Branch Automation Vendors: Comparing Solutions for Large Banks
There has been robust development activity among vendors in the branch automation space over the past several years. Bank adoption of those solutions, however, has been tepid, with more then half of large US banks running software that is five years old or older.
"Branch renewal" was a frequently used term not so long ago. While evident among smaller US banks, branch renewal efforts among the top 100 US banks are comparatively rare. A new report, Branch Automation Vendors: Comparing Solutions for Large Banks, provides a summary of the US branch automation market trends and a comparative analysis of branch automation system vendors for large US banks.
"Teller system refresh activity has been particularly slow among large US banks, with much of the spending designed, in part, to enable teller capture for check truncation," says Bob Meara, senior analyst with Celent's Banking Group and author of the report. “Activity has been greater on the platform side, with a number of CRM initiatives designed to improve branch staff's ability to effectively sell and service customers as banks concede declining branch transactional activity with a decrease in subsequent foot traffic.
Banks wishing to modernize branch systems have many vendors from which to choose. Although Argo Systems enjoys commanding market share among branch automation vendors for large banks, the competitive landscape is tight from a technology and functional perspective. Celent analyzes seven vendors using its ABCD Vendor View framework (Advanced technology, Breadth of functionality, Customer base, and Depth of customer service) and found six vendors closely grouped. Vendors included in this report are: ARGO, CompuCom Systems, Fidelity National Information Services, Harland Financial Solutions, Oracle, S1, and Unisys.
The report begins with a review of solution trends and considerations involved in choosing branch automation solutions. It then offers a vendor taxonomy to understand the environment beyond product functionality. The report concludes with a forecast of future trends in branch automation.
A separate report, Branch Automation Vendors: Comparing Solutions for Small and Midsize Banks, will cover solutions for the balance of the US market.