration, improving both the user experience and operational efficiency. This new core offers a tailored approach to banking, driven by a flexible API gateway and modularity, offering flexibility and choice, and provides a pathway to migrate away from the large core provider’s one-size-fits-all approach.

The Numbers Speak: A Global Core Banking Overhaul

The digital shift is unstoppable. Global financial leaders are racing against obsolescence, with legacy systems as the main obstacle. Just look at some key statistics

• Finextra reveals: 82% of banking executives are in overdrive, accelerating their digital transformations for survival.

• Forrester predicts: By 2025, 75% of European banks will have dismantled their core systems, signaling a seismic shift.

• Deloitte warns: 98% of global banks are poised for major core system overhauls in the next three years.

• Statista confirms: 60% of financial institutions are betting big on cloud tech for modernization and customer delight.

Next-generation core banking systems are now essential for financial institutions to compete in the modern age. Offering agility, efficiency, and rapid responsiveness, these systems meet evolving customer and market demands.Open Banking Solutions' CloudCore platform provides a secure, modular, cloud-native infrastructure delivered as a service in the cloud, enabling banks to modernize and scale without constraints. It also allows for incubation as a side-core and eliminates the stress of a rip-and-replace strategy.

Powered by Oracle Apex, our core system deploys an API-driven architecture, facilitating seamless integration and delivering enhanced customer experiences with operational efficiencies. By leveraging advanced cloud technologies, CloudCore reduces costs and accelerates innovation, allowing banks and credit unions alike to expand their offerings and achieve sustainable growth in a competitive landscape. Embrace CloudCore to unlock the full potential of your digital transformation and secure your institution's future success.

Ready to redefine your institution’s digital trajectory? Discover how Open Banking Solutions can be your catalyst. Request your personalized demo today at Get a Demo.