A report from researchers Celent claims that financial institutions will continue to upgrade to new core systems, perhaps at a slightly faster rate than presently as institutions wrestle with antique cores that do not necessarily respond to 21st century banking needs and which also may require old-time computer skills – such as Cobol programming – that are not in high supply in today’s market.
Celent predicted in its new report – “Global Core Banking: Steady But Unspectacular Growth” – that the core banking market in the US and Canada will grow at a 3.7% rate over the next four years.
In an interview, study co-author Stephen Greer said that, “It’s true that very few cores switch in the U.S. Institutions are slow to change.”
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