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class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-7 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-8 mdc-u-ts-10"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-5"><div class="mck-u-links-inline">Banks today urgently need a new core platform, but building one is time-consuming, expensive, and uncertain. It may help to think strategically and pursue a two-track process.</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"><div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f"><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Findustries%2Ffinancial%20services%2Four%20insights%2Fshould%20us%20banks%20be%20moving%20to%20next%20generation%20core%20banking%20platforms%2Fshould-us-banks-be-moving-to-next-generation-core-banking-platforms.pdf%3FshouldIndex%3Dfalse" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_2734c4f" target="_self" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="should-us-banks-be-moving-to-next-generation-core-banking-platforms" data-layer-report-name="should-us-banks-be-moving-to-next-generation-core-banking-platforms>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f"> (8 pages)</span></a></div></div></div></div> <p><strong>Most traditional banks</strong> realize they need to move faster, and many have picked up the pace of innovation and delivery through new talent, technologies, and ways of working. But banks usually are hobbled by legacy back-end core tech systems, many of which were designed in the 1980s and 1990s. These technological monoliths, which are hardwired to handle the entirety of business needs, are mostly stable and can process transactions speedily but can be inflexible and slow to change.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f SideBar_mck-c-sidebar__share-icons___eQy6"><div data-component="mdc-c-dropdown-menu" class="mdc-c-drop-down"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium mdc-c-drop-down__rootmenu___yJzvz_2734c4f" aria-expanded="false" aria-haspopup="menu"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--default___f-hQM_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-share2-icon"></span></button><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class=""></div></div><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--radial___y3csX_2734c4f mdc-c-icon--size-xxl___cL3ZT_2734c4f mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>About the authors</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body"><p>This article represents the collaborative efforts of the core technology transformation service line of McKinsey’s Banking Practice. For more information, please contact <a href="/our-people/srinivas-ramadath">Srinivas Ramadath</a> and Rajat Jain.</p></div></div></div></div></div></div> <p>In planning technology investments, many banks have deprioritized modernizing their core systems in favor of the technological front ends, including websites, mobile apps, and channel experiences. Several have been “hollowing out” the core, or extracting smaller apps and services to extend the service life of their existing core banking system. Very few have truly moved to a more flexible back end. That prioritization may now need to change.</p> <p>The logical next step for many banks is a next-generation core banking system that allows them to operate with the speed and agility required in an increasingly fast-paced and complex world. This is not a simple undertaking. The core banking system is the heart of a bank and immensely difficult and expensive to migrate. Also, the truly next-gen systems are still maturing, so committing to change now can be misplaced, costly, and slow. To navigate these challenges, banks need to take concurrent actions: hollow out the existing core while selecting multiple next-gen cores to test on slices of their product portfolio in a real-world test-and-learn process before deciding on a core and migrating fully. This is a delicate and complex exercise with often intangible returns on investment, but it is likely better than the other options and is fast becoming a cost of doing business. Most banks will need to view their systems strategically and technically to decide their path forward.</p> <h2>A rapidly evolving banking landscape is making new cores a necessity</h2>  <p>The banking industry has been undergoing technological shifts that offer great potential for improving profitability and customer experience:</p> <ul> <li><em>From closed systems to ecosystems.</em> The banking industry is shifting away from closed systems, in which each bank handles all the work of providing services directly to its customers, toward a model of operating as part of a larger ecosystem. In the ecosystem approach, market participants make their products and services available through other providers’ channels and offer third-party offerings through their own channels. This open-architecture approach is, of course, predicated on banks’ ability to make discrete components of their core systems available to other systems and to use other core systems’ components. Examples of this approach are numerous and include US Bank’s partnership with State Farm, Goldman Sachs’s deal with Apple, and Stripe’s integration with Shopify. Another is Capital One’s DevExchange, which enables the use of application programming interfaces (APIs).<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_inactive__VZfCp" aria-describedby="bac20789-6ef9-4d3c-afe7-9b397019fb34"><sup class="FootNote_footnotesup__e73z_">1</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="bac20789-6ef9-4d3c-afe7-9b397019fb34" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline">US Bank 2021 annual report, 2021; “Goldman Sachs partners with Apple on a game-changing credit card,” Goldman Sachs, 2019; Jared Simons, “Shopify’s splash into open banking,” <em>Seeking Alpha</em>, April 7, 2022; “Capital One’s Developer Platform,” Capital One DevExchange, n.d.</span></span></span></a></span></li> <li><em>From downstream to upstream.</em> Banks were previously most active at the end of the customer journey, after commerce occurred and financing was requested. Leading banks are now moving to the top of the funnel and into the dynamic and complex search experience to take their customers along personalized journeys. For example, some have embedded credit products at point of search, rather than offering credit options after the point of sale.</li> <li><em>From batch to real time.</em> Data and decisioning are moving to real time or on demand, rather than waiting for information to be pulled in predetermined batches. Real-time data ingestion and automatic updates of modular components (for example, asset value reporting and analytics) are significantly upgrading the experiences of customers and relationship managers.</li> <li><em>From reporting to advanced analytics.</em> Banks are starting to unlock more from one of their most valuable assets: proprietary data. Requirements discovery, product selection, portfolio analysis, and service delivery are all becoming more intelligent and personalized. In one case, a fintech’s data-driven personalized customer engagement is embedded in a bank’s mobile app, providing customers with suggestions based on their transactions.</li> <li><em>From perimeter security to a zero-trust security model.</em> Most banks still rely on perimeter security to guard the entry and exit points with firewalls, proxy servers, and other intrusion prevention tools. Leading banks are moving to a zero-trust model, which is based on the principle of “Never trust, always verify.” This model requires encryption of data both in transit and at rest, multifactor authentication, access monitoring, and features such as tokenized data. These are difficult to achieve in traditional architectures, requiring special expertise to arrive at a holistic solution.</li> <li><em>From one size fits all to customized offerings.</em> Until recently, banks expected customers to choose from a few basic retail and business products. Now, however, retail and corporate banking customers alike are placing more importance on banks’ ability to personalize by making small changes (for example, configuring a credit product to appeal to franchisees or customizing reports for institutional clients) or offering new products, such as gas cards and foreign-exchange capabilities.</li> </ul> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-disruptor1up mck-o-md-center mck-u-inline-module-border-top mck-u-inline-module-border-bottom mck-u-screen-only" data-layer-region="disruptor-1up"><div class="mdc-u-grid mdc-u-grid-gutter-md mdc-u-grid-col-lg-12 mdc-u-grid-col-md-12 "><div class="mdc-u-grid-col-md-span-12"><header data-component="mdc-c-header" class="mdc-c-header"><div class="mdc-c-header__block___i1Lg-_2734c4f"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Would you like to learn more about our <a href="/industries/financial-services/how-we-help-clients">Financial Services Practice</a>?</div></h3></div></header></div></div></div> <h2>What makes the new systems ‘next-gen’?</h2> <p>At their hearts, next-gen cores are modular, meaning the truly core function of transaction management is separate from banking services like floating new accounts, servicing loans, calculating interests, processing deposits and withdrawals, and other customer relationship management activities (Exhibit 1). With modular architecture, localized changes are faster and easier to test and launch. In addition, associated services can be provided via APIs, which wrap their logic and data into a single point that can attach to any other end point. The result is greater configurability.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 1</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/financial%20services/our%20insights/should%20us%20banks%20be%20moving%20to%20next%20generation%20core%20banking%20platforms/svg-should-us-banks-move-ex1.svgz?cq=50&cpy=Center"/><img alt="Next-gen core systems versus traditional systems." src="/~/media/mckinsey/industries/financial%20services/our%20insights/should%20us%20banks%20be%20moving%20to%20next%20generation%20core%20banking%20platforms/svg-should-us-banks-move-ex1.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>In contrast to traditional platforms, where the use of batch processing and tight coupling limits the ability to provide the right customer experience, next-gen core platforms enable real-time (or near real-time) processing, settlement, and posting of transactions through real-time data flows via a fully event-driven architecture (EDA). Instead of batching data at particular time intervals, the system uses events to trigger those pushes or pulls in real time. In the supporting EDA, applications “publish” events to asynchronously trigger the next, separate applications that are “unaware” of upstream applications, by means of a contract established between a producer and any subscriber application. Traditional platforms, by contrast, leverage a direct connection between applications that are “aware” of each other (tight coupling) for request-response interactions defined in a way that is customized to those couplings. The resulting interdependencies make it challenging to orchestrate variations (and therefore make it simpler for the legacy architecture to use batching of data).</p> <p>In addition, data compression techniques ensure that all the details for an account—including structured data (for example, transactions, customer data) and unstructured data (forms, counter receipts)—are available at transaction level for analysis or usage anywhere at any time.</p> <p>Because EDA provides dynamism by allowing processes to respond flexibly to an easily configured set of events, it better suits the thinner-core concept. Traditional thick cores comprise multiple components working as a single engine. Typical elements include a general-ledger functionality and the customer data that feed it, workflow logic, document hubs, a rules engine, a pricing engine, account analyses, reporting, security, entitlements, and channel interfaces for call centers, branches, or downstream partners. Wrapping these layers into an integrated platform was once considered the most stable, comprehensive, low-latency, and consistent way to operate. When stability was the main objective, it worked just fine. However, stability now needs to be twinned with adaptability. This requires that the core architecture be thinned into its different components, which are then loosely coupled to work together rather than hardwired out of the box, without losing benefits like low latency.</p> <p>Another advantage of next-gen cores is that the codebase is usually written in modern languages such as Java, Go, and Python. These languages offer increased productivity and code quality, making full use of agile, DevSecOps, architectures, larger data sets, faster networking, containers, and the cloud.</p> <p>The data structure for next-gen cores also is different. An example formulation is to set up a customer-based taxonomy and append products and transactions to the customer (as some brokerage systems do for stock trades). Through this approach, customers tagged with multiple products can also be offered multiple personalized interest rates, based on discounts or specific deal terms. This contrasts with the more traditional approach of defining a product and assigning customer accounts to it.</p> <p>Most next-gen cores use RDBMS for structured data and NoSQL for data-intensive use cases (for example, high-scale, real-time use cases) to accelerate generation of insights and actions across various complex business needs. Some also leverage graph databases, which enable more complex relationships and easier maintenance of data schemes.</p> <p>It is worth noting here that some banks operate an intermediate second-generation core, which is thicker than a next-gen core and does not encompass all the functionality described here. Unlike next-gen cores, second-generation cores cannot fully leverage cloud-native infrastructure, so they are more limited in achieving economies of scale and cannot be accessed on a pay-as-you-go basis. But they’re a step in the right direction, and most are fully capable of handling a complex bank’s needs today, so they offer a tempting option for banks looking to modernize. However, many banks recognize that these systems might be obsolete by the time they finish migrating to them.</p> <p>Those seeking to illustrate the benefits of nextgen cores point to fintechs and their modern architecture. Based on our analysis of four large fintechs that publish their financials, we estimate that the operating costs of fintech banks powered by next-gen core platforms are around 10 percent of the operating costs of traditional banks. Revenues are equally depressed (due to limited and simple product suites), but those kinds of operating costs have shown signs of scaling quite significantly with volume and into more complex products as well. However, the comparisons end there. Aside from their lack of complexity, fintechs have different histories: they were built with these cores, while banks must migrate from existing legacy codebases, and that fact raises a whole different set of issues.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-disruptor1up mck-o-md-center mck-u-inline-module-border-top mck-u-inline-module-border-bottom mck-u-screen-only" data-layer-region="disruptor-1up"><div class="mdc-u-grid mdc-u-grid-gutter-md mdc-u-grid-col-lg-12 mdc-u-grid-col-md-12 "><div class="mdc-u-grid-col-lg-span-4 mdc-u-grid-col-md-span-5 Disruptor1Up_mck-c-disruptor1up__image___2Gc4"><picture data-component="mdc-c-picture"><img alt="Beyond digital transformations: Modernizing core technology for the AI bank of the future" src="/~/media/mckinsey/industries/financial%20services/our%20insights/beyond%20digital%20transformations/standard-beyond-digital-transformation.jpg?cq=50&mh=145&car=16:9&cpy=Center" loading="lazy"/></picture></div><div class="mdc-u-grid-col-lg-span-8 mdc-u-grid-col-md-span-7"><header data-component="mdc-c-header" class="mdc-c-header"><div class="mdc-c-header__block___i1Lg-_2734c4f"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Beyond digital transformations: Modernizing core technology for the AI bank of the future</div></h3></div></header><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f mck-c-disruptor1up__content Disruptor1Up_mck-c-disruptor1up__content--links__VV4lE mdc-u-grid-gutter-md"><a data-component="mdc-c-link" href="/industries/financial-services/our-insights/beyond-digital-transformations-modernizing-core-technology-for-the-ai-bank-of-the-future" class="mdc-c-link-cta___NBQVi_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Read the article</span><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mck-link-arrow-right-icon"></span></a></div></div></div></div> <h2>How to move forward despite the uncertainties</h2> <p>While most banks are still in the experimentation phase, some best practices are emerging. Addressing the following questions can guide decision makers as they consider how to launch on this journey and can help banks mitigate some of the risks:</p> <ol> <li>Where precisely will a next-generation core system deliver value (see Exhibit 2)? For example, will value result from speed, efficiency, and flexibility? From meeting specific business needs by product?</li> </ol> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> 2</span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/financial%20services/our%20insights/should%20us%20banks%20be%20moving%20to%20next%20generation%20core%20banking%20platforms/svg-should-us-banks-move-ex2.svgz?cq=50&cpy=Center"/><img alt="Next-gen core banking systems can offer varied differentiating benefits." src="/~/media/mckinsey/industries/financial%20services/our%20insights/should%20us%20banks%20be%20moving%20to%20next%20generation%20core%20banking%20platforms/svg-should-us-banks-move-ex2.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <ol start="2"> <li>What functionalities will the new platform deliver?</li> <li>What implications will these functionalities have on the architecture? For example, if the required functionality is real-time data at low latency, will a modular architecture be able to deliver this?</li> <li>What does the architecture imply for whether modules should be built or bought?</li> <li>How do we determine which vendors to work with? What is their offering today, and how are they likely to be positioned in two to three years when the road map requires them to deliver new functionality? It is possible to test and learn with vendors in a sandbox or lab environment to provide more certainty.</li> <li>How risky are the projected benefits of the solution option, and what mitigants can be constructed to derisk? For example, the bank might migrate simpler businesses or functionalities to the new platform in a modular fashion.</li> <li>How long will it take to complete the move to the new platform?</li> <li>What is the likely cost?</li> <li>What are other requirements, especially for talent?</li> <li>What operating model will be needed to function effectively? Consider, for example, the mix of vendors and employees, objectives and key results, outcome-based incentives, and the location of vendors and employees.</li> </ol> <p>Answering these questions can clarify the path ahead. For example, at one bank, we heard the concern that all their COBOL experts would be retiring. We explored the issue together and found that the remaining time to retirement was still several years; in the meantime, there was a bench of loyal, long-tenured employees who were willing to develop skills in COBOL for the bank’s sake. That helped somewhat release the talent constraint so the bank could take a more thoughtful path to the migration.</p> <p>Once banks have answered these questions, they can proceed down one of two parallel paths.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f SideBar_mck-c-sidebar__share-icons___eQy6"><div data-component="mdc-c-dropdown-menu" class="mdc-c-drop-down"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium mdc-c-drop-down__rootmenu___yJzvz_2734c4f" aria-expanded="false" aria-haspopup="menu"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--default___f-hQM_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-share2-icon"></span></button><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class=""></div></div><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--radial___y3csX_2734c4f mdc-c-icon--size-xxl___cL3ZT_2734c4f mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>The orchestrator approach</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body"><p>The orchestrator approach is a real-time data hub and routing layer designed to support the hollowing out of a bank’s existing core system to enable modern digital capabilities (for example, digital marketing and KYC). It can accelerate and derisk the move from a legacy core to a second-generation or next-gen core platform, facilitating mergers and acquisitions that bring together multiple legacy cores or enabling new capabilities that must be bridged to the legacy core.</p> <p>The real-time data hub and routing layer leverages an overlaid, scalable event-driven architecture (EDA), intelligent routing of data transactions, and API choreography framework. At the same time, it should retain core systems-of-record data (such as core banking, cards, and wealth), which maintains data integrity and ensures easy integration of core and front-end digital experiences, as well as applications across domains such as retail banking, credit cards, wealth, commercial banking, mortgages, insurance, and loyalty/rewards.</p> <p>Maintaining a real-time replica of core data is handled by an orchestration layer, which also choreographs data flows to systems of record. As banks migrate the data from the legacy core to the new core, the layer intelligently routes the transactions originating from different engagement channels to the specific core that holds the system of record for that data. Orchestrating updates across multiple systems of records ensures data integrity.</p> <p>The layer comprises out-of-the-box modules: canonical data models aligned to industry standards (for example, BIAN or ISO 20022), a reusable set of domain APIs (for example, customer data, deposits), enterprise connectors to integrate with core platforms and expose journey APIs to front-end service consumers, and an intelligent routing system to choreograph updates across multiple systems within the context of a transaction.</p> <p>Use of the layer enables a more graduated migration, rather than a big bang. The trade-off, of course, is the need for certainty that each flow is correctly mapped and integrated with the next sets of flows into the new system; without this, errors get embedded deeply. In a big bang, all the flows are tested together, but the downside is that it can take longer and depend more on one event (the big-bang migration).</p> <p>Finally, the orchestrator approach provides domain APIs (say, for customers and deposits), which can be leveraged to create journey APIs (such as customer onboarding and bill payment), and smart APIs (for example, fraud monitoring and personalized offers). These APIs can be consumed by multiple systems across different channels—end customers, back office, contact center—to deliver customer experiences.</p></div></div></div></div></div></div> <p>The first path is to accelerate the hollowing out of the existing core into the more modular functionality required in the future. This can include refactoring the codebase into a modern language, such as Java, Go, and Python, and then modularizing the code into components based on the new target architecture. One way to streamline the replacement process is to leverage the orchestrator approach, which insulates the existing platform while extracting data on a real-time basis to make it available for use and mapping it to the new core to enable incremental migration (see sidebar, “The orchestrator approach”).</p> <p>The second path involves carving out certain product segments (say, small-business deposits) and testing product concepts with some next-gen cores. One bank tested a digital attacker in one country on one next-gen core system and tested existing products on another next-gen core in a different country. This test-and-learn approach helped the bank build a deeper understanding of the next-gen core providers, their capabilities, and fit with the bank’s needs and culture.</p> <p>Following this path, a bank can launch the sidecar product they use to test the core by acquiring new customers for that product and gradually migrating the customer base over time. Accordingly, in the first six to 12 months, the new core is installed for targeted products and integrated with existing channels and databases. Then the bank carries out acquisition of new customers for the specified products in the new core, with selected data entered into the old system, which eventually will act as a data store for both old and new systems. Over time, the bank can directly connect other systems, such as the general ledger, to the new core. At this point, there will already be some natural attrition of the existing core’s customers, and the remaining customers can be migrated to the new core. Sometimes this approach is used to launch a new business line—for example, an out-of-footprint attacker bank. If so, the new revenues can help make the business case for the next-gen system.</p> <hr/> <p>Banks today urgently need a new core platform, but the path to building one is time-consuming, expensive, and uncertain. To solve the strategic conundrum, banks should first consider and debate a set of strategic questions to get executives aligned on a target state. For making the transition, we recommend a two-track process: on one, banks accelerate their current efforts to hollow out the existing core; on the other, they experiment with possible next-gen cores until settling on the best one for the eventual migration. This journey can seem daunting, but inaction can create even greater challenges.</p></div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-md-12 AboutAuthor_mck-c-about-author__nRJzu"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center"></h5><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline mck-u-links-inline--secondary mdc-u-mt-5"><div><p>The authors wish to thank Vik Sohoni, Nagesh Badarla (McKinsey alumnus), Sid Tiwari, Chhavi Adtani, Vanshika Bagdy, Milan Mitra, DK Sharma, and Paul Welling for their contributions to this article. The authors also wish to thank the following executives at next-gen core providers for their insights: Andrew Beatty, FIS; Vishal Dalal, Pismo; Eugene Danilkis, Mambu; Gareth Richardson, Thought Machine; and Frank Sanchez, Finxact - a Fiserv company.</p></div></div></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-screen-only"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-5 mdc-u-grid-col-lg-end-9"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center">Explore a career with us</h5><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--align-center___ar3mu_2734c4f"><a data-component="mdc-c-link" href="/careers/search-jobs" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--secondary___Boipq_2734c4f mdc-c-button--size-large___jwpUy_2734c4f" aria-label="Search Openings" data-layer-event-prefix="CTA Link" data-layer-action="click" data-layer-category="careers" data-layer-subcategory="search" data-layer-text="Search Openings"><span class="mdc-c-link__label___Pfqtd_2734c4f">Search Openings</span></a></div></div></section></div></main></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="StandalonePromo" class="RelatedArticle_mck-c-article-related__GGA76 mck-u-screen-only" data-layer-region="related-articles"><div class="mdc-o-container__wrapper is-wrapped mdc-u-spaced-mobile"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-u-align-center">Related Articles</h5><div class="mdc-u-grid mdc-u-grid-col-md-3 RelatedArticle_items-container__s2uD0"><div class="mdc-u-grid mdc-u-grid-gutter-lg Card_card__diA2r Card_hover-effect__RGb9b"><div class="Card_wrapper-image__8b4P6"><a data-component="mdc-c-link" href="/industries/financial-services/our-insights/banking-matters/core-systems-strategy-for-banks" class="mdc-c-link___lBbY1_2734c4f"><picture data-component="mdc-c-picture" class="Card_wrapper-image__8b4P6"><style>.picture-uniqueKey-core-0 { aspect-ratio: 16/9 }</style><img alt="" class="picture-uniqueKey-core-0" src="/~/media/mckinsey/industries/financial%20services/banking%20blog/core%20systems%20strategy%20for%20banks/core_tech_alert.jpg?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f Card_content-block__pF6Z1"><span>Blog post - 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It may help to think strategically and pursue a two-track process."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2022-07-26T00:00:00Z"}},"body":{"value":"[[DownloadsSidebar]]\n\n\u003cp\u003e\u003cstrong\u003eMost traditional banks\u003c/strong\u003e realize they need to move faster, and many have picked up the pace of innovation and delivery through new talent, technologies, and ways of working. But banks usually are hobbled by legacy back-end core tech systems, many of which were designed in the 1980s and 1990s. These technological monoliths, which are hardwired to handle the entirety of business needs, are mostly stable and can process transactions speedily but can be inflexible and slow to change.\u003c/p\u003e\n\n[[sidebar authors]]\n\n\u003cp\u003eIn planning technology investments, many banks have deprioritized modernizing their core systems in favor of the technological front ends, including websites, mobile apps, and channel experiences. Several have been \u0026ldquo;hollowing out\u0026rdquo; the core, or extracting smaller apps and services to extend the service life of their existing core banking system. Very few have truly moved to a more flexible back end. That prioritization may now need to change.\u003c/p\u003e\n\n\u003cp\u003eThe logical next step for many banks is a next-generation core banking system that allows them to operate with the speed and agility required in an increasingly fast-paced and complex world. This is not a simple undertaking. The core banking system is the heart of a bank and immensely difficult and expensive to migrate. Also, the truly next-gen systems are still maturing, so committing to change now can be misplaced, costly, and slow. To navigate these challenges, banks need to take concurrent actions: hollow out the existing core while selecting multiple next-gen cores to test on slices of their product portfolio in a real-world test-and-learn process before deciding on a core and migrating fully. This is a delicate and complex exercise with often intangible returns on investment, but it is likely better than the other options and is fast becoming a cost of doing business. Most banks will need to view their systems strategically and technically to decide their path forward.\u003c/p\u003e\n\n\u003ch2\u003eA rapidly evolving banking landscape is making new cores a necessity\u003c/h2\u003e\n\n[[MostPopularArticles 5]]\n\n\u003cp\u003eThe banking industry has been undergoing technological shifts that offer great potential for improving profitability and customer experience:\u003c/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e\u003cem\u003eFrom closed systems to ecosystems.\u003c/em\u003e The banking industry is shifting away from closed systems, in which each bank handles all the work of providing services directly to its customers, toward a model of operating as part of a larger ecosystem. In the ecosystem approach, market participants make their products and services available through other providers\u0026rsquo; channels and offer third-party offerings through their own channels. This open-architecture approach is, of course, predicated on banks\u0026rsquo; ability to make discrete components of their core systems available to other systems and to use other core systems\u0026rsquo; components. Examples of this approach are numerous and include US Bank\u0026rsquo;s partnership with State Farm, Goldman Sachs\u0026rsquo;s deal with Apple, and Stripe\u0026rsquo;s integration with Shopify. Another is Capital One\u0026rsquo;s DevExchange, which enables the use of application programming interfaces (APIs).[[footnote 1]]\u003c/li\u003e\n\u003cli\u003e\u003cem\u003eFrom downstream to upstream.\u003c/em\u003e Banks were previously most active at the end of the customer journey, after commerce occurred and financing was requested. Leading banks are now moving to the top of the funnel and into the dynamic and complex search experience to take their customers along personalized journeys. For example, some have embedded credit products at point of search, rather than offering credit options after the point of sale.\u003c/li\u003e\n\u003cli\u003e\u003cem\u003eFrom batch to real time.\u003c/em\u003e Data and decisioning are moving to real time or on demand, rather than waiting for information to be pulled in predetermined batches. Real-time data ingestion and automatic updates of modular components (for example, asset value reporting and analytics) are significantly upgrading the experiences of customers and relationship managers.\u003c/li\u003e\n\u003cli\u003e\u003cem\u003eFrom reporting to advanced analytics.\u003c/em\u003e Banks are starting to unlock more from one of their most valuable assets: proprietary data. Requirements discovery, product selection, portfolio analysis, and service delivery are all becoming more intelligent and personalized. In one case, a fintech\u0026rsquo;s data-driven personalized customer engagement is embedded in a bank\u0026rsquo;s mobile app, providing customers with suggestions based on their transactions.\u003c/li\u003e\n\u003cli\u003e\u003cem\u003eFrom perimeter security to a zero-trust security model.\u003c/em\u003e Most banks still rely on perimeter security to guard the entry and exit points with firewalls, proxy servers, and other intrusion prevention tools. Leading banks are moving to a zero-trust model, which is based on the principle of \u0026ldquo;Never trust, always verify.\u0026rdquo; This model requires encryption of data both in transit and at rest, multifactor authentication, access monitoring, and features such as tokenized data. These are difficult to achieve in traditional architectures, requiring special expertise to arrive at a holistic solution.\u003c/li\u003e\n\u003cli\u003e\u003cem\u003eFrom one size fits all to customized offerings.\u003c/em\u003e Until recently, banks expected customers to choose from a few basic retail and business products. Now, however, retail and corporate banking customers alike are placing more importance on banks\u0026rsquo; ability to personalize by making small changes (for example, configuring a credit product to appeal to franchisees or customizing reports for institutional clients) or offering new products, such as gas cards and foreign-exchange capabilities.\u003c/li\u003e\n\u003c/ul\u003e\n\n[[disruptor1up learnmore]]\n\n\u003ch2\u003eWhat makes the new systems \u0026lsquo;next-gen\u0026rsquo;?\u003c/h2\u003e\n\n\u003cp\u003eAt their hearts, next-gen cores are modular, meaning the truly core function of transaction management is separate from banking services like floating new accounts, servicing loans, calculating interests, processing deposits and withdrawals, and other customer relationship management activities (Exhibit 1). With modular architecture, localized changes are faster and easier to test and launch. In addition, associated services can be provided via APIs, which wrap their logic and data into a single point that can attach to any other end point. The result is greater configurability.\u003c/p\u003e\n\n[[exhibit 1]]\n\n\u003cp\u003eIn contrast to traditional platforms, where the use of batch processing and tight coupling limits the ability to provide the right customer experience, next-gen core platforms enable real-time (or near real-time) processing, settlement, and posting of transactions through real-time data flows via a fully event-driven architecture (EDA). Instead of batching data at particular time intervals, the system uses events to trigger those pushes or pulls in real time. In the supporting EDA, applications \u0026ldquo;publish\u0026rdquo; events to asynchronously trigger the next, separate applications that are \u0026ldquo;unaware\u0026rdquo; of upstream applications, by means of a contract established between a producer and any subscriber application. Traditional platforms, by contrast, leverage a direct connection between applications that are \u0026ldquo;aware\u0026rdquo; of each other (tight coupling) for request-response interactions defined in a way that is customized to those couplings. The resulting interdependencies make it challenging to orchestrate variations (and therefore make it simpler for the legacy architecture to use batching of data).\u003c/p\u003e\n\n\u003cp\u003eIn addition, data compression techniques ensure that all the details for an account\u0026mdash;including structured data (for example, transactions, customer data) and unstructured data (forms, counter receipts)\u0026mdash;are available at transaction level for analysis or usage anywhere at any time.\u003c/p\u003e\n\n\u003cp\u003eBecause EDA provides dynamism by allowing processes to respond flexibly to an easily configured set of events, it better suits the thinner-core concept. Traditional thick cores comprise multiple components working as a single engine. Typical elements include a general-ledger functionality and the customer data that feed it, workflow logic, document hubs, a rules engine, a pricing engine, account analyses, reporting, security, entitlements, and channel interfaces for call centers, branches, or downstream partners. Wrapping these layers into an integrated platform was once considered the most stable, comprehensive, low-latency, and consistent way to operate. When stability was the main objective, it worked just fine. However, stability now needs to be twinned with adaptability. This requires that the core architecture be thinned into its different components, which are then loosely coupled to work together rather than hardwired out of the box, without losing benefits like low latency.\u003c/p\u003e\n\n\u003cp\u003eAnother advantage of next-gen cores is that the codebase is usually written in modern languages such as Java, Go, and Python. These languages offer increased productivity and code quality, making full use of agile, DevSecOps, architectures, larger data sets, faster networking, containers, and the cloud.\u003c/p\u003e\n\n\u003cp\u003eThe data structure for next-gen cores also is different. An example formulation is to set up a customer-based taxonomy and append products and transactions to the customer (as some brokerage systems do for stock trades). Through this approach, customers tagged with multiple products can also be offered multiple personalized interest rates, based on discounts or specific deal terms. This contrasts with the more traditional approach of defining a product and assigning customer accounts to it.\u003c/p\u003e\n\n\u003cp\u003eMost next-gen cores use RDBMS for structured data and NoSQL for data-intensive use cases (for example, high-scale, real-time use cases) to accelerate generation of insights and actions across various complex business needs. Some also leverage graph databases, which enable more complex relationships and easier maintenance of data schemes.\u003c/p\u003e\n\n\u003cp\u003eIt is worth noting here that some banks operate an intermediate second-generation core, which is thicker than a next-gen core and does not encompass all the functionality described here. Unlike next-gen cores, second-generation cores cannot fully leverage cloud-native infrastructure, so they are more limited in achieving economies of scale and cannot be accessed on a pay-as-you-go basis. But they\u0026rsquo;re a step in the right direction, and most are fully capable of handling a complex bank\u0026rsquo;s needs today, so they offer a tempting option for banks looking to modernize. However, many banks recognize that these systems might be obsolete by the time they finish migrating to them.\u003c/p\u003e\n\n\u003cp\u003eThose seeking to illustrate the benefits of nextgen cores point to fintechs and their modern architecture. Based on our analysis of four large fintechs that publish their financials, we estimate that the operating costs of fintech banks powered by next-gen core platforms are around 10 percent of the operating costs of traditional banks. Revenues are equally depressed (due to limited and simple product suites), but those kinds of operating costs have shown signs of scaling quite significantly with volume and into more complex products as well. However, the comparisons end there. Aside from their lack of complexity, fintechs have different histories: they were built with these cores, while banks must migrate from existing legacy codebases, and that fact raises a whole different set of issues.\u003c/p\u003e\n\n[[disruptor1up readnext]]\n\n\u003ch2\u003eHow to move forward despite the uncertainties\u003c/h2\u003e\n\n\u003cp\u003eWhile most banks are still in the experimentation phase, some best practices are emerging. Addressing the following questions can guide decision makers as they consider how to launch on this journey and can help banks mitigate some of the risks:\u003c/p\u003e\n\n\u003col\u003e\n\u003cli\u003eWhere precisely will a next-generation core system deliver value (see Exhibit 2)? For example, will value result from speed, efficiency, and flexibility? From meeting specific business needs by product?\u003c/li\u003e\n\u003c/ol\u003e\n\n[[exhibit 2]]\n\n\u003col start=\"2\"\u003e\n\u003cli\u003eWhat functionalities will the new platform deliver?\u003c/li\u003e\n\u003cli\u003eWhat implications will these functionalities have on the architecture? For example, if the required functionality is real-time data at low latency, will a modular architecture be able to deliver this?\u003c/li\u003e\n\u003cli\u003eWhat does the architecture imply for whether modules should be built or bought?\u003c/li\u003e\n\u003cli\u003eHow do we determine which vendors to work with? What is their offering today, and how are they likely to be positioned in two to three years when the road map requires them to deliver new functionality? It is possible to test and learn with vendors in a sandbox or lab environment to provide more certainty.\u003c/li\u003e\n\u003cli\u003eHow risky are the projected benefits of the solution option, and what mitigants can be constructed to derisk? For example, the bank might migrate simpler businesses or functionalities to the new platform in a modular fashion.\u003c/li\u003e\n\u003cli\u003eHow long will it take to complete the move to the new platform?\u003c/li\u003e\n\u003cli\u003eWhat is the likely cost?\u003c/li\u003e\n\u003cli\u003eWhat are other requirements, especially for talent?\u003c/li\u003e\n\u003cli\u003eWhat operating model will be needed to function effectively? Consider, for example, the mix of vendors and employees, objectives and key results, outcome-based incentives, and the location of vendors and employees.\u003c/li\u003e\n\u003c/ol\u003e\n\n\u003cp\u003eAnswering these questions can clarify the path ahead. For example, at one bank, we heard the concern that all their COBOL experts would be retiring. We explored the issue together and found that the remaining time to retirement was still several years; in the meantime, there was a bench of loyal, long-tenured employees who were willing to develop skills in COBOL for the bank\u0026rsquo;s sake. That helped somewhat release the talent constraint so the bank could take a more thoughtful path to the migration.\u003c/p\u003e\n\n\u003cp\u003eOnce banks have answered these questions, they can proceed down one of two parallel paths.\u003c/p\u003e\n\n[[sidebar 1]]\n\n\u003cp\u003eThe first path is to accelerate the hollowing out of the existing core into the more modular functionality required in the future. This can include refactoring the codebase into a modern language, such as Java, Go, and Python, and then modularizing the code into components based on the new target architecture. One way to streamline the replacement process is to leverage the orchestrator approach, which insulates the existing platform while extracting data on a real-time basis to make it available for use and mapping it to the new core to enable incremental migration (see sidebar, \u0026ldquo;The orchestrator approach\u0026rdquo;).\u003c/p\u003e\n\n\u003cp\u003eThe second path involves carving out certain product segments (say, small-business deposits) and testing product concepts with some next-gen cores. One bank tested a digital attacker in one country on one next-gen core system and tested existing products on another next-gen core in a different country. This test-and-learn approach helped the bank build a deeper understanding of the next-gen core providers, their capabilities, and fit with the bank\u0026rsquo;s needs and culture.\u003c/p\u003e\n\n\u003cp\u003eFollowing this path, a bank can launch the sidecar product they use to test the core by acquiring new customers for that product and gradually migrating the customer base over time. Accordingly, in the first six to 12 months, the new core is installed for targeted products and integrated with existing channels and databases. Then the bank carries out acquisition of new customers for the specified products in the new core, with selected data entered into the old system, which eventually will act as a data store for both old and new systems. Over time, the bank can directly connect other systems, such as the general ledger, to the new core. At this point, there will already be some natural attrition of the existing core\u0026rsquo;s customers, and the remaining customers can be migrated to the new core. Sometimes this approach is used to launch a new business line\u0026mdash;for example, an out-of-footprint attacker bank. If so, the new revenues can help make the business case for the next-gen system.\u003c/p\u003e\n\n\u003chr /\u003e\n\n\u003cp\u003eBanks today urgently need a new core platform, but the path to building one is time-consuming, expensive, and uncertain. To solve the strategic conundrum, banks should first consider and debate a set of strategic questions to get executives aligned on a target state. For making the transition, we recommend a two-track process: on one, banks accelerate their current efforts to hollow out the existing core; on the other, they experiment with possible next-gen cores until settling on the best one for the eventual migration. This journey can seem daunting, but inaction can create even greater challenges.\u003c/p\u003e"},"isFullScreenInteractive":{"boolValue":false},"hideStickySocialShareBar":{"boolValue":false},"desktopID":{"value":""},"mobileID":{"value":""},"desktopURL":{"value":""},"mobileURL":{"value":""},"desktopPaddingPercentage":{"value":""},"mobilePaddingPercentage":{"value":""},"desktopOverrideHeight":{"value":""},"mobileOverrideHeight":{"value":""},"cerosOembedURL":{"value":""},"cerosRenderMode":{"targetItem":null},"cerosBackgroundColor":{"targetItem":null},"hideByLine":{"boolValue":false},"tableOfContentsTitle":{"value":"TABLE OF CONTENTS"},"accessStatus":{"targetItem":{"key":{"value":"RegisteredUsers"},"value":{"value":"Registered Users"}}},"articleType":{"targetItem":{"displayName":"Article"}},"hasSpecialReport":{"boolValue":false},"contentType":{"targetItem":{"displayName":"Article"}},"sourcePublication":{"targetItem":null},"externalPublication":{"value":""},"mobileReady":{"boolValue":true},"forClientsOnly":{"boolValue":false},"excludeFromClientLink":{"boolValue":false},"originalPublishDate":{"jsonValue":{"value":"2022-07-26T00:00:00Z"}},"footnotes":{"value":"\u003col\u003e\n \u003cli\u003eUS Bank 2021 annual report, 2021; \u0026ldquo;Goldman Sachs partners with Apple on a game-changing credit card,\u0026rdquo; Goldman Sachs, 2019; Jared Simons, \u0026ldquo;Shopify\u0026rsquo;s splash into open banking,\u0026rdquo; \u003cem\u003eSeeking Alpha\u003c/em\u003e, April 7, 2022; \u0026ldquo;Capital One\u0026rsquo;s Developer Platform,\u0026rdquo; Capital One DevExchange, n.d.\u003c/li\u003e\n\u003c/ol\u003e"},"contributoryPractice":{"targetItems":[{"displayName":"Financial Services"}]},"aboutTheAuthors":{"value":"\u003cp\u003eThe authors wish to thank Vik Sohoni, Nagesh Badarla (McKinsey alumnus), Sid Tiwari, Chhavi Adtani, Vanshika Bagdy, Milan Mitra, DK Sharma, and Paul Welling for their contributions to this article. The authors also wish to thank the following executives at next-gen core providers for their insights: Andrew Beatty, FIS; Vishal Dalal, Pismo; Eugene Danilkis, Mambu; Gareth Richardson, Thought Machine; and Frank Sanchez, Finxact - a Fiserv company.\u003c/p\u003e"},"authors":{"targetItems":[]},"nonPartnerAuthors":{"targetItems":[]},"interactiveToUse":{"targetItem":null},"enableArticleComponents":{"boolValue":false},"relatedArticles":{"targetItems":[{"sourcePublication":null,"publicationSource":null,"externalPublication":null,"title":{"value":"Core systems strategy for banks"},"url":{"path":"/industries/financial-services/our-insights/banking-matters/core-systems-strategy-for-banks"},"eyebrow":null,"articleType":null,"contentType":{"targetItem":{"name":"Blog post - Practices Industries"}},"description":{"value":"Next-gen cloud-based core banking systems are gaining traction and have the potential to become alternatives to traditional core banking systems."},"standardImage":null,"heroImage":{"src":"/~/media/mckinsey/industries/financial services/banking blog/core systems strategy for banks/core_tech_hero.jpg","alt":""},"thumbnailImage":{"src":"/~/media/mckinsey/industries/financial services/banking blog/core systems strategy for banks/core_tech_alert.jpg","alt":""}},{"sourcePublication":{"targetItem":null},"publicationSource":null,"externalPublication":{"value":""},"title":{"value":"Beyond digital transformations: Modernizing core technology for the AI bank of the future"},"url":{"path":"/industries/financial-services/our-insights/beyond-digital-transformations-modernizing-core-technology-for-the-ai-bank-of-the-future"},"eyebrow":{"targetItem":{"name":"Article"}},"articleType":{"targetItem":{"name":"Article"}},"contentType":{"targetItem":{"name":"Article"}},"description":{"value":"For artificial intelligence to deliver value across the organization, banks need core technology that is scalable, resilient, and adaptable. Building that requires changes in six key areas."},"standardImage":{"src":"/~/media/mckinsey/industries/financial services/our insights/beyond digital transformations/standard-beyond-digital-transformation.jpg","alt":"Beyond digital transformations: Modernizing core technology for the AI bank of the future"},"heroImage":null,"thumbnailImage":null},{"sourcePublication":null,"publicationSource":null,"externalPublication":null,"title":{"value":"How to get a core banking transformation right: Eight mistakes to avoid"},"url":{"path":"/capabilities/mckinsey-digital/our-insights/tech-forward/how-to-get-a-core-banking-transformation-right-eight-mistakes-to-avoid"},"eyebrow":null,"articleType":null,"contentType":{"targetItem":{"name":"Blog post - Practices Capabilities"}},"description":{"value":"The reasons most core-banking-system transformations fail are usually rooted in missteps around people, processes, or technology."},"standardImage":null,"heroImage":{"src":"/~/media/mckinsey/business 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topics"}}}]},"articlesidebar":{"results":[{"mediaID":{"value":"1"},"description":{"jsonValue":{"value":"\u003cp\u003eThe orchestrator approach is a real-time data hub and routing layer designed to support the hollowing out of a bank\u0026rsquo;s existing core system to enable modern digital capabilities (for example, digital marketing and KYC). It can accelerate and derisk the move from a legacy core to a second-generation or next-gen core platform, facilitating mergers and acquisitions that bring together multiple legacy cores or enabling new capabilities that must be bridged to the legacy core.\u003c/p\u003e\n\n\u003cp\u003eThe real-time data hub and routing layer leverages an overlaid, scalable event-driven architecture (EDA), intelligent routing of data transactions, and API choreography framework. At the same time, it should retain core systems-of-record data (such as core banking, cards, and wealth), which maintains data integrity and ensures easy integration of core and front-end digital experiences, as well as applications across domains such as retail banking, credit cards, wealth, commercial banking, mortgages, insurance, and loyalty/rewards.\u003c/p\u003e\n\n\u003cp\u003eMaintaining a real-time replica of core data is handled by an orchestration layer, which also choreographs data flows to systems of record. As banks migrate the data from the legacy core to the new core, the layer intelligently routes the transactions originating from different engagement channels to the specific core that holds the system of record for that data. Orchestrating updates across multiple systems of records ensures data integrity.\u003c/p\u003e\n\n\u003cp\u003eThe layer comprises out-of-the-box modules: canonical data models aligned to industry standards (for example, BIAN or ISO 20022), a reusable set of domain APIs (for example, customer data, deposits), enterprise connectors to integrate with core platforms and expose journey APIs to front-end service consumers, and an intelligent routing system to choreograph updates across multiple systems within the context of a transaction.\u003c/p\u003e\n\n\u003cp\u003eUse of the layer enables a more graduated migration, rather than a big bang. The trade-off, of course, is the need for certainty that each flow is correctly mapped and integrated with the next sets of flows into the new system; without this, errors get embedded deeply. In a big bang, all the flows are tested together, but the downside is that it can take longer and depend more on one event (the big-bang migration).\u003c/p\u003e\n\n\u003cp\u003eFinally, the orchestrator approach provides domain APIs (say, for customers and deposits), which can be leveraged to create journey APIs (such as customer onboarding and bill payment), and smart APIs (for example, fraud monitoring and personalized offers). These APIs can be consumed by multiple systems across different channels\u0026mdash;end customers, back office, contact center\u0026mdash;to deliver customer experiences.\u003c/p\u003e"}},"aboutTheAuthors":{"jsonValue":{"value":""}},"headline":{"jsonValue":{"value":"The orchestrator approach"}},"footnotes":{"value":""},"showShareTools":{"boolValue":true},"backgroundColor":{"targetItem":{"key":{"value":"Lightest Grey"},"value":{"value":"lightest-grey"}}},"gradientDirection":{"targetItem":{"key":{"value":"Bottom Right"},"value":{"value":"bottom-right"}}},"renderMode":{"targetItem":{"key":{"value":"Collapsible"},"value":{"value":"default"}}},"isAboutAuthor":{"boolValue":false},"background":{"targetItem":null},"image":{"src":null,"alt":""}},{"mediaID":{"value":"authors"},"description":{"jsonValue":{"value":"\u003cp\u003eThis article represents the collaborative efforts of the core technology transformation service line of McKinsey\u0026rsquo;s Banking Practice. For more information, please contact \u003ca href=\"/our-people/srinivas-ramadath\"\u003eSrinivas Ramadath\u003c/a\u003e and Rajat Jain.\u003c/p\u003e"}},"aboutTheAuthors":{"jsonValue":{"value":""}},"headline":{"jsonValue":{"value":"About the authors"}},"footnotes":{"value":""},"showShareTools":{"boolValue":true},"backgroundColor":{"targetItem":{"key":{"value":"Lightest Grey"},"value":{"value":"lightest-grey"}}},"gradientDirection":{"targetItem":{"key":{"value":"Bottom Right"},"value":{"value":"bottom-right"}}},"renderMode":{"targetItem":{"key":{"value":"Collapsible"},"value":{"value":"default"}}},"isAboutAuthor":{"boolValue":false},"background":{"targetItem":null},"image":{"src":null,"alt":""}}]},"boxout":{"results":[]},"globalsidebar":{"results":[]},"video":{"results":[]},"scrollycontainer":{"results":[]},"bespokeinteractive":{"results":[]},"storycontainer":{"results":[]},"interactive":{"results":[]},"sectionheader":{"results":[]},"statementdisruptor":{"results":[]},"fullbleedphoto":{"results":[]},"tocitem":{"results":[]},"quizcontainer":{"results":[]},"generalup":{"results":[]},"twoupmedium":{"results":[]},"accordion":{"results":[]},"factoid":{"results":[]},"promobarwithquote":{"results":[]},"oneupmedium":{"results":[]},"oneupmediumquote":{"results":[]},"gridwall":{"results":[]},"twoupsmall":{"results":[]},"oneclicksubscribe":{"results":[]},"promobar":{"results":[]},"promobanner":{"results":[]},"sectionhero":{"results":[]},"threeuplinklist":{"results":[]},"table":{"results":[]},"explainertooltip":{"results":[]},"isFiveFiftyHorizontalArticle":{"boolValue":false},"fiveFifty":{"results":[]}},"contextItem":{"ancestors":[{"breadCrumbUrl":{"path":"/industries/financial-services/our-insights"},"breadCrumbTitle":{"value":"Our Insights"},"isMiniSite":{"boolValue":false},"displayName":"Insights on Financial Services ","template":{"id":"85FF05307883480F9A4C82123F72FFD8"}},{"breadCrumbUrl":{"path":"/industries/financial-services/how-we-help-clients"},"breadCrumbTitle":null,"isMiniSite":{"boolValue":true},"displayName":"Financial Services","template":{"id":"414C6C64AD35440E9668CF39D8A18CCF"}},{"breadCrumbUrl":{"path":"/industries"},"breadCrumbTitle":{"value":"Industries"},"isMiniSite":{"boolValue":false},"displayName":"Industries","template":{"id":"85FF05307883480F9A4C82123F72FFD8"}},{"breadCrumbUrl":{"path":"/"},"breadCrumbTitle":{"value":""},"isMiniSite":{"boolValue":false},"displayName":"Home","template":{"id":"85FF05307883480F9A4C82123F72FFD8"}}]}}},"placeholders":{"main-area":[],"sidebar-area":[]}}]}},"itemId":"b6244823-64e5-47b1-b854-a7bc4481111a","pageEditing":false,"site":{"name":"website"},"pageState":"normal","language":"en","pageMetaData":{"alternateLanguages":[{"languageCode":"en","displayName":"English","url":"/industries/financial-services/our-insights/should-us-banks-be-moving-to-next-generation-core-banking-platforms"}],"currentLanguage":"en","navigationLink":"industries","activeItemId":"{9531F24D-48F8-4DF9-862F-655EC7726EB8}","miniSiteId":"{B36029CE-A40A-447E-AFED-60209DE53CE2}","officeCode":"","officeDisplayName":"","subscriptionPracticeData":null,"isAlaisedPage":false,"originalHostName":"www.mckinsey.com","updatedDate":"2024-06-24T23:14:35Z","createdDate":"2022-07-25T02:27:38Z","practice":{"isDefaultPractice":false,"name":"Financial Services","code":"N15","stickyTitle":"Sign up for emails on new Financial Services articles","stickySubtitle":"Never miss an insight. 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