Summary
The banking technology landscape is undergoing rapid change, with the Covid-19 pandemic exacerbating the need for digital strategies to come to the fore. Incumbent banks are facing serious challenges in keeping up with these advancements due to legacy systems at the core of their technology ecosystem. It is evident that Core Banking systems, often referred to as the heart of the banking system, need a major overhaul to keep pace with the releases of new features & products in the digital banking landscape. Banks require a system that will help them stay competitive in the face of emerging threats from banks that do not require legacy transformation programs. The alternative approach to partner with Fintechs/competitors is also a challenge due to complexity of integration with legacy systems. Any core banking system replacement is akin to changing engines while at 30,000 feet and demands deep insight and specialist skills to deliver the transformation on time.
While bank leaders are aware of the need for more modular architecture with API based integration capabilities, they often lack the understanding to choose the best-fit core banking solution due to the variety of solutions available across the globe. Banks also tend to underestimate the complexity of core banking implementation as it includes integration with almost all major systems across the banking application architecture impacting data migration, testing and roll-out phases.
How we add value
- Cedar is a thought leader on Core banking transformation programs having done over 50 core banking consulting assignments across MENA, Europe, and ASEAN regions. Cedar has profiled over 70 suppliers across the world, have 5 major Core banking Reports updated on a yearly basis, published over 70 case studies and 30+ core banking articles through its globally recognized Fintech Journal, IBS Intelligence. Cedar’s Core Banking Centre of Excellence enables a timely, cost-effective implementation program.
- Cedar’s knowledge base consists of over 3000+ business requirement specifications (BRS) covering all core banking platforms modules including channels, operations, business verticals, treasury, trade finance, General Finance and technical requirements which can be used as a baseline. The baseline BRS is further customized to bank-specific requirements through a well-defined framework for eliciting and documenting the requirements.
- Cedar has strong record of successfully executing supplier selection mandates and program management of multiple core banking implementations. Cedar’s proprietary “C-Score” methodology provides well-structured approaches for multiple program phases during the implementation program. Cedar’s RAPID framework allows for a holistic and comprehensive assessment of the core banking rollout readiness of the bank, with an assurance review across its Resources, Application, Processes, Infrastructure and Data. Cedar also offers “PRIMATECH”, proprietary program management tool, to provide one single view of program status dashboard for senior executives that can updated on a weekly basis.
