Core Banking Solutions for Small Banks: A North American Perspective
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 with it 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 Small Banks: A North American Perspective, Celent compares a range of solutions that have a sizable presence with larger credit unions, specifically those solutions where more than 80% of the banks have assets less than US$1 billion. In this report, Celent covers solutions where more than 90% of the banks are located in 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 North American market is usually relatively slow in switching their core systems, with many banks already running on older legacy platforms,” says Bart Narter, Celent Senior Vice President and coauthor of the report. “Mergers or acquisitions are a key driver for core transformation and comprise a large section of the landscape.”
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 Large 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
- Big Leagues Table 2012: Global Core Banking Sales Ranking