Core processing platform replacements should continue apace in the years to come, according to a new report from Aite Group.
The Boston-based think firm said it already has seen a slight increase in deployments of new platforms in recent months by banks of between $3 billion and $10 billion in assets and among credit unions of $1 billion or more.
“Many institutions are left with little choice but to replace their core systems as they move forward with planned initiatives,” Aite Group said in a new report on core vendors. The firms’ analysts predict an increase of approximately 6% in core system replacements overall during the next few years.
Aite Group said a survey of 100 community banks and 83 credit unions found that 30% of the responding credit unions and 10% of the community banks are likely to replace their core systems over the next two years.