This BCG white paper outlines why Southeast Asian banks must urgently modernize legacy Core Banking Systems (CBS) to stay competitive. Aging, batch-based platforms hinder agility, scalability, integration, and real-time data use. Eight key imperatives drive change: rising customer expectations, digital competition, new revenue opportunities, data-driven operations, advanced technologies, cost efficiency, regulatory demands, and employee expectations. Modern CBS enable agility, resilience, and innovation, supporting open banking, embedded finance, hyper-personalization, and operational efficiency—turning modernization from a tech upgrade into a strategic business necessity.

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