Core Banking Vendor Solutions: A Latin 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 standard. Branch networks are increasingly able to utilize the cohesive properties of new core systems.
In the report Core Banking Solutions: A Latin American Perspective, Celent examines core banking vendors that currently have clients or sell in Latin America. Celent also looks at each of these vendors using the ABCD analysis, in which XCelent awards are given to solutions with the best scores in each category.
In Latin America, many large banks have already started core banking transformations in the last decade. Latin America has traditionally been a relatively mild market for core banking systems, but the field is wide open for small and midsize banks and has seen high activity with new deals in the past three to four years. However, like many emerging geographies, banks may have a hard time justifying the costs of a complete core migration. International vendors have found major successes in the region during the last few years.
“Lately, due to regulatory pressure, banks have been encouraged to go for modern infrastructure and upgrade their operations,” says Stephen Greer, Analyst with Celent’s Banking Group and coauthor of the report. “Large developing countries like Brazil, Mexico, and Argentina have had a head start in core transformation projects. The market has also seen a number of consolidations, with large banks acquiring smaller banks, leading to demand for standardizing operations among their branches.”
This report begins with an overview of the core banking market in Latin America. It also explores market trends. Each vendor is reviewed using Celent’s ABCD analysis, with in-depth profiles providing a wealth of information on each platform.
This 94-page report contains 39 figures and 55 tables.