Many banks struggle to decouple their legacy systems. Therefore, they are shifting their traditional core systems to the cloud.
Traditional banks are facing major challenges to compete in the race of this industry. One of them is to decouple their legacy systems. As a result, they are adopting new technologies to speed up innovation cycles, push down costs, and increase scalability. They are achieving this by moving their old core banking systems to the cloud.
In this second chapter, we will introduce you additional points to look at when choosing a core banking system vendor. We will talk about the importance of APIs friendly integration and data security. As a bank, you need to make sure to go for the right vendor and be future-proof. Therefore, we will also provide you with a list of questions to include in your RFI to ensure you have all you need when selecting your SaaS vendor.
Any modern vendor knows you need it to integrate new things into your landscape. Thus, it make sense if the vendors you are looking at are able to support APIs. Be critical on this, you need vendors that include everything in the API when it comes to documentation and consider any data change an event.
Data security should be on your top list. You know this. So, make sure that encryption covers both data storage and data in transit when it comes to cloud solutions. An encryption algorithm that is considered safe today might be vulnerable tomorrow. Verify that data protection is a top priority to the vendor you are looking at.
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