The Evolution and Future of the Core Banking Industry: Lessons from Bankware Global

The study examines the Korean core banking industry's growth from Bankware Global to the present and its future problems. To this end, in-depth interviews with insiders and various data are analyzed to view the historical development of core banking, focusing on Bankware Global, a leader in 'cloud-based core banking', and its competition and strategic direction. This study will reveal the strategic importance of shifting core banking to the cloud and its consequences for bank and financial institution managers. Bankware Global was founded as banks and financial firms moved their computing infrastructure to the cloud from the fourth to the fifth generation. Based on a cloud-based core system, Bankware Global's core banking solution can easily assemble and grow financial goods and business operations including banks, cards, and capital. Bankware Global's flagship products support the most technologies compared to competitors, and its customized development method gives it a competitive advantage in quality, price, and time saved by more than 30%. These features should help Bankware Global maintain its lead in the limitless financial software market, which has no borders or large and small scale.