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Why Core Modernization and Cloud Migration Matters For Banks

Banks are seeking to ramp up embedded finance offerings, with 92 percent of banks1 reporting that they are currently or planning to implement embedded finance experiences. However, embedded finance capabilities can be difficult or impossible to build and run on the outdated core systems that many financial institutions still rely upon. Cloud migrations can offer banks an efficient way to upgrade their core systems and enable embedded finance solutions–and banks are taking notice. Eighty-two percent of FIs plan to migrate more than half of their core systems to the cloud over the next two to five years, including one in four that plan to move more than three-quarters.2

In this report, you’ll learn more about:

  • How embedded finance and cloud technology can improve banking

  • The risks banks face by relying on legacy banking systems and how cloud banking can effectively upgrade core infrastructure

  • How banks can leverage cloud technology and embedded finance to drive digital payments

1PYMNTS, Meeting the Challenge of Payments Modernization 2Accenture, The great cloud mainframe migration: what banks need to know