Why Change Cores?
After years and years (and years) of very little movement in core banking in North America, Celent is now observing activity in both the United States and Canada. A massive movement occurred in the Australian market, where three of the top four banks are switching core systems.
In this report, Celent expounds upon these issues so that the reader can consider whether a core banking migration is appropriate. These issues are coming to the fore.
Celent has delineated three categories of reasons to move core:
- Business issues
- Technical issues with the core itself
- Integration issues
“I think the dam has burst in Canada, and all the key players are giving serious thought to core migrations. In the United States, the jury is sitll out. If there are three successful migrations in the US at Citi, Union Bank, and BBVA Compass, that will trigger a tipping point," says Bart Narter, author of the report and Senior Vice President of the Banking Group at Celent.