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Major banking companies in the UK are dependent on bespoke software for their core banking operations. These businesses are central to the banks’ success but are under pressure due to higher costs, increasing competition and additional regulation. We have long argued that the established banks should increase their use of third party providers of more standardised software to reduce cost and complexity and to accelerate innovation.
Following a series of meetings with software vendors and several company-specific reports, FinancialServicesViews now provides an overview of the banking software market in its latest report; “The role of Banking Software Providers in the transformation of the sector”.
This analysis discusses the issues of dependence on bespoke software and comments on the key criteria for supplier choice as the banking sector increasingly looks to the suppliers of standardised software for a wider range of core banking functionality. With the emergence of new challengers to the established banks, the inexorable move to more standardised systems and the role that the software providers can play in the implementation of innovative technologies and services, this area should continue to experience above-average growth over the medium term.
This report is available to subscribers to FinancialServicesViews, via this link. If you would like to subscribe to this research stream, please contact our Client Services team.
Posted by Peter Roe at '09:36' - Tagged: software platform banking innovation quality
