Overview
A leading retail bank recognized the need to modernize its legacy core banking system, which was rigid, expensive to maintain, and slowing down digital transformation efforts. One of the biggest bottlenecks was client data being tightly embedded in the core, making any updates or changes to customer information slow, costly, and complex.
Coreium implemented a Client Master Data Platform, which allowed the bank to externalize client data from the core system. This transformation helped the bank achieve flexibility, lower costs, and accelerate the launch of new digital banking services.
the Challenge
- Rigid Core Banking System: Client data was tightly coupled with the legacy core, limiting flexibility in modernization efforts
-
High Operational Costs: Managing and updating client data within the core system required extensive customizations and manual
interventions. -
Slow Time-to-Market: New digital initiatives, including omnichannel onboarding and self-service updates, were delayed due to
dependencies on core banking modifications. -
Data Inconsistencies:Multiple systems interacting with the core had different versions of client data, causing reconciliation
issues and compliance risks.
the Solution
Externalized Client
Master Data Platform
The bank implemented an independent Client Master Data platform, effectively decoupling customer data from the core banking system to enhance flexibility and efficiency. By centralizing client information, the platform established a single source of truth, ensuring consistent and reliable data across digital channels and business units. With API-based access, the solution seamlessly integrated with the bank’s modernized ecosystem, enabling smooth data flow and interoperability. Additionally, enhanced data governance ensured real-time updates, consistency, and regulatory compliance, reducing risks associated with outdated or inaccurate information.
This transformation accelerated digital innovation, allowing the bank to rapidly deploy new financial services, including instant client onboarding and personalized banking experiences, without dependency on legacy core modifications.
the Result
- 50% faster digital onboarding, reducing dependency on the legacy core system.
-
30% lower operational costs due to reduced customizations and streamlined data
management. - Improved regulatory compliance, minimizing discrepancies in client record.
-
Greater agility, allowing the bank to rapidly introduce new financial products
without core banking modifications.
conclusion
The bank implemented an independent Client Master Data platform, effectively decoupling customer data from the core banking system to enhance flexibility and efficiency. By centralizing client information, the platform established a single source of truth, ensuring consistent and reliable data across digital channels and business units.
With API-based access, the solution seamlessly integrated with the bank’s modernized ecosystem, enabling smooth data flow and interoperability. Additionally, enhanced data governance ensured real-time updates, consistency, and regulatory compliance, reducing risks associated with outdated or inaccurate information.
This transformation accelerated digital innovation, allowing the bank to rapidly deploy new financial services, including instant client onboarding and personalized banking experiences, without dependency on legacy core modifications.