Core Banking Solutions for Midsize and Large Banks: A North 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 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Most of the paper-based transactions of yesteryear have been replaced by digital alternatives.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. Core banking systems run 24/7 to support banking operations and transactions using internet banking, ATM, phone and debit cards. In the new report, Core Banking Solutions for Midsize and Large Banks: A North American Perspective, Celent compares the range of solutions available to midsize and large banks in North America. Celent has created a map of core banking vendors catering to midsize and large banks in North America. Celent then ranks these vendors on its ABCD analysis.
"Banks are looking for modern, complete core banking solutions with functionalities that cover most of their needs under a single suite," says Rajesh M R, Celent analyst and coauthor of the report. "With increasing regulatory changes and the need for a common banking platform, banks prefer to look at technology providers as partners, rather than vendors."
"American vendors are now experiencing increased competitive pressure from global vendors," adds Bart Narter, Senior Vice President of Celent's Banking Group and co-author of the report. "Quite a few of these systems are batch / memo post systems, which are not very supportive of the 7x 24 world of retail banking today."
This report is the second in a series on core banking. Subsequent reports will include: Core Banking Solutions for Small Banks: A Global Perspective, Core Banking Solutions for Midsize Banks: A Global Perspective and Core Banking Solutions for Large Banks: A Global Perspective.