Over the last few years, we have seen the emergence of a
number of different ecosystems. Although, many banks continue to struggle to make the best use of these marketplaces due to their legacy infrastructure.
The use of third-party technology during the first wave of fintech banking raised customer service standards in seamless digital onboarding, personalised finance insights, bookkeeping and tax preparation services. Banks with modern core can now leverage third-party service providers through API technology for internal processes such as client checks, anti-money laundering monitoring and intelligent risk management.
In this paper, we describe how traditional banks can modernise their legacy core banking systems to successfully bring AI services to clients and achieve dramatic improvements.
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