A Major Step Improvement Has Arrived


As a collective industry, more than US $100 billion is spent annually by financial services organizations building and maintaining their mission critical core processing systems, an amount far greater than the annual spend on value-added software for tasks like business intelligence, financial management or customer relationship management. And while technology costs have fallen steeply over the years, the cost of core processing technologies have steadily risen.

SlaterLabs believes the vast majority of banks are eager to change their Corebanking solutions simply because they have outlived their usefullness.
 
In basic language, older systems depict banks in terms of the data they process rather than the businesses they operate. These systems are referred to as Data Centric rather than Process Centric, and the difference is considerable. Building Data Centric Systems was necessary 20 years ago, when data processing and data storage costs were astronomically high. Today, they definitely are not. Both are in adundance and they're cheap.

So why are banks still paying the costs of 1980's and 1990s technologies? Because until now, there wasn't a viable alternative!