“ LOTS OF BANKS ARE PRIORITISING HOW TO TRANSITION TO A CORELESS ARCHITECTURE AS THEIR TOP OBJECTIVE FOR 2023 ”
1,000 senior banking leaders , the top priority to achieve operational transformation ( cited by 37 %) was to transition to a modern , cloud-based CBS . Among leaders of the largest institutions ( with assets of more than US $ 1tn ), 48 % of respondents made this their number one goal .
Modern , cloud-based CBS systems are widely regarded as the way forward with lots of banks prioritising how to transition to a coreless architecture as their top objective for 2023 . This is because the old system of banks running legacy CBSs have run their course . These systems are difficult to change and it ’ s extremely hard to build new
ADAM LIEBERMAN HEAD OF AI AND MACHINE LEARNING , FINASTRA
capabilities or innovate on these systems . Banking architectures are undergoing a profound transformation leading to an entirely different , " minimalist " approach to the CBS .
But what is coreless architecture ? In short , in a " coreless " architecture , the key functions such as accounts , transactions and product definitions sit in the " core " but everything else sits outside of it , connecting to the core via APIs . This bears virtually no resemblance to legacy systems , which ran a huge range of arguably unwieldy functions .