target audience: TECH BUYER Publication date: Jul 2022 - Document type: IDC Perspective - Doc Document number: # AP49080022
Understanding the Legacy Core — Empirical Evaluation and Decisioning
This IDC Perspective provides an evaluation framework to objectively determine the current status of legacy core banking systems. The advent of cloud, artificial intelligence, and application programming interfaces (APIs) has brought significant changes in the way banking products and services are rendered. Keeping pace with the evolving times, the proposed evaluation framework validates legacy core banking systems against 25 core digital attributes required for next-generation core banking systems. The evaluation framework also includes guidance on deciding the most appropriate approach for modernizing the core.
"As banks across the spectrum reimagine their products and channel strategies, they are keenly ascertaining the most appropriate path to modernize their legacy core banking system through structured assessments both from a technical and business standpoint. The legacy core banking assessment is not only meant to identify shortcomings but also explore the possibility of extending the effective life of legacy core banking systems," says Ganesh Vasudevan, research director, IDC Financial Insights.