The unique core systems requirements of international branches, private banks, and other non-US banks are being met by European and Asian vendors.
Core banking systems requirements distinguish the US market from the rest of the world. International branches, private banks, and other non-US banks have specific requirements for core systems which US banks don't support. European and Asian core systems vendors are leading the pack of companies targeting this market. In the report, Core Banking Solutions: The Best of the Rest, Celent compares the range of solutions available to overseas branches, universal banks, private banks, and non-US retail banks, requiring multi-lingual, multi-currency capabilities, and support for products that US banks don't support.
"International banks are entirely different animals," says Bart Narter, author of the report and senior analyst in the banking group at Celent. "International branches, for example, require the ability to support business and retail needs, but don't require the scale of a home market. These are areas in which European and Asian banks excel, and they have core systems to support them," he continued.
This report is the sixth in a series on core banking. The first report, Overcoming the Fear Factor: Migrating Core Banking Systems, April 2006, provides an overview of the core banking landscape and includes a case study in North America. The second report is Global Core Banking Solutions for Large Banks, May 2006. The third report is Global Core Banking Solutions for Midsize Banks, July 2006, and the fourth is Core Banking Solutions for Small Banks: A US Perspective, August 2006. The fifth report is Commercial Lending: Global Trends and the Systems that Enable Them, January 2007.
Subsequent reports will include:
Core Banking: A US Perspective
Core Banking: A Global Perspective
A case study on a bank in Europe that migrated to a new core system
This 59-page report contains 16 figures and 23 tables. A table of contents is available online.
Members of Celent's Retail Banking and Wholesale Banking research services can download the report electronically by clicking on the icon to the left. Non-members should contact email@example.com for more information.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
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