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A core system needs to be robust and have the flexibility and capacity to modularize and standardize processes. It needs to be able to address the needs of demanding and diverse customers and roll out new products quickly and efficiently. The processes a back office handles must be standardized across borders, products and legal frameworks. Using IT architecture based on SOA allows banks to align their IT landscape with the business operating model. This helps banks assure customer-centricity, product innovation, straight-through processing capability, while ensuring scalability and lower costs. Banks need to urgently look at modernizing their core if they want to bring their operations in line with market requirements.
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