The financial services industry is experiencing rapid transformation—mergers, consolidations and acquisitions are up-and-coming as the order of the day. In such a situation where regulatory authorities are tightening their leash, banks are trying to cope up with rapid dynamism making core banking transformation the next stage in achieving high performance. By simplifying and industrializing their core banking operations, banks can enable a more sustainable business model.
Today, a number of leading vendors are making progress in some areas that are becoming critical differentiators in the ways core banking functionality is delivered. These include the migration to component-based systems; the nascent use of microservices, embedded analytics and cloud computing; and the shift to open banking platforms that integrate all stakeholders in a bank’s value chain — fintechs, technology partners, bank employees, clients and other banks.
However, a major exercise in upgrading core banking architecture is something many banks may not be able to afford at present. To gain an edge over their competitors and address customer demands effectively, banks are trying to do a balancing act by replacing old systems with new platforms, without giving up on existing core banking modules which might still cater to changing needs. There has been considerable progress in core banking systems’ implementation by banks; however, there is much more ground left to cover.
To help CIOs take informed decisions with necessary core banking solutions, we have analyzed a number of core banking solution providers and shortlisted companies that stand at the fore in providing solutions. A distinguished panel of CEOs, CIOs and analysts including Banking CIO Outlook’s editorial board has made the final selection.
We present to you Top 10 Core Banking Technology Solution Providers - 2017.