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A core banking system is the back-end platform used to perform key banking activities such as account onboarding, account opening and transactions processing. These systems are called “core” because they manage core business functions for banks. Typically, most of these platforms were legacy, closed systems built on mainframe technologies. But recently, new innovative core banking systems have been built that are cloud based, built on digital technologies and can integrate better with today’s banking ecosystem.
New core banking systems are built on cloud and digital technologies, and use open API-based architecture to better integrate with various internal and external services and systems. Benefits of new core banking systems include lower cost, faster time to market, and easier integration with various services that can provide better customer experiences.