Intellect Digital Core is a Cloud native and Cloud agnostic core banking platform leveraged by leading banks of the world.
Dan Latimore, Chief Research Officer from Celent, a leading analyst firm Raju Daryani, EVP and Head of Digital Core, Intellect Design Arena on the possibilities of Cloud in Core Banking.
In the interview, Dan says, “There is no doubt that core banking has changed more in the last five years than it had in the last 20 and a large part of that is due to advances in Cloud technology. We think that we are at the point where it is going to be more viable to migrate to a core in the Cloud than it is to maintain that legacy system. This tipping point is upon us, for several reasons. First of all, the total cost of ownership is increasing for heritage cores, and it’s maturing and coming down in becoming more manageable for these new Cloud corps. For lack of flexibility, perhaps even more importantly, is really beginning to hamper banks with traditional cores as they seek to compete in the world of open banking and embedded finance. Security is becoming tougher to maintain for these heritage cores and the Cloud providers have really begun to address this and they’ve got enormous resources to toss at it.The path to progressive monetization is becoming much clearer, providers getting a lot more practice and it’s getting to be a lot easier, the risks have been reduced. And finally, the economic models are maturing, governance is improving, and it is easier to get a handle on the costs of Cloud ownership and to make those variable.
Dan Latimore further adds, “Now Intellect global consumer banking has addressed this phenomenon of Cloud cores with their 5C framework which you can read more about and listen more about in the interview, it is contextual, it has comprehensive functionality. It is built for a connected ecosystem, where they compose the architecture and they maintain that it is Cloud native, in that it is agnostic with respect to platform providers.”
Hear Raju in conversation with Dan to understand how Cloud along with a unique 5C approach can help banks transform progressively.