Technology strategies & best practice in core transformation (Technology Focus) : Market Research Report

Technology strategies & best practice in core transformation (Technology Focus)

Published by: Datamonitor

Published: Dec. 19, 2007 - 9 Pages

DATAMONITOR VIEW
CATALYST
SUMMARY
ANALYSIS: Centralization is the key to an efficient, customer-centric bank; Centralization helps banks take steps towards improving customer-centricity and operational efficiency; Moving to a centralized architecture also benefits organizational audit and controls; For banks with a pan-regional presence, moving to a centralized, common platform is an option; A flexible, real-time architecture will enable banks to address their business challenges; Moving to real-time operations will increasingly be a strategic imperative; Standardization will facilitate a componentized approach; Service oriented architecture and process rationalization will enable process excellence; A parameterized approach to product origination offers greater flexibility; Sourcing options are wide as banks move away from developing in-house; Banks have a wider range of core systems renewal options than ever before; Re-architecting enables banks to bring their proven systems responsive to the modern-day environment; Replacement is becoming more acceptable as an option
APPENDIX: Further reading; Ask the analyst; Datamonitor consulting; Disclaimer
List of Figures: Figure 1: Approach to core systems strategy over next years in Europe "

Abstract

Introduction

Core system replacement/ transformation has become a growing strategy for tier 1 & 2 institutions in Europe and ,increasingly, North America as compliance pressures, need to faster time-to-market and organization agility create a need to re-vamp the back office. This creates a number of challenges as to how best tackle the scale and provide future-proof solutions.

Scope

Covers retail banks in Western Europe and North America Areas covered include the need for a centralized approach, system flexibility and sourcing options

Highlights

Banks are finding that the siloed, fragmented, nature of their existing core systems are a stumbling block in being able to achieve fundamental business imperatives. As a result, banks are looking to move to a centralized approach and simplify their operations in order to become more responsive to the market In order to facilitate a real-time architecture, banks must move to a straight through processing framework. By automating their systems to the greatest extent possible, banks will not only be able to realize a real time operating environment but also reduce the time, cost and associated errors of manual intervention. Many vendor solutions are now sophisticated and flexible enough to meet the complex requirements of even top-tier banks straight out of the box. As a result, who builds, hosts, develops and maintains core systems is becoming more of a sourcing issue rather than of strategic competitive advantage.

Reasons to Purchase

Gain visibility into the dynamics of the retail banking core systems market Gain market insight to assist in your strategic planning and go-to-market strategy.

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Technology strategies & best practice in core transformation (Technology Focus)

Table of Contents

Abstract