Core banking is the central processing unit of a bank. Banks, with the help of software vendors, have found the opportunity to leverage multiple channels in order to deliver products and facilitate transactions. What was once a system heavily reliant on paper-based operations has now been revolutionized by digital alternatives, bringing a new wave of automation. Efficiency and increased productivity are the standards. Branch networks are increasingly able to utilize the cohesive properties of new core systems.

In a new report, Core Banking Solutions for Large Banks: A Global Perspective, Celent compares a range of solutions that have a sizable presence with larger banks, specifically those solutions that have more than 20% of their clients with more than $20 billion in assets or more than 10 clients over $100 billion in assets. In this report, Celent also covers solutions where more than 10% of the banks are located in regions other than North America. Celent has created a map of core banking vendors and then ranked these vendors using its ABCD Vendor View. XCelent Awards are given to the leading solutions within four categories.

“The main drivers for core replacements are numerous,” says Bart Narter, Celent Senior Vice President and coauthor of the report. “The most obvious is modernization; providing a more cost effective and efficient way to run core processes. The importance of analytics and its application with regard to the view of the customer and customer service can also be a sub driver for core modernization.”

This is one report in a series on core banking. Other reports include:

• Core Banking Solutions for Small Banks: A Global Perspective
• Core Banking Solutions for Midsize Banks: A Global Perspective
• Core Banking Solutions for Midsize and Large Banks: A North American Perspective
• Core Banking Solutions for Small Banks: A North American Perspective
• Big Leagues Table 2012: Global Core Banking Sales Ranking