{"id":567090,"date":"2024-01-01T10:13:16","date_gmt":"2024-01-01T09:13:16","guid":{"rendered":"https:\/\/ibsintelligence.com\/?post_type=leadership-interview&p=567090"},"modified":"2025-04-07T11:01:02","modified_gmt":"2025-04-07T10:01:02","slug":"next-generation-core-banking-systems-myles-bertrand-ceo-tuum","status":"publish","type":"leadership-interview","link":"https:\/\/ibsintelligence.com\/leadership-interview\/next-generation-core-banking-systems-myles-bertrand-ceo-tuum\/","title":{"rendered":"Next-generation core banking systems, Myles Bertrand, CEO, Tuum"},"content":{"rendered":"
\"Myles
Myles Bertrand, Chief Executive Officer of Tuum<\/figcaption><\/figure>\n

A survey by Forbes showed that 63% of banks are either in the process of moving their core systems to the cloud or actively planning to do so. Myles Bertrand, Chief Executive Officer of Tuum<\/a> <\/strong>discusses what\u2019s driving this shift<\/em><\/p>\n

Next-generation core banking systems such as Tuum bring a range of infrastructure advantages to the table. First and foremost, they embrace a cloud-native architecture, which is a game-changer in the banking industry. This means they are specifically designed to thrive in cloud environments. It\u2019s worth noting that concerns about cloud security, which were once a major roadblock, have significantly diminished.<\/p>\n

Myles Bertrand, Chief Executive Officer of Tuum explained what NextGen core banking systems offer in terms of infrastructure: \u201cBeing cloud-native goes beyond just being compatible with the cloud; it means these systems are optimised for performance, scalability, and flexibility within the cloud. This ensures that banks can operate with greater agility and efficiency.<\/p>\n

\u201cAnother key feature of next-gen core systems is their API-first development approach. Instead of simply adding APIs as an afterthought, these systems are built around robust, scalable APIs from the ground up. This approach makes it much easier to integrate these systems into larger banking ecosystems and allows for a modular, \u2018plug and play\u2019 approach when incorporating additional solutions and services.<\/p>\n

\u201cAdditionally, next-gen systems adopt a microservices architecture, which is a departure from the monolithic designs of traditional banking systems. This approach breaks down the banking application into smaller, independent services, each with its own specific function. This modularity simplifies management, updates, and scalability of different components without disrupting the entire system. \u201cIn summary, next-generation core banking systems offer a highly scalable and high-performance infrastructure. They empower banks to quickly deploy new products and services, reduce total cost of ownership, and streamline upgrades and maintenance. Furthermore, they provide a future-proof solution that easily scales to support a bank\u2019s growth.\u201d<\/p>\n

The \u2018core\u2019 used to be a monolithic structure. Can you detail how microservices provide a better solution?<\/strong><\/p>\n

\u201cPicture a monolithic application as a single massive block where all its components are tightly connected. If you need to make any changes to even one part of it, you\u2019ve got to redeploy the entire application. That\u2019s risky, time-consuming, and can be expensive. Scaling is no different \u2013 you must scale the whole thing, which is inefficient and costly. Plus, maintaining and updating monolithic applications is a major headache because any change you make affects the entire system. This can slow down innovation, and updates can take ages to roll out.<\/p>\n

\u201cNow, contrast that with a microservices architecture. It\u2019s a whole new ball game. In a microservices setup, the components are like separate puzzle pieces that can operate independently. You can deploy them individually, which means you can scale just the parts you need to, making it super-efficient. If you want to tweak one specific microservice, no worries \u2013 it won\u2019t mess with the rest of your application. And here\u2019s the kicker: if one microservice has a hiccup, it won\u2019t bring down the whole ship because they\u2019re loosely coupled. This setup encourages innovation, speeds up the deployment of new features and services, allows for smoother and more frequent upgrades, and boosts overall productivity. \u201cSo, in a nutshell, microservices are like the superheroes of modern software architecture, making everything more flexible, efficient, and resilient.\u201d<\/p>\n

How are customer expectations driving the development of next-gen core banking?<\/strong><\/p>\n

\u201cWell, it\u2019s all about keeping up with what customers want in today\u2019s fast-changing financial world. You see, traditional banks often struggle to keep pace because they\u2019re still tied to older, clunkier technologies. But customers these days are all about speed and personalisation. \u201cConsumers want their banking experience to be lightning-fast and tailored to their unique needs. They expect to access their finances whenever and wherever they want, whether it\u2019s through a mobile app, a website, or even in person at a bank branch. \u201cThis demand for personalisation and easy access is a big reason why core banking is evolving.<\/p>\n

Customers want everything to flow seamlessly, and they want banks to know them inside out. That\u2019s where things like data analytics and artificial intelligence come into play. \u201cNext-gen banking systems use these tools to offer personalised services like tailored loan offers, investment advice, and top-notch fraud detection. \u201cBut it doesn\u2019t stop there. With the rise of the digital economy, customers are also craving more innovative features like real-time payments and blockchain-based transactions. So, banks are rolling up their sleeves and modernising their core systems. They\u2019re shifting to cloud-based solutions, diving deep into data analytics, and adopting agile methods to boost efficiency, cut costs, and make the customer experience even better. \u201cAnd it\u2019s worth noting that customer behaviour has changed along with expectations \u2013 in the past, people often relied on a single bank or financial institution for all their financial needs. However, nowadays, it\u2019s common for individuals to have multiple accounts with various providers, each catering to specific financial products or services.<\/p>\n

This shift in behavior has made customer retention, or \u2018stickiness\u2019, a significant challenge for banks so they must change to retain as much of the customer wallet as possible. \u201cIt\u2019s all about giving customers what they want in today\u2019s digital age \u2013 faster, smarter, and more personalised banking services.\u201d<\/p>\n

Does the flexibility of a next-gen core allow for continuous development and upgrading?<\/strong><\/p>\n

\u201cWith a next-gen banking core you can tweak, update, or expand just one piece of the puzzle (a microservice) without causing a ripple effect throughout the whole application. It\u2019s like upgrading a single piece of software on your computer without having to restart the entire thing. \u201cThis nifty feature is a game-changer because it lets banks keep improving their services without causing major disruptions. It means they can roll out upgrades more smoothly and keep their systems up to date without a hitch. So, yes, the flexibility of next-gen core banking systems is a big thumbs-up for continuous development and seamless upgrades.\u201d<\/p>\n

Take up of next-gen core systems is growing fast, what are your expectations for the market in 2024?<\/strong><\/p>\n

\u201cThe banking landscape is shifting at warp speed, and the future belongs to next generation banking core systems. These systems are like the engine propelling banks into an era of agility, customer centricity, and cutting-edge technology.<\/p>\n

\u201cI expect to see increased adoption of cloud solutions by banks. They\u2019re moving their core operations to cloud platforms to unlock the scalability and flexibility discussed earlier, all while keeping up with the ever-evolving demands of their customers. And, of course, cost efficiency is a big motivator too. \u201cNow, when we peer into the crystal ball, we see even more AI and ML technologies getting cozy with core banking systems. These smart technologies are all about making banking safer with top-notch risk management, supercharged fraud detection, personalisation that feels like a tailor-made suit, rock-solid security, and operational efficiency that\u2019s smoother than ever. \u201cAnd we will see more collaboration between banks and FinTechs driven by open banking. And guess what? Next-gen cores, especially those like Tuum that are API-first and modular, are like the glue that holds this collaboration together.<\/p>\n

\u201cLastly, new revenue models in banking, like Banking-as-a-Service and embedded finance. will become more evident in 2024, opening new horizons for banks and customers alike. \u201cBanking is evolving, and next-gen core systems are leading the charge into a future where banking is smarter, more efficient, and more accessible than ever before.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

A survey by Forbes showed that 63% of banks are either in the process of moving their core systems to the cloud or actively planning to do so. Myles Bertrand, Chief Executive Officer of Tuum discusses what\u2019s driving this shift Next-generation core banking systems such as Tuum bring a range of infrastructure advantages to the […]<\/p>\n","protected":false},"author":12,"featured_media":567093,"template":"","categories":[],"tags":[],"class_list":["post-567090","leadership-interview","type-leadership-interview","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nNext-generation core banking systems, Myles Bertrand, CEO, Tuum<\/title>\n<meta name=\"description\" content=\"Next-generation core banking systems such as Tuum bring a range of infrastructure advantages to the table. 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