TECH BUYER Feb 2022 - IDC Perspective - Doc # AP48657922
The Rise of Multicore: Core Banking System Transformation and the Many Ways to Be Digital
This IDC Perspective presents a multicore framework for core banking system transformation, especially for mature and incumbent banks. The framework recognizes how these banks can introduce fourth-generation digital core banking capabilities alongside the existing and legacy core system. Transformation can be done more cautiously and over a longer period of time, consistent with a bank's priorities, capabilities, and risk appetite.
"There are four possible usages and roles for core banking in the multicore model: main core, specialty core, edge core, or parallel core. Every bank's journey is different, and there are different project types for a suitable digital core banking implementation and legacy core replacement. But, essentially, when a bank considers a core banking system, it is not just a simple 'one over the other.' In some cases, it can be 'one and others.'" — Michael Araneta, AVP, IDC Financial Insights
"The multicore model integrates the best from main and specialty legacy core platforms with modern digital core banking platforms to provide a richer digital banking experience for customers on the front end while legacy core banking continues to do the heavy lifting on the back end." — Steve Shipley, adjunct CIO, IDC Financial Insights