I know it sounds counter-intuitive, but Canada is hotter than the United States, at least when it comes to core banking. After visiting clients and prospects in Canada it is clear that core banking is heating up, but not quite ready to boil. Certain banks in Canada have been examining core banking migrations and have been doing so for a long time. Some will start to move soon. Reasons core banking in Canada is moving forward more quickly than in US:

1. Canadian banks are experiencing specific pain points around core banking in certain LOBs.
2. There is fuel (cash) for the fire. Canadian banks are in much better financial shape than US ones.
3. Canadian banks have mostly internally developed systems; many American banks have licensed systems.
4. Canadian banks see their Australian peers moving forward with core banking.
5. When one of the big five in Canada move, it moves the market.

When the pot does eventually boil, and one of the big five moves, it impacts the market strongly. Others in this group will need to form a response.