In the quest to remain competitive, banks need to respond to a rapidly changing landscape in the industry. However, there is no doubt that aging and complex core systems are causing problems to banks, demanding immediate attention. But, a full ‘rip and replace’ is not a strategy that works for all banks, given the time, complexity and potential risks involved. Banks need to be able to infuse digital into aging core applications to quickly increase IT flexibility, speed and efficiency.
Axxiome Digital augments existing legacy systems at banks with a new digital layer that sits on top of legacy IT. Designed on a microservice and open API based architecture, Axxiome Digital enables banks to capitalize on the growing FinTech ecosystem, quickly launch new products and lines of business, and explore new business models that attract new customers. Through its componentized model, Axxiome Digital allows banks to target and resolve specific problem areas individually and in an incremental fashion – be it with the customer facing digital channels, systems in the branch, or in the back-office. With a wide array of connectivity, banks can seamlessly integrate with channels in the front-end, transactional systems in the backend and third-party systems including those from FinTechs. Further, Axxiome Digital comes with a predefined data model that extracts and stores data from across the bank’s ecosystem, which can be leveraged in near real time reporting, analytics and data-driven business decision making. Axxiome Digital is also cloud-ready so banks can leverage the efficiency, scale and the powerful computing power of the cloud.
Simply, Axxiome Digital is designed to transform the previously unyielding legacy core system into an efficient digital infrastructure that fuels innovation and growth.