October 20176The core banking systems has brought about a remarkable blast in the functioning program of the normal human being. In this dynamic environment, banks are at risk of being unable to meet future business needs due to the complexity driven by outdated technology platforms, inappropriate procedures and duplicate business processes.By simplifying and industrializing their core banking operations, banks can enable a more sustainable business model--and gain three key aspects of high performance: competitive differentiation, simplified products, processes and systems & mastery of execution and delivery. One can say that reduction of human intervention, banking automation and better customer services were the key drivers for the birth of early core banking platforms. Today core banking has added new dimensions because of three important elements "Online" "Web Based" and "Realtime". This signifies a new wave of banking automation which allows the branch users to access applications seamlessly from centralized datacenters using a web browser.This means that the deposits made are reflected immediately on the bank's servers and the customer can withdraw the deposited money from any of the bank's branches throughout the world. These applications have the capability to address the needs of corporate customers, providing a comprehensive banking solution. The key factors driving core banking product development involve strategies around customer centricity, regulatory compliance and risk management. As part of customer centric approach, banks are now embracing mobile banking besides conventional delivery channels such as online banking leading to a convergence of mobile and online technologies.The rapid emergence of cloud computing is also transforming the way financial institutions think about how they consume their IT resources. As part of the deployment options, there is increasing demand from mid-tier banks in emerging countries for accessing core banking solution on a Software-as-a-Service (SaaS) model which enables them to launch innovative and competitive new products quickly and cost effectively.At this juncture, Banking CIO Outlook presents to you its core banking edition featuring insights from key industry thought leaders and showcasing innovative core banking technologies.We hope this special edition will catalyze your core banking transformation.Let us know your thoughts.Copyright © 2017 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.OCTOBER - 15 - 2017Mailing AddressValleyMedia, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510.402.1463, F:510-894-8405 OCTOBER - 15 - 2017, Volume 03 - 06 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.480.3052CORE BANKING TECHNOLOGY SPECIALPhilip Paul philip@bankingciooutlook.comVisualizerChetan NManaging EditorJames RobertsonCore Banking: Transforming the Banking Arena James RobertsonManaging Editor editor@bankingciooutlook.comCarolynn WaltersJasmin AlicJoseph MichaelEditorialEileen SinghKenneth ThomasRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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