How One Bank is Looking to Replace Core Banking System

It isn’t often we get insight into how banks look at replacing their core banking system; Union Bank is a $134.7 billion bank and is both co-developing and co-engineering a new core banking system with FIS; it is interesting that they are pursuing this route given just how expensive it can be; over two decades ago it tried to implement Infosys’s Finacle system but that project struggled and was officially shut down in 2011; Christopher Higgins, chief information and operations officer for the bank stated, “The strategic positioning of the company was the driving factor and motivation…that and a recognition that regulatory requirements will become more challenging all led us to the fact that from a business perspective, we need a modern demand deposit accounting system. If it’s not modern and not digital, we will not be able to compete.” Penny Crosman from American Banker has the full story. American Banker

  • With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!

[class^="wpforms-"]
[class^="wpforms-"]