Test: Is your core banking system holding you back?

Core system capability

1. Does your system offer flexibility and configurability?

When your bank needs to pivot or adapt, does your core banking platform rise to the challenge, or are you stuck with workarounds and compromises?

YES        NO

2. Is your platform scalable to accommodate growth?

As your customer base and transaction volumes expand, can your system keep pace without breaking a sweat?

YES        NO

3. Is your solution equipped with API integration and open banking capabilities?

Does it play well with others? Open banking demands seamless integration with fintechs and third-party platforms.

YES        NO

4. Does your core banking have multi-currency and multi-language support?

Can your system easily handle the needs of diverse markets, or does it struggle with global banking demands?

YES        NO

Operational efficiency

5. Does your solution support customization and integration with existing platforms?

Can your system align with your specific operational needs and fit seamlessly into your existing tech ecosystem?

YES        NO

6. Can your platform handle data migration effectively?

When it’s time to move or upgrade data, does the process run smoothly, or do you brace for chaos?

YES        NO

7. Does your solution facilitate efficient change management?

When you make updates or implement changes, is it business as usual, or does everything grind to a halt?

YES        NO

8. Can your system process transactions quickly and accurately?

Are your transaction processes reliable and efficient, or do they create delays and errors that frustrate customers?

YES        NO

Compliance and risk

9. Is your platform compliant with regulatory standards such as BCBS 239?

Does your solution help you stay on top of ever-changing regulations, or does compliance feel like an uphill battle?

YES        NO

10. Does your system mitigate operational risks effectively?

Is your core banking platform reducing risk, or are you one resignation or manual error away from a major operational issue?

YES        NO

11. Does your solution include advanced fraud detection and prevention tools?

Are you confident your system can proactively protect your bank from evolving threats?

YES        NO

12. Is your platform prepared for business continuity and disaster recovery?

If something goes wrong, can your solution ensure minimal disruption and a quick recovery?

YES        NO

Customer and employee experience

13. Does your system offer comprehensive reporting capabilities?

Can it deliver the actionable insights and detailed reports your team needs to make informed decisions?

YES        NO

14. Is your system user-friendly and accessible across various devices?

Are your employees and customers frustrated by clunky interfaces, or is the platform intuitive and easy to use?

YES        NO

15. Does your solution support fast and efficient customer onboarding?

Are your onboarding processes quick and seamless, or are potential customers bailing before they even start?

YES        NO

16. Is your system aligned with your customer experience strategy?

Does it enable you to deliver personalized, responsive service that keeps customers coming back?

YES        NO

Your results:

0-4: Significant limitations

Your core banking system is putting your bank at risk. It’s time for a serious overhaul. Start by identifying the areas causing the most pain — whether it’s compliance, scalability, or inefficiency — and begin exploring modern solutions that can meet your strategic goals. A system audit is your first step toward a much-needed upgrade.

5-9: Moderately effective

You’re getting by, but at what cost? Your platform likely has noticeable gaps that hinder growth and innovation. Maybe it’s struggling to scale, or you’re battling integration headaches. Now’s the time to prioritize the biggest blockers and explore incremental improvements or hybrid solutions.

10-14: Mostly aligned

Your core banking system is doing its job – but only just. While it supports most of your operations, it’s not exactly setting you up for long-term success. Consider targeted upgrades, like enhancing reporting or bolstering API integration, to stay competitive. Focus on solutions that add agility and drive efficiency.

15-16: Future-ready

Congratulations – your solution is firing on all cylinders! But staying ahead means continuous improvement. Keep refining your processes, consider implementing predictive analytics or AI-driven tools, and explore ways to further personalize your customer experience. Your challenge? Staying ahead of the curve.

Get the roadmap to success

Feeling ready to tackle the next steps? Whether your system is falling behind or you’re planning ahead for growth, a core banking solution upgrade requires careful planning and expertise. But where do you start?

To help you answer that question, we’ve created a step-by-step guide to changing your core banking solution – a comprehensive, no-fluff resource designed to help you navigate the process confidently. Inside, you’ll find actionable insights, practical tips, and a clear roadmap for transforming your core system without the headaches. Download the guide today and take the first step toward a future-ready core banking platform.