Keytrade Bank, an online bank based in the Benelux region, has announced its transition from legacy core banking technology to a modern, cloud-based platform. In this article, we will examine the details of this transition, the reasons behind it, and the potential impact it may have on Keytrade Bank and the broader banking industry.
Keytrade Bank’s legacy core banking system
Keytrade Bank has been operating with a legacy core banking system that has been in place for many years. While the system served its purpose for a long time, it lacked the scalability and flexibility required to keep up with the ever-evolving banking industry. This inevitably led to the decision to move to a more modern, cloud-based platform.
Replacement with Infosys Finacle’s core banking software as a service
Keytrade Bank has selected Infosys Finacle’s core banking software as a service (SaaS), a cloud-based solution designed to offer greater flexibility and security. This platform will allow Keytrade Bank to streamline its operations, reduce costs, and improve the customer experience.
Hosted in the public cloud with Microsoft Azure
Keytrade Bank will host its new core banking system in the public cloud using Microsoft Azure. This move provides the bank with additional benefits such as increased security, scalability, and reliability. By leveraging the public cloud, Keytrade Bank will also be able to reduce the time and cost required to maintain its IT infrastructure.
Keytrade Bank has about 130 staff and is headquartered in Brussels. The bank was founded in 1998 and has since focused on providing a simple, transparent, and affordable banking experience to its customers. With the move to a modern core banking platform, Keytrade Bank aims to enhance its capabilities and become even more competitive in the market.
The CEO’s perspective on the project
Thierry Ternier, the CEO of Keytrade Bank, believes that this project will strengthen the foundation of the company and make it more future-proof. He believes that this move to the cloud-based platform will enable the bank to offer more personalized and innovative products and services to its customers.
India-based IT services firms’ growth in Europe
This deal is yet another example of the growth of India-based IT services firms in Europe. These firms have been expanding their presence in the European market and winning more contracts from businesses across various industries. Infosys Finacle, the subsidiary of Infosys that provides banking software solutions, has been working with several European banks in recent years to help them modernize their systems and stay ahead of the competition.
Infosys Finacle is committed to helping European banks stay ahead in the digital age
Sanat Rao, the global head of Infosys Finacle, has stated that this deal underlines the company’s commitment to helping European banks stay ahead of the digital age. He believes that the partnership with Keytrade Bank will enable the bank to leverage the latest technologies and offer a world-class banking experience to its customers.
The increasing trend of replacing legacy core banking systems with cloud-based alternatives
Legacy core banking systems are becoming increasingly outdated and are being replaced with cloud-based alternatives. The cost savings associated with maintaining in-house core banking systems are becoming less and less viable, and cloud-based solutions offer greater flexibility and scalability. As more businesses begin to adopt cloud-based core banking systems, we can expect to see a more robust and competitive banking industry.
Banks are rapidly adopting cloud-based core systems in response to competition from fintech companies
Banks are facing increased competition from fintech companies that offer innovative products and services at a lower cost and with greater convenience. To stay competitive in this market, banks must adopt the latest technologies and offer a seamless, personalized customer experience. Cloud-based core banking systems are ideal for achieving this, as they enable banks to be more agile and responsive to changing customer needs.
The popularity of cloud-based software-as-a-service options among smaller banks with limited resources is increasing
Smaller banks, such as Keytrade Bank, often lack the resources to maintain their own IT infrastructure. Because of this, they are turning to cloud-based software-as-a-service (SaaS) options that enable them to leverage the latest technologies without incurring high costs. This trend is likely to continue as more businesses move their operations to the cloud.
In conclusion, Keytrade Bank’s move to cloud-based core banking technology is a significant step for the company. This move will enable it to become more competitive and offer a better banking experience to its customers. As more businesses adopt cloud-based core banking systems, we can expect to see a more efficient and innovative banking industry. Ikano’s recent move to a cloud-based core banking system from Tata Consultancy Services is further evidence of this trend. It shows that banks are becoming increasingly aware of the benefits of modernizing their systems.