Banks' Big Upgrade: Meet Real-Time Processing

CWmike writes "It has been years since the banking industry made any large investments in core IT systems, but some of the largest financial services firms in the U.S. are now in the midst of rolling out multi-million dollar projects, say industry experts. About a decade ago, they began replacing decades-old Cobol-based core systems, with open, Web-enabled apps. Now, they are spending more than $100,000,000 to replace aging systems, converting to real-time mobile applications for retail services such as savings and checking accounts and lending systems. The idea behind going real-time: Grab more business — and money — from customers. 'Five of the top 20 banks are engaged in some sort of core banking replacement and we expect to see another three or four in next 12 months,' said Fiaz Sindhu, who leads Accenture's North American core banking practice. 'They're looking at those upgrades as a path to growth.'"