Core Banking in North America: New Global Entrants
The US is starting to see the emergence of international core vendors as domestic institutions consider them for their shortlists.
Key research questions
- What are the trends in this region?
- Who are the major vendors?
- What conclusions can be drawn from the landscape?
The US remains the largest and most attractive global market for international core systems vendors. Domestic vendor consolidation has reduced development resources for some legacy core banking platforms, creating a market opportunity for international vendors.
This report is an in-depth evaluation and ranking of core processing platforms. Celent will provide deep analysis of international vendor offerings focused on North America.
Core platform replacement is one of the biggest decisions an institution can make. Banks will find this a useful guide when looking at possible core implementation partnerships.
International vendors have been eyeing the US market for years, investing significantly in the hope of establishing a beachhead in the competitive and large US market for core banking systems. With a large number of financial institutions — more than any other country — the prospects are attractive enough to warrant investment. As a market dominated by local players, there are significant barriers to entry, but work being done by some global players is starting to pay dividends.
In Celent’s view, the time is rapidly approaching when US financial institutions begin to consider the international vendors as mainstream candidates for their core needs. The banking market in the US is steadily approaching a watershed period for core transformation, where international vendors take meaningful steps to market entry.