Cedar-IBSi NextGen Core Banking Summit

Given the rising competition in the banking industry and Neo-banks winning market share, traditional banks are becoming increasingly concerned about their core systems’ limitations and relatively slow pace of change. Preferences across Cloud-native architecture, SaaS platforms, customer-centricity, and the recurring themes of Hollow-the-Core have significant implications on core banking.

This 2nd edition of the NextGen Core Banking Summit in London explores the perspectives drawn from industry leaders in global banks and technology players. We discuss their opinions on a wide range of topics and reflect on emerging technology trends and their wide-ranging implications on the industry.

NextGen Core Banking

Banking across the globe is being re-imagined by a combination of technological innovations and evolving customer expectations. The rise of digital banking has fundamentally altered the landscape of the banking industry, with traditional banks now facing competition from agile FinTech startups who are offering innovative products and services. The move towards open banking has also been a significant contributor in driving next generation banking in the European region.

At the heart of this transformation are the NextGen core banking systems that provide banks with a cloud-based, modular, and flexible banking infrastructure. An analysis of global NextGen Core system deals, based on IBSi’s proprietary SalesVision data, shows a notable increase in the sales of NextGen Core systems, from just 1% in 2017-2019 to 15% in 2020-2022.

These agile systems support APIs allowing banks to scale operations rapidly, add new functionality, and integrate applications and services with ease. More than half of the respondents in a recent poll conducted by IBS intelligence, identified “Microservices and API connectivity” to be the most important attribute of modern core banking systems.

NextGen core platforms also offer real-time processing capabilities that enable banks to process transactions instantly and use machine learning and AI to automate processes and make data-driven decisions.

Overall, NextGen core banking systems provide banks with a comprehensive ecosystem that meets the needs of today's customers, allowing banks to respond quickly to changing market conditions. The Cedar-IBSi NextGen Banking Summit explores this fascinating evolution with perspectives drawn from industry experts across global banks and technology players sharing their views on a wide range of topics, reflecting emerging technology trends and their wide-ranging implications on the industry.