With banks invested heavily in their legacy platforms, any change calls for a lot of time and money. If banks are to provide support for full product suites across customer segments, they will have to transform their core banking systems.
Considering all the constraints, banks can still innovate over their legacy systems by making use of Application-Program Interfaces (APIs). Banks can either develop products in-house or buy off-the-shelf products and make use of APIs to connect the new products to the legacy core banking system.
The API-first approach enables banks to deliver on both—their core banking solution capabilities as well as the full range of extended capabilities made possible through an expanding fintech ecosystem.
To position the bank as a platform represents the best of both worlds, Mindtree recommends incremental transformation of the following building blocks
Download our guide to know more about positioning your bank as a platform.