IT Finance: what if you focused on innovation rather than maintenance? 💡

September 19, 2023

In an ever-changing banking landscape, financial institutions face complex challenges. Customers demand an increasingly personalized user experience, while regulations impose stringent security and compliance requirements, which can mobilize in-house developers.

Financial players, therefore, need to find the right formula to meet maintenance challenges and focus on high-value-added activities to offer innovative services that set them apart from the competition. In this context, Core Banking Platforms are the ideal solution. We explain!

Limited platforms in the face of the banking revolution 🏦

Today's financial sector is undergoing several transformations: digitization and the arrival of new technologies, customers demanding innovative services combined with fluid communication, and changing regulations... Therefore, financial institutions face new technological challenges and innovation issues. To meet these challenges, their IT systems often need to be updated and able to keep pace with innovation. Core Banking Systems have become obsolete, based on a monolithic architecture that allows no entrepreneurial freedom.

Furthermore, traditional - or legacy - Core Banking solutions are primarily based on an "on-premise" infrastructure, i.e., hosted and maintained in the user company's IT environment. In addition to being unwieldy, these platforms require high maintenance and upkeep costs. Developers spend much time updating services to comply with the latest international standards, limiting their ability to innovate.

Read also: When core banking modernization becomes an imperative...

Application performance, payment fluidity, personalized user experience... The financial sector is constantly evolving, and financial institutions need to be able to offer innovative banking services adapted to these new customer expectations, particularly in terms of personalization. Banks need to modernize their IT systems to meet these new challenges and stand out from the competition. Indeed, due to their numerous constraints, traditional legacy Core Banking Systems no longer allow them to evolve to adapt to the current banking revolution.  Fortunately, new, more flexible solutions are now available! Focus on Core Banking Platforms.

Core Banking Platform: the right solution for IT issues in the financial sector 💻

Modular architecture to free you from technical debt

Core Banking Platforms are based on a flexible architecture, using containerized microservices available via APIs. In addition to offering customized configuration (you can choose the functionalities that interest you), this flexible structure enables efficiency gains by delegating the management of non-differentiating tasks to trusted partners. Thus, teams can concentrate on what really matters: developing innovative services to meet new user needs.

The no code/low code approach to agility

With traditional Core Banking, each code modification must be approved to deploy new functionality, which slows down deployment considerably. A Core Banking Platform, on the other hand, enables continuous integration in a no-code/low-code logic. This approach allows a high degree of manageability and rapid deployment of a technological solution, significantly reducing the amount of coding required. As a result, financial institutions can offer new functionalities with reduced Time to Market. The years of deployment needed in the past are now counted as months. Moreover, this allows developers to devote their time and energy to what matters: optimizing the various functionalities by developing differentiated, customized, and innovative solutions alongside no-code/low-code integrations.

A cloud-native solution and assured compliance

Core Banking Platforms provide a 100% cloud-native environment. This is imperative if we are to evolve and respond to the constant changes in the sector.

The regulations governing financial institutions are constantly evolving, and keeping IT systems up to date with the latest international requirements takes time. Against this backdrop of industry revolution, the cloud enables significant time savings on maintenance, thanks to service updates and installations managed directly by the software vendor, unlike on-premises environments.

Finally, cloud-native solutions enable data security and automatic backup.

Read also: Accelerating Innovation with a Core Banking Platform

With Skaleet, opt for a turnkey innovation solution 🚀

Skaleet has developed a Core Banking Platform that combines all these differentiating assets: a modular, API-first, and no-code/low-code solution to support your technological evolutions. Skaleet offers you a scalable, secure application with high configurability so you can adapt to new needs and put innovation at the heart of your strategy!

So, you can focus on what's essential; Skaleet's Core Banking Platform manages the technology and gives you access to a high-performance solution where innovation is accelerated. In addition, Skaleet offers:

  • Open architecture and controlled autonomy: choosing and configuring the products and services you need in a no-code/low-code logic from Skaleet's APIs catalog and its network of Best-of-breed suppliers. Your teams can then develop customized solutions to best meet your customers' requirements.
  • Intelligent automation: Skaleet lets you delegate non-value-added tasks to the Core Banking Platform. The time you save on maintenance can now be devoted to innovation.
  • Short time-to-market: Skaleet architecture lets you rapidly create and deploy new, customizable financial services.
  • Proven reliability and security: 99.99% availability and compliance with the most stringent international standards. Skaleet's Core Banking Platform also ensures best-practice security: encryption, access management, firewall...
  • Continuous Delivery support. This approach guarantees non-existent maintenance costs and a continuously updated platform, with new features available every two months through Test & Learn.

Are you ready to optimize your time and put innovation at the heart of your strategy? Build your Core Banking Platform with Skaleet: contact us!

  • #innovation

  • #fintech

  • #neobanks

  • #corebanking

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