Bankers are not exactly excited about their core systems. Only 10% of banks are very satisfied with their core provider's ability to help them compete in new and existing markets. Ripping out your existing core system and replacing it with a cloud-based modern core platform to become more innovative, competitive, and integrate with fintechs sounds like a smart move—in theory. Of course, the reality of such a wide scale undertaking is akin to opening a can of worms full of uncertainty, risks, costs, and disruption. Plus, projects take months, if not years.
So, what's a bank or credit union to do?