Core Banking Solutions for Midsize Banks: A Global Perspective
Core banking is the central processing unit of a bank. Banks, with the help of software vendors, have found the opportunity to leverage internet technology to handle transactions.
Most of the paper-based transactions of yesteryear have been replaced by digital alternatives. Automation has brought a mantra of efficiency and increased productivity. The core banking systems run 24/7 to support banking operations and transactions using Internet banking, ATM, phone and debit cards. In the report, Core Banking Solutions for Midsize Banks: A Global Perspective, Celent compares the range of solutions available to midsize banks around the world.
Celent has created a map of core banking vendors catering to small banks around the world. We have defined core banking solutions for midtier banks as those solutions whose weighted average asset size of customers is more than US$1 billion but less than $20 billion. This report covers solutions where more than 10% of the banks are located in regions other than North America. Celent then ranks these vendors on its ABCD analysis.
"Banks' increasing need for diverse functionalities has driven core banking vendors to upgrade their products to provide a complete offering on a flexible infrastructure," says Rajesh M R, Celent analyst and coauthor of the report. "Banks are looking for modern solutions that can scale up with their growth and help them handle their customers effectively."
This report is the fourth in a series on core banking. The final report in the series will be: Core Banking Solutions for Large Banks—A Global Perspective.