Embracing Transformation:
A strategic imperative
It’s not if but when core banking needs to be transformed. Delaying such a move could eventually become a strategic risk for some banks.
The risk of delaying core banking modernization is much greater than the perceived risk of undertaking it. When you quantify the risk over a long-term horizon, the benefits far outweigh the perceived downside risks.”
Katherine Yeung Chief Risk Officer, 10x BankingHere’s what’s at stake if you choose to stand still:
- Lost Competitive Edge: Advancing transformation allows banks to stay agile and competitive, offering real-time processing and faster product releases.
- Scalability: Legacy systems struggle to meet the demands of digital banking. Modern solutions enhance scalability, allowing for growth and adaptability.
- Increasing Opex: Streamlined operations reduce manual processes and operational costs.
- Missed Customer Expectations: Consumers now expect AI-driven experiences and personalisation. Modernisation helps meet customer expectations and speeds up the pace for meeting increasing regulatory requirements.
- Security Risk: Upgraded core systems improve security measures, protecting sensitive customer data from cyber threats.
Transforming core banking platforms is undoubtedly challenging and complex, requiring bold and courageous leadership to navigate the hurdles and drive impactful change. In today's market, this effort is not just worth it; it is essential.
At 10x Banking, we are uniquely positioned to support our clients in addressing their needs associated with core banking modernisation.
Why 10x Banking?
At 10x Banking, we are uniquely positioned to work with you to manage the risks associated with core modernisation:
People
Our unique position as a tech company with a banking heritage means we are ideally equipped to support clients in navigating these challenges. As Antony Jenkins, the founder and CEO of 10x Banking, aptly put it, "Running a bank is all about managing risks, and we’ve designed our meta core to specifically remove the key risks that banks face when upgrading their core." Our clients regularly provide positive feedback on our one-team approach, highlighting our collaborative work to solve their challenges.
Product
Our cutting-edge technology meta core platform is designed to enable banks to redefine banking possibilities. The meta core approach unlocks swift, scalable and secure core banking. This sophisticated technology is designed to meet the complex demands of modern banking and facilitate a seamless transition from legacy systems. Our product delivers hyper-personalised Retail, SME and Corporate banking products for any geography.
Proposition
Our approach includes a comprehensive data migration governance strategy and a phased rollout to minimise service disruptions. We prioritise data integrity and security through comprehensive backups, encryption, stringent access controls, and thorough testing. Additionally, we have extensive partnerships, enabling us to tailor our solutions to meet the specific needs of each client.
10x Banking already powers the UK’s fastest-growing challenger bank, Chase UK, Westpac, and Africa’s second-largest financial services company, Old Mutual. Our innovative banking products, built on the 10x core platform, serve millions of end-customers globally.
Take Action Today
Yes, modernizing core banking systems has risks, but they can be managed. The risk of doing nothing? This could undermine long-term value.
Katherine Yeung Chief Risk Officer, 10x BankingReach out to the 10x Banking team to learn how we can support your transformation journey. Our team, with extensive banking and tech experience, is here to help. The Risk Team can support with risk quantification to strengthen your business case, share real-life client examples, and provide governance and risk management solutions to meet your needs.
