INTEROPERABILITY AND DATA MODERNIZATION: BUILDING A CONNECTED BANKING ECOSYSTEM

This comprehensive article explores the transformative journey of banking institutions as they navigate the intersection of data modernization and interoperability. The article examines how financial institutions leverage cloud computing, artificial intelligence, and digital technologies to enhance operational efficiency, improve customer experiences, and maintain competitive advantage in an increasingly digital marketplace. Through detailed case studies and industry analysis, it investigates the challenges of legacy systems, the benefits of cloud adoption, and the strategic importance of technological transformation in banking. The article particularly focuses on how modernization initiatives are reshaping cross-border payments, risk management, and customer service delivery while highlighting the crucial role of cloud computing in enabling banking interoperability. It also provides insights into future banking trends, emphasizing the growing importance of embedded finance, ecosystem partnerships, and sustainable banking practices in shaping the industry's future.