Core processing platform replacements should continue apace inthe years to come, according to a new report from Aite Group.
|The Boston-based think firm said it already has seen a slightincrease in deployments of new platforms in recent months by banks of between $3 billionand $10 billion in assets and among credit unions of $1 billion ormore.
|“Many institutions are left with little choice but to replacetheir 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 systemreplacements overall during the next few years.
|Aite Group said a survey of 100 community banks and 83 creditunions found that 30% of the responding credit unions and 10% ofthe community banks are likely to replace their core systems overthe next two years.
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