It’s no secret that banks’ adoption of public cloud has been proceeding faster than anyone (including us, honestly) predicted two years ago. When you layer cloud on top of the generationally intractable challenge of core conversions, you have a match made in heaven: core banking in the cloud. We've spoken to more than a dozen providers of cloud-based core banking services to hear about their offerings and views on the market. These solutions have moved past the experimental stage as banks around the world have implemented them; it's time for every institution to take a look at how core in the cloud fits into its strategy.
If you’re interested in a more detailed discussion of today’s state of the art, take a look at Craig Focardi’s recent report, Continuous Digital Transformation in the Cloud: Next Generation Core Platforms that Will Future-Proof Banking.
We’ve been speaking to core providers about what they’re doing in the cloud. Intentionally non-evaluative, these chats are a chance for the providers to highlight, in their own words, what they bring to the table. You’ll see that they emphasize different attributes, and that most come from different places. All agree, however, that security is an issue that cloud offerings address, often better than individual banks can do on their own.
We asked a consistent set of questions to guide the conversation covering these areas:
- Elevator pitch for the company and platform.
- Differentiation against traditional cores and next-gen new entrants.
- Approach to partnerships and ecosystems in the cloud.
- Lingering misconceptions about core in the cloud.
- Success stories and advice to financial institutions.
While the full conversation is available only to Celent clients, a short introduction can be viewed by all. If you’re a financial institution looking to learn more about what’s happening with core platforms in the cloud, these introductions should prove invaluable in helping you determine where to go to learn more.
Our newest crop of interviewees comprises CobisCorp, Finastra, five°degrees, Intellect Design Arena, Pismo, Technisys, and Thought Machine. Prior conversations included Finxact, FIS, Infosys Finacle, Mambu, nCino, and Temenos.
Links to each interview are here:
If you’re a core provider and would like to be interviewed, please contact us at email@example.com, or reach out to your main Celent contact. And if you’re an FI who’d like to learn more about a particular company, please do let us know. Please visit our Cloud Hub Page for the most recent releases!