Core Banking Platforms: State-of-the-Art Operations Business [Video]

The financial industry is evolving rapidly, and banks are under immense pressure to provide seamless, digital-first banking experiences. An important component of this variation is the core banking infrastructure. Traditionally, economic institutions have relied on core banking systems (CBS) to manage their operations. However, with the upward push of digital banking, core banking platforms (CBP) are rising as a more flexible and future-proof alternative.

This article explores the important variations between core banking systems and core banking platforms, highlighting why financial institutions should consider upgrading to a next-generation solution.

A core banking system is the centralized backend software program utilized by banks to control critical operations. In effect, these functions include account management, transactions, loans, and customer records. These structures have been the backbone of banking for decades, enabling institutions to offer constant services across branches as well as digital channels.

Many conventional core banking systems function on legacy infrastructure, …