carrot carrot carrot Change Centers x cognizanti collaborators create-folder Data Science Decisive Infrastructure download download edit Email exit Facebook files folders future-of-work global sourcing industry info infographic linkedin location Mass Empowerment Mobile First our-latest-thinking pdf question-mark icon_rss save-article search-article search-folders settings icon_share smart-search Smart Sourcing icon_star Twitter Value Webs Virtual Capital workplace Artboard 1

Please visit the COVID-19 response page for resources and advice on managing through the crisis today and beyond.

No Results.

Did you mean...

Or try searching another term.

Legacy Core Banking Systems

What are legacy core banking systems?

Legacy core banking systems are often decades old, mainframe based platforms that support a bank’s back end operations across core functions such as account opening, account set up, transaction processing, deposits processing, loan processing and more. Due to legacy technology, proprietary data models, and limited ability to interface with other systems, legacy systems can restrict a bank’s ability to rapidly deliver new experiences, products and services.

What are the business benefits in replacing legacy core banking systems?

Because established banks often feel cornered by their legacy core systems, many see investing in new core systems for digital services as a strategic priority. Digital by design, new cores rely heavily on the cloud and associated services, introduce dynamic pricing to cut costs and reduce complexity by eliminating paper processes. In addition, banks use new platforms to implement digital channels, enhance the customer experience, and launch new products and services faster than before. 

Legacy Core Banking Systems Featured Content
Application and Infrastructure Support
Why Banks Must Become Smart Aggregators in the Financial Services Digital Ecosystem

Back to

Glossary
INDUSTRIES
SERVICES
COGNIZANT CONSULTING
LATEST THINKING
ABOUT COGNIZANT
GLOSSARY
INFORMATION FOR SUPPLIERS