I’ve previously covered the evolution of banking technology and why almost every bank has multiple cores. So, analogies of “changing a plane’s engine whilst in flight” or “heart surgery with the patient watching” don’t really get across the full complexity of changing core banking systems.
However, not every bank has developed their own core banking system, mainly because previously only the largest banks could really afford to do so. Smaller banks and mutuals either “rented” a system or they bought a packaged solution from a core banking solution provider. Either option was deemed cheaper, faster and easier.
