Skip to content
CCG Insights

Research Snapshot

  • Research Snapshot

More Choice Coming to Core Banking

More Choice Coming to Core Banking CCG

More Choice Coming to Core Banking

June 2, 2021

By: Kate Drew

The banking industry believes more choice is coming to the core system market. According to a 2021 survey by FinTech Futures, 84% of respondents think that there will be more choices when it comes to core banking software in the next five years. Moreover, 44% believe there will be new strong contenders to choose from. This is likely to be a welcome development, especially in the US, where the majority of banks get their core software from just a handful of established vendors. And we may not have to wait that long; in fact, it appears as though we are already seeing the changes respondents are anticipating becoming reality.

In the last few years, we’ve seen a number of new entrants tackling the core banking space, including players like Finxact, Nymbus, and Neocova, to name a few. Additionally, core banking disruptors that have made a name for themselves in other markets are starting to come to the US — think Mambu, Technisys etc. What all of these players have in common, whether they are homegrown or coming from abroad, is a commitment to flexible, application programming interface (API)-first delivery. They also tend to be modular, making it easy for banks to implement their software without ripping out their existing core entirely, if they so choose. The emergence of these contenders suggests there is a need for some new blood in the market, and the interest they are seeing from banking institutions only confirms that hypothesis.

If the survey’s predictions prove true, we can expect to see even more choices coming to market in the next few years. As that happens, and the newer vendors today begin to establish their propositions with more clients, it’s possible that core banking will finally begin to resemble a competitive arena. Competition is extremely important in any market — without it, complacency sinks in and products and services fail to evolve at a productive pace. There are many areas of banking where fintechs have pushed the envelope and forced the industry to raise the bar. This is really just the next frontier, and it’s one badly in need of a good hard kick.


Subscribe to CCG Insights.

You Might Like These, Too

Scarlett Sieber of CCG Catalyst Talks Neobanks, Mobile Payments, Regulations and More at Seamless Middle East

VIDEO: Scarlett Sieber of CCG Catalyst Talks Neobanks, Mobile Payments, Regulations and More at Seamless Middle East

Community Banks Tackle Digital Engagement Talent in 2022

Community Banks Tackle Digital Engagement, Talent in 2022

Naveen Jain of CULytics on the Power of Progressive Credit Unions

Naveen Jain of CULytics on the Power of Progressive Credit Unions

Fintech Disruption Leads to Consolidation in the Wealth Management Space

Fintech Disruption Leads to Consolidation in the Wealth Management Space

Leaders in Bank Consulting

About CCG Catalyst
Latest Insights
CCG

PHOENIX • NEW YORK • LONDON • SINGAPORE

Phone: +1-480-744-2240  • Contact Us

© 2023 CCG CATALYST CONSULTING. Privacy Policy & Terms of Service.
Request a Call Back
Linkedin Twitter
Subscribe
to our Insights
Subscribe
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
BANK
FINTECH
FUSION
  • About
  • Services
  • Insights
  • Fintech
  • Research
  • Team
  • Contact
  • Press
  • Careers
  • Events
  • RFI / RFP
  • Terms
  • Privacy
Linkedin Twitter Search
Subscribe for Insights

CCG INSIGHTS FOR BANKS, FINTECHS, AND CREDIT UNIONS

The Fed, Real-Time Payments, Alexa and Apple P2P, Part of Payment Revolution
  • Weekly digest of what's new
  • New research snapshots
  • Exclusive access to banking and fintech research
  • Industry news
  • Invitations to webinars and webcasts