Core Banking systems are the backbone on which the financial infrastructure of the world is built on. While not as visible as many other fintech systems, core banking nonetheless is central to banking services and is a mission critical software, with stringent performance and availability SLAs monitored by the central banks in most countries.
While core banking systems have been around for decades, the new-age realities brought on by digitization are rendering traditional core systems inadequate. Transactions are increasingly moving to the digital realm and banks find themselves looking at the mammoth task of processing thousands of transactions per second, particularly during seasonal spikes. Added to this, growing non-traditional competition is resetting customer experience benchmarks. Banks of all sizes are increasingly looking to cloud to overcome these challenges. With cloud, banks can personalize their services at scale as well as rapidly design, test and deliver engaging experiences to customers. However, legacy core systems hinder progress. To derive the full benefit of cloud computing, banks need a modern, digital, core – one that is built for the cloud.
Leverage Finacle’s Cloud-Native Core Banking Solution on AWS Cloud to Reap Multiple Benefits
Finacle’s cloud-native core banking solution can be deployed flexibly – on a private, public or hybrid cloud and helps banks maximize digital engagement, drive operational excellence and accelerate digital transformation. Amazon Web Services (AWS) provides financial institutions a secure, resilient, scalable global cloud infrastructure they need for futuristic growth. Together Finacle & AWS help banks scale their digital transformation by providing 4 key benefits: business agility, lower total cost of ownership (TCO), intelligent operations, and accelerated ecosystem innovation.
- Agility for innovation led growth: Ability to rapidly design, test and deliver products is a critical necessity. Containerized Finacle deployment on AWS is fully automated and can be finished in hours, whilst provisioning infra requirement automatically
- Reduction in total cost of ownership: TCO grabs a top spot in terms of banks cloud adoption. Managed services from AWS helps reduce the need for upfront infra provisioning and saves banks the efforts of managing servers & networks
- Automated, intelligent operations: Finacle’s containerized, micro-services based architecture on AWS supports on-demand infra provisioning which adapts to changing traffic volumes. Finacle’s robust intercepting architecture with AWS managed services & multi-AZ configuration ably supports real time observability and business continuity
- Accelerated innovation with ecosystem: Building a vast ecosystem on top of own solution has helped AWS create immense value to its customers. Hardware layer innovation, evolved DBaaS, real-time log analytics, AWS outposts for hybrid cloud are some of the most impactful benefits banks can extract with AWS
To learn more about how Finacle on AWS helps banks scale their digital transformation, read the full article here.
