“In a rapidly changing business environment driven by digital disruptions, banks must upgrade their legacy IT to state-of-the-art core banking systems in order to be agile and seize the benefits of the digital era,” says Jayajyoti Sengupta. “A strategically planned approach to updating legacy systems can cost-effectively transform [resources]. Banks can then use these savings to embark on digital transformation journeys that will enable them to meet current and future business needs.” Excerpts:
“In May, as part of its comprehensive re-engineering initiative, Julius Baer's Asia divisions completed the migration of the core banking system to Temenos WealthSuite. Nic Dreckmann, Julius Baer's COO, told Asian Private Banker that the move was to replace the core banking system which had reached its end of life with Temenos T24 in Singapore and Hong Kong.
As part of the team to help Julius Baer implement the migration, Cognizant said the new core enables the Swiss pure play to offer a wider, more sophisticated range of products and services which can be better tailored to client needs while also reducing products’ go-to-market time.
‘Through a combination of acquisitions and organic growth, [Julius Baer's] business footprint has grown significantly over recent years. As it continues on this growth path, the bank recognised the need to have the necessary platform to help with increased transaction volumes and scale. The new core banking platform will help enhance and transform the services that Julius Baer provides to its clients and augment the digital service channels,’ Sengupta said.”
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