New banking requirements and customer demands are challenging traditional banking practices. This environment has put added strain on the antiquated core systems found in many large banks around the globe. Most of these systems have been in place since the 1960s and 1970s, built in-house using the technology of the day. As a result, they are costly to maintain, inflexible and operate in closed environments, making communication with other systems and completion of simple transactions a difficult task.
Given these factors, coupled with bottom-line pressures, a growing number of banks are considering replacing existing core systems with next generation vendor solutions. This shift to vendor solutions not only represents a significant move from the more traditional homegrown solutions, but also promises greater speed to market, lower cost, advanced functionalities and higher success rates.
