Our core banking system services
MINDSPIRE Consulting provides professional and segment-specific IT system integration services for Hungarian and European banks.
Discover our CBS services!
Challenges with CBS projects
Is the practical experience required to plan the fundamental architectural transformations related to CBS available within the organization?
Do you have sufficient and experienced internal resources available to transform your Core Banking System?
MINDSPIRE Consulting’s answers to the above challenges
Of the services related to Core Banking Systems, usually fundamental architectural transformations represent the greatest professional challenges. These include replacing or upgrading banks’ account management systems.
Based on our decades of experience, we can assume full professional responsibility for the delivery, while performing our assignment to transform a CBS. According to the feedback of our clients, this is a unique distinctive value we can be proud of.
Using MINDSPIRE’s practice-proven and regularly updated core banking transformation methodology, our experts can significantly reduce the expenditures allocated to strategic planning of financial institutions and help to eliminate infeasible ideas at an early stage.
MINDSPIRE Consulting’s banking IT system integration services primarily include support for system analysis, project management, test coordination, creating functional specifications and testing tasks. We also coordinate the involvement of additional experts participating in the transformation projects of financial institutions, identify technical focal points, pinpoint issues requiring management involvement and develop possible solutions.
In addition to our integration services related to Core Banking Systems, our company also provides professional and industry-specific Banking Data Migration and Banking Project Management Office (PMO) support to financial institutions in the region.
Overview of MINDSPIRE’s core banking transformation services
As an external banking system integrator, our company provides methodological guidance and delivery capacity to our financial institution clientele. Throughout the core banking system integration projects, we support the timely exploration and appropriate addressing of banking and IT interdependencies, as well as the successful execution of the complex task.
If required, our CBS experts contribute to the efficient fulfillment of the tasks following the existing internal methodology, based on the approach desired by the client.
We are also open to contribute to the development, adaptation and implementation of the CBS delivery methodology.
Upon request, we can also execute the integration tasks of the entire core banking system, even within a fixed-price contractual agreement. In this case, the integration of the bank employees into the team executing the tasks is also possible. Based on our experience, this effectively supports bank employees to gain practical knowledge and helps with their professional development. This will also facilitate the successful in-house solution of less resource intensive maintenance tasks in the future.
Following the completion of our tasks related to the integration of core banking systems, typically it is not necessary to employ an external maintenance team. In our opinion, after obtaining the results delivered, the organization should be able to perform its CBS tasks independently, relying on internal resources and the acquired knowledge. Accordingly, our experts usually work on a project basis and provide ongoing support with the Core Banking System only in case the client specifically requests such services.
MINDSPIRE core banking transformation methodology
1. Developing the core banking transformation strategy
Experts from MINDSPIRE Consulting in recent years have been involved in a number of strategic planning projects preparing the transformation of banking enterprise architecture with regards to core banking systems.
Based on our extensive practical experience, we developed a number of proposals in the first phase of the methodology for the planning of the core banking transformation strategy.
2. Preparing the core banking transformation
Following the refinement of the strategic directions, and after the relevant decisions, but before the GAP analysis it is worthwhile to carry out a few additional preparatory steps.
With the help of these, during the execution of the core banking transformation projects, it is possible to reduce the extent of the challenges caused by the transformation, the cooperation of large teams will become more efficient, and high-level goals and tasks will be clearly identifiable for the participants.
3. Implementing the core banking system transformation
Following the strategic decision-making and executing the preparatory steps MINDSPIRE’s core banking system transformation methodology divides the implementation into the following five phases: 1. Analysis, 2. Planning, 3. Development and testing, 4. Data migration, 5. Cutover or go-live.
In fact, this seems to be a waterfall model approach, which we believe has no real alternative during the high-level task planning. In the case of phased projects, the segmentation is more detailed since a high level iteration is given in the first place. However, during the implementation there is no doubt of the legitimacy of iterative or agile practices.
4. Maintenance and support of core banking systems
Following the transformation of the core banking system, or more precisely between two major modifications, banks are almost constantly making smaller or larger improvements to their account management systems besides maintenance. For these developments, MINDSPIRE Consulting can provide business analysts and system analysts to prepare for the enhancements and to verify the completed applications. In addition, our team of experts can provide business and technology support for small and large banking software developments.
WHY CHOOSE MINDSPIRE’S CBS SERVICES?
MINDSPIRE Consulting is capable to take on the role of a full integrator based on its knowledge about various core banking systems (e.g., Flexcube, T24, Murex, CAMS and SMAC), its own CBS implementation methodology and also its efficiency-enhancing tools that can handle even the most complex changes of banking systems.
We offer our own CBS transformation methodology tested in many core banking projects to our clients.
Our experts reduce the cost of strategic planning using our CBS methodology.
By using our templates, core banking transformation projects can be executed more efficiently.
Our self-developed tools can reduce the risks of CBS transformation projects.
We have participated in a number of successful core banking transformation projects in Hungary and the region.
Successfully Delivered Core Banking Transformation Projects
Countries of CBS deliveries so far
Number of our Core Banking consultants
CBS related experience in man-years
WHAT DO WE OFFER?
Experience with CBS
We have developed standard templates and tools for the most challenging core banking transformation tasks.
MINDSPIRE Consulting’s core banking transformation team of more than 80 experts has proven its effectiveness on several occasions.
Our consultants have gained extensive, practical experience throughout our previous successful core banking transformation projects.
Our Core Banking System Tools
Our proprietary tools support our core banking transformation experts in the efficient and successful execution.
TRANSPORT Tool: MINDSPIRE’s core banking parameterization and environment synchronization solution.
FlexServices: An additional layer for FlexCube’s native web services.
CBS Methodology
A core banking transformation methodology package with tools and templates to reduce the classic project implementation risks, which has been proven many times in practice.
With the help of our regularly updated core banking transformation methodology, the financial institutions’ expenses allocated for strategic planning can be significantly reduced.
With the application of MINDSPIRE’s core banking transformation methodology, unfeasible ideas can be identified and excluded in time.
Our latest Banking Transformation References
You can find more information about our Banking Transformation Services here:
With MINDSPIRE’s efficient and proven Oracle FLEXCUBE Parameter TRANSPORT Tool, you can radically mitigate the risks involved in FLEXCUBE parameterization processes and reduce the overall costs of your implementation project or business-as-usual parameter changes.
See TRANSPORT in action
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Basic definitions of core banking system services
Core banking system definition
The meaning of a bank account management system is explained here as: „Gartner defines a core banking system as a back-end system that processes daily banking transactions and posts updates to accounts and other financial records. Core banking systems typically include deposit, loan and credit processing capabilities, with interfaces to general ledger systems and reporting tools.”
According to a MINDSPIRE consultant expert in core banking systems, “Any solution containing analytical data related to customer contracts can be considered as a core banking system.“
As stated by András Breuer, former head of MINDSPIRE’s core banking services: “Core banking systems are where the money is.”
Even this last – perhaps overly simplistic – definition has helped to determine on a number of occasions whether a particular solution can be considered to be a core banking system or not.
Some examples of core banking systems:
- account management system
- credit / loan management system
- credit card account management system
- treasury position management system
- investment account management system
- payment system
- card transaction processing system
On the other hand, the following solutions are not considered parts of the core banking system:
- e-bank
- mobile bank
- ERP system
- data warehouse (DWH)
Core banking systems
Our related services
Preparing the core banking transformation
Executing the core banking system transformation
Maintaining and supporting core banking systems
Capabilities of Core Banking Systems
Definition of the Core banking transformation
In our view, core banking transformation includes those architectural changes and alterations that fundamentally affect the services provided by the account management systems.
These, for example, include the following activities:
- Core banking system introduction.
- Core banking system replacement.
- Core banking system upgrade.
- Outsourcing business capabilities and functions supported by a core banking system to other system(s) (such as creating an independent credit account management, a central customer base, a payment hub, or an account holder registry).
According to another approach, if extensive and integrated regression testing has to be performed on the functions of the core banking system, then these are typically core banking transformation tasks.
The core banking transformation activities include strategic planning, operative preparation, system development and system integration during the execution, tasks related to the go-live and support for the initial period.
Core banking transformation
Our related services
Performing business analyst and systems analyst tasks.
Project Management Office (PMO) services tailored to the banking environment.
Professional Data Migration Services.
Definition of Core banking system integration
According to the Wikipedia definition, “System integration is defined in engineering as the process of bringing together the component subsystems into one system (an aggregation of subsystems cooperating so that the system is able to deliver the overarching functionality) and ensuring that the subsystems function together as a system. In information technology as the process of linking together different computing systems and software applications physically or functionally, to act as a coordinated whole.”
Gartner defines system integration as: “The process of creating a complex information system that may include designing or building a customized architecture or application, integrating it with new or existing hardware, packaged and custom software, and communications. Most enterprises rely on an external contractor for program management of most or all phases of system development. This external vendor generally also assumes a high degree of the project’s risks.”
Banks use hundreds of different applications to provide the business capabilities which they serve their customers with. Core banking systems typically have hundreds of direct interfaces with about 15-20 percent of all applications.
During a major core banking system transformation, almost the entire architecture of the financial institution and nearly all banking processes are affected indirectly. It is therefore especially important to address the interdependencies in fundamental banking or IT topics with appropriate care.
For most banks the transformation of the core banking system takes place only every 15-20 years. In the meantime, the bank’s internal experts operating the account management systems are working on tasks of much lower complexity. Such projects require to oversee a much smaller section of the entire banking operation at a time, therefore maintenance and minor changes typically require fewer resources.
Core banking system integration
Our related services
Providing methodological guidance and delivery capacity.
Timely exploration and proper management of banking and IT interdependencies.
Developing, adapting and implementing the delivery methodology.
Performing integration tasks for the complete core banking system.
