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This report, "Omdia Universe: Cloud-based Core Banking, 2023" by Philip Benton and Ouliana Smith, provides an overview of the current state of cloud-based core banking systems. The report highlights the limitations of legacy, monolithic core banking systems and the benefits of modern, cloud-based solutions that are flexible, customizable, and drive product innovation. The report is intended to help C-level executives and core banking heads identify vendors and solutions to consider when replacing their legacy systems. The report also notes that digital transformation is a key theme in the financial industry in 2023, with banks investing heavily in modernizing their systems and shifting to cloud-based applications. The report concludes that banks are aware of the need for digital transformation and the importance of upgrading their core banking systems in order to remain competitive.