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Core Systems Strategies in Retail Banking (Strategy Focus)
Datamonitor, Nov 2007, Pages: 9
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 customer focused approach, system flexibility and cost issues
Highlights
That core systems are so entrenched in a bank’s operations has prevented many from making attempts at renewal projects in the past; however their lack of flexibility and responsiveness is one of the key business drivers forcing banks to readdress this viewpoint. Over recent years banks have become increasingly acquisitive in order to sustain growth, driving both consolidation in domestic markets as well as cross-border activity, particularly in high-growth markets. As a result, many banks have begun to address the core systems implications of their M&A activities. The rationale for having a consistent platform across multiple countries will be further compounded as SEPA becomes a reality. As the ultimate result of SEPA will be an open retail financial services market across Europe, so banks that have already moved to a consistent platform across their operations will be at an advantage to their peers.
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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