I worked in digital banking at a Hong Kong bank (using Temenos). Anything the bank wanted to do had to adapt to the core banking software. Asking for a change in the core banking system was impossible. The bank could fire 50% of the staff and everything would be fine, but they won't be able to replace the core banking software.
A lot of bargaining power as a core banking system vendor.
Thanks for the write-up!
I worked in digital banking at a Hong Kong bank (using Temenos). Anything the bank wanted to do had to adapt to the core banking software. Asking for a change in the core banking system was impossible. The bank could fire 50% of the staff and everything would be fine, but they won't be able to replace the core banking software.
A lot of bargaining power as a core banking system vendor.
Thanks, great colour.
Jack Henry execs are fond of describing a switch of core system as like open heart surgery for a bank — not something to undertake lightly.
Thank you for a nice deep dive!
Very insightful!