Retail Banking Core Banking Systems: North American Mid-Large Bank Edition

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11 May 2023

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It used to be that one could revisit the market for core platforms every few years and find that not much had changed. Banks had little appetite to substantially evolve the capabilities of their core, and vendors were more than happy (and able) to provide solutions which worked around the constraints of heritage systems. Financial institutions, especially those in the largest asset-size tiers, were able to kick the can down the road.

While technology adaptations have allowed banks to stave off full-blown core replacement, some institutions are reaching the breaking point. The rise in digital engagement and other emerging ways of banking (e.g., open finance) continue to stress the ability of legacy platforms to deliver, while the cost burden of maintaining legacy cores grows unabated. For some institutions, the time to transform is now.

This report provides in-depth overviews of the main core platforms in the market today, helping financial institutions better understand the market for incumbent core platforms, including both domestic US-based providers and international entrants. Within each profile, Celent provides insight into functionality and features that are strong or present opportunities for improvement relative to the market. The report focuses on core banking systems for mid-large banks operating in North America that provide full banking platforms and have a credible live client base in this region in the tier four or above banking segments (i.e., above $20bn assets).