As customers expect more from their banks, staying ahead of the curve is crucial. Yet, many banks still operate on legacy systems built 30 or even 50 years ago. These systems simply weren’t designed for the flexibility and scalability that today’s digital-first banking customer demands.
It is no longer a question if core banking systems need modernizing, but a question of how. In our latest research report, 93% of survey respondents said future success relies on choosing the right core banking solution. This is a pivotal decision for banks, but one that has so far been filled with limitations. Even cloud-based, fourth-generation solutions have forced IT decision-makers to compromise between fast-to-market but inflexible configuration systems and flexible but costly framework systems.
Enter the world’s first meta core from 10x Banking, a revolutionary solution that combines the best of both worlds, enabling banks to transform seamlessly and stay competitive.
Third-generation cores emerged in the 2000s. As online banking became the norm, banks leveraged up-to-date data to make more informed decisions than ever before. Service-oriented architecture (SOA), written in modern computing languages like Java, allowed for modular, reusable services. This flexibility and agility enabled banks to develop new products faster, with real-time processing reflecting transactions instantly. However, integrating 24/7 service and compliance regulations with legacy systems has posed significant challenges and increased security risks for banks on these cores.
The latest fourth generation cores offer cloud-native solutions, with highly personalized, real-time experiences for customers. Cloud infrastructure allows banks to scale operations efficiently, handling large volumes of transactions at lower costs. Despite these advancements, banks face a dilemma: choosing between configuration-based systems, which are easy to use but inflexible, and framework-based systems, which offer high customization but are costly and complex.
Configuration-based systems allow banks to customize their core through predefined settings and parameters. This means that changes can be made without altering the underlying code, making these systems easier for non-technical staff to use. However, the predefined options available in the system create limits and inflexibility, restricting the bank's ability to innovate and adapt quickly to new market demands.
Framework-based systems provide a more extensive set of tools and libraries for developers to build and customize the core banking platform. This approach requires more technical expertise, enabling high levels of customization. However, it is difficult for non-technical staff to use and can be very costly to maintain, posing a significant challenge for banks looking to balance innovation with operational efficiency.
Meta core technology, powered by the 10x Banking Platform, transcends the limitations of both legacy and neo core systems. This innovative approach eliminates the compromise with modular, highly scalable, and customizable technology, allowing banks to build hyper-personalized products quickly and cost-effectively.
Unlike other neo cores, with meta core banks can use a combination of configuration and coding, with any programming language. This flexibility ensures that banks can meet customer and regulatory demands with ease, launching new products in record time while maintaining enhanced security features.
The 10x Banking Platform has been proven across transformational deployments globally, including with Chase UK, Old Mutual, and Westpac. Retail, SME, and corporate banks have all benefited from an accelerated, de-risked pathway to full cloud-native transformation.
In today's competitive banking landscape, the ability to innovate and adapt quickly is paramount. The meta core from 10x offers a unique opportunity to overcome the limitations of third and fourth-generation cores, providing a clear path to transformation.
Don't let your competitors overtake you. Reach out to the 10x team to learn how we can support your transformation journey and position you for future success.