Over the weekend at the iValley Innovation Center, we rolled up our sleeves during CeleritiFinTech's Hogan® Core Banking System Hackathon and showed that legacy IT systems don't have to be a roadblock to innovation and developing an overall better banking experience for customers. We were thrilled to win one of the top awards for our prototype that connected a back end core banking system to our front end Virtual Employee Megan for a value-added customer conversation.
Kudos to the CFT team for sponsoring the Hackathon as a forum for fintechs to show how new ideas and technologies can modernize the way we all interact with financial institutions by starting with a core IT system that is in place at institutions across the country.
We often hear comments that the "complexity" and "dated" nature of legacy core banking IT systems prevent innovation and better customer experiences. This weekend we all took a significant step forward in proving that doesn't have to be the case.
We know an era of conversational banking is possible given advances in natural language technology, machine learning and robotic process automation (RPA). Megan brought that concept to life this weekend as she connected with the core banking system data to not just answer questions -- but also provide spending analysis and proactive, actionable recommendations for the customer to save money with a better fitting product.
We're looking forward to demonstrating a lot more about the potential of conversational banking.