From Imperative to Opportunity – Migrating to TEMENOS T24 to optimize Core Banking
A financial institution’s strength and agility depend on its fundamental banking infrastructure. Legacy core banking systems have provided many top international banks with a solid platform for achieving extraordinarily effective and efficient operations. However, many outdated systems today require replacement for various reasons, including poor scalability, insufficient functionality, and loss of vendor support. Regardless of the cause, obsolete core banking systems make it increasingly difficult and costly for banks to keep up with the complex, fast-changing banking environment in which they operate.
As with any complex platform, T24’s usefulness depends on the quality of its implementation and interaction with a bank’s existing systems and business processes. Maveric Systems provides comprehensive T24 implementation services that enable banks to maximize the benefits of a legacy system migration. By collaborating with Maveric Systems, banks can do more than replace their present platform; they can establish a core banking system environment that is less complex, more efficient, highly flexible, and responsive to the dynamic banking sector.
The future of banking is strongly driven by cloud migration, putting T24 at the heart of digital core transformation.
Methods that combine increasingly relevant, data-driven services tailored to the individual are at the core of all approaches to an evolving industry landscape. Going digital improves efficiency, agility, and competitiveness, and putting the cloud at the center provides benefits across multiple areas.
The first is data. Banks collect and store large quantities of data, necessitating ever-increasing computing power to operate programs that extract its value. It is not viable to expand on-site data lakes and analytics. Becoming a data-driven bank at scale requires leveraging the cloud’s elastic storage and computing capabilities to circumvent technical limits and unleash limitless analytics.
The second component is time to market. Standard cloud services enable banks to quickly deliver digital products and services to customers and capitalize on new income opportunities. The third is exponential innovation, which refers to occasionally building something entirely new, such as creating a neo bank, instead of simply updating the present firmly. Startups know that public cloud solutions make launching digital business lines less expensive and more efficient.
Another advantage is the transformation of the cost curve. Our experience indicates that the cloud can reduce hardware, software, and support expenditures by up to forty percent.
Like other parts of modern life, modern banking necessitates advanced technology. Your organization needs an intelligent core banking solution to handle operations from both the back end and the front end while also satisfying the requirements of both internal and external users. However, adopting a Temenos Transact (previously Temenos 24 or T24) core banking solution is a complicated process fraught with numerous risks and obstacles.
To achieve total confidence in a successful Temenos implementation, it is essential to perform robust software testing and quality assurance procedures to identify and prevent faults and failures. Obtaining enterprise-level quality assurance is a task in and of itself, requiring specialized expertise and digital technologies. With a system like Temenos Transact, manual software testing is too time-consuming and wasteful for a project of this nature.
About Maveric Systems
Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.
Across retail, corporate & wealth management, Maveric Systems accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.
With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric Systems teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.View