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
