Ellen Joyner Roberson

The rhythmic jingle of coins, once a constant companion to commerce, is fading into a fading memory. The rise of contactless payments and digital wallets has relegated the ubiquitous coin to an increasingly uncertain future. This trend compels us to consider a thought-provoking question: are we witnessing the end of an era, akin to the pivotal shift from bronze to iron?

As financial institutions look forward to setting their strategies for 2024, many are now working under the assumption that the elevated interest rate environment will be the new normal for the foreseeable future. For the small business banking sector, things at first glance may seem particularly grim. A survey of senior loan officers by the Federal Reserve Board in May 2023 showed that nearly half of financial institutions are tightening loan standards for small businesses.

Traditionally, Core banking Systems are developed using Mainframe technologies which leverages batch processing for multiple banking operations. Batches were developed due to the manual processes and operating hours of banks were limited. Batch processes are nothing but scheduled processes which executes series of steps at defined time.