Published: 28 March 2022
Core banking system renewals are increasing in North America across all banking segments, driven primarily by digital bank transformation initiatives. This research offers bank CIOs a comprehensive evaluation of the capabilities — technical, business and regional — of the vendors in this market.
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The cost of maintaining homegrown systems — and continuously improving them to deliver digitalization initiatives — is driving CIOs of large North American banks to look for commercial off-the-shelf replacements.
CIOs with unresponsive vendors or who have doubts about their providers’ ability to make the transition to digital banking are prioritizing emerging and internationally based vendors that possess relatively higher-risk profiles within the North American market.
Operational efficiency and digital transformation are the key drivers of banks’ initiatives to replace their core banking systems.
North American bank CIOs who are grappling with financial services technology modernization and transformation should:
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