Launch of the Credify Platform
The truth is, we’re living in an era of accelerated innovation. Within a relatively short span of time, GPS apps have replaced maps and streaming services have made CDs obsolete.
Yet at many organizations, it can be surprisingly difficult to bring new ideas to life.
How can this be?
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The problem of legacy system
Why do some companies still use legacy systems, especially with the rise of cloud computing and the availability and affordability of thousands of highly useful SaaS applications? A legacy system is considered as an old method or an out-of-date system or software application that continues to be used by an organization.
An astounding 97% of surveyed IT leaders say legacy technology is holding them back.
The use of Legacy System has raised concerns over Poor Customer Experience, High Operational Cost, Slow market leads etc. just to mention a few. The vast majority of established banks and other financial institutions, particularly in Ghana, have complex and fragmented legacy IT architecture pre-dating the digital era that is inflexible and expensive to run and maintain.
There is a huge consumer banking opportunity in Africa which is caused by the lack of accessible retail banking infrastructure services.
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What solutions are there and what are the shortfalls.
Replacing a legacy system is challenging, costly, and time-consuming. That is why it is essential to assess key aspects, such as:
- The legacy system condition
- The business needs
- The acceptable risks levels.
Legacy system modernization is more than just updating the system. It is about bringing the entire organization to meet the digital environment.
It is common for the expense of accessibility to be stated as the rationale for the lack of progress or improvements. However, when the market potential, cost savings, and other benefits are carefully considered, the justification for creating accessible banking and financial interfaces is very clear.
How Credify is changing the microfinance and credit union space.
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There’s no denying that business leaders drive innovation at their companies. But they need the latest technologies to enable and support this innovation.
Credify software architecture supports an all-inclusive core banking platform to engage more with clients, reduce the risk of fraud and also be digitally oriented to the ever-changing taste of customers. The platform uniquely delivers a cloud-native Core as a Service, enabling banks and other financial institutions to quickly innovate new products, services, and economics — without technology upheaval.
Our Core as a service model is consumption-based and built for speed, providing an agile and cost-effective platform for banks and financial institutions to develop and get to market faster.
With the Credify Platform, be sure of constant Customer support, Data Migration, and Onboarding.
Our team of specialists are on hand to support every stage of your digitalisation journey.
Legacy systems are critical to day-to-day operations, so their migration and replacement must be carefully assessed and planned to minimize potential risks. The right technology partner who has the right domain expertise is very critical for this huge transformation of the legacy system. With the Credify platform, decision-makers get not just the right technology but the right team to guide them through their digitization journey. Want to book a demo of our platform or just have a feel. Send us an email at tech@credify.cloud or visit our website Credit.Cloud.
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