Banks are under increasing pressure to rethink their core technology as artificial intelligence, cyber risks, and the growth of digital assets place new demands on older systems. Many institutions have added separate technologies to plug gaps in their core systems, according to this article, but managing multiple vendors can increase complexity and risk and make it harder to respond to emerging threats.
In a September joint statement, The Fed, FDIC, and OCC said core providers’ system reliability and ability to support third-party integrations would be considered during examinations. The agencies also raised concerns about providers that fail to invest in their systems or limit banks’ ability to move to newer technology.
Is your current core system keeping pace with your bank’s needs? Are you finding it harder to manage multiple systems and vendors? How easily can your bank add new technology or access its data?