The Impact of the Pandemic on U.S. Bank Core Systems Replacements

The level of urgency for banks to replace their core systems continues to rise.  

September 7, 2022 – The COVID-19 pandemic disrupted numerous processes within U.S. banking, and core banking was no exception. The pandemic brought to the forefront the need for core modernization, a trend that had already been emerging over the past decade due to a shift in the U.S. banking landscape. While the pandemic temporarily slowed financial institutions implementing new core systems, the need for core modernization became more necessary as system deficiencies became more obvious.

This report provides an overview of the shifting landscape in the U.S. core system banking market and illustrates the particularities of the market at a granular level based on bank tier sizing. It is based primarily on extensive conversations and input from primary core system banking technology providers, ongoing conversations with banks about their digital transformation plans, and prior Aite-Novarica Group research complemented by publicly available data.

This 24-page Impact Report contains 12 figures and two tables. Clients of Aite-Novarica Group’s Commercial Banking & Payments and Retail Banking & Payments services can download this report and the corresponding charts.

This report does not evaluate but mentions some of the leading core banking technology providers serving the U.S. banking market, including COCC, CSI, DXC Technologies, Finastra, FIS, Fiserv (including Finxact), Infosys Finacle, Intellect Design Arena Ltd., Jack Henry, Mambu, Nymbus, Oracle, Technisys, Temenos, and Thought Machine.

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