TowerGroup estimates that consumer banks are spending $45.9bn globally on core banking systems in 2004 and that this will grow to $49.2bn in 2006. What adds more value, a deposit system or a product system? The answer depends on the business strategy. And banking business is thriving on a federation of specialised products and utilities. To be effective, these product-oriented technologies must align with an holistic enterprise systems architecture that ensures a consistent customer experience and streamlines regulatory compliance.
Guillermo Kopp is director, financial services strategies & IT investments and emerging technology solutions practices at TowerGroup
