The next generation of composable banking processes built upon MongoDB
The financial services industry is in a phase of transition. Challenger banks and Fintechs are introducing new products at high speeds which requires established players to review their existing information landscapes. Often driven by regulatory and compliance changes, many systems, originally designed for never-changing processes, become the static throttle against innovation. Nothing more so than the so-called core banking systems that are the backend of all accounting and can reach back to the 1970s in their designs.
Thanks to the progress of software design and the emergence of better data infrastructure based on JSON, the next-generation of composable core banking processes is here, and it’s built on a paradigm of a developer data platform.
In this whitepaper, explore the following:
- Chapter 1: the history of core banking and how the industry has evolved, as well as some of the challenges that traditional core banking systems face
- Chapter 2: take a closer look at the current state of core banking and some of the solutions that are available
- Chapter 3: explore the building blocks that are necessary for a composable ecosystem – we focus on four key building blocks: JSON, BIAN, MACH, and Data Domains and how these technologies can be used together to create flexible and scalable core banking systems
- Chapter 4: learn about real-world use cases for how MongoDB can be used to power core banking systems