2014-02-12 04:08:03 - Global Third-Party Banking Software Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Third-Party Banking Software market is to grow at a CAGR of 6.66 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need for standardization. The market has also been witnessing changes in banking regulations. However, high sunk and switching costs could pose a challenge to the growth of this market.
There is a considerable amount of action that needs to be taken with regards to operation management in banks. Financial institutions are required to meet new and stricter government regulatory requirements as well as their own internal regulations. Banks need to adjust their business models in no time. The recent financial crisis has forced bankers to reconsider their strategy. More banks
are now adopting improved information and risk management systems that meet the regulatory and statutory requirements. It is crucial to embed new modes of operations into the banking culture to achieve significant improvements. This will require banks to adopt third-party banking software in the coming years.
One of the major drivers is the need for standardization. There has been a change in the way banks operated and an increase in the complexity and rigidity in banking operations, which has necessitated the use of banking software. However, banks need advanced banking software that can help them meet all financial needs in a flexible manner.
One of the chief challenges is the high cost involved in switching to a new system. Bankers often refer the migration from legacy systems to third-party banking software as a critical process as it is a fearsome task especially for large banks. For many years, banks around the globe have avoided replacing their legacy systems with third-party banking software. As a result, they have created a complex network of systems that have become too expensive, risky, and difficult to maintain and are unable to keep pace with the changing needs.
The key vendors dominating this space include Oracle Corp., SAP AG, Tata Consultancy Services Ltd., and Temenos Group AG. The other vendors mentioned in the report are Datapro Inc., Diasoft Software Solutions, FIS Group, Fiserv Inc., Infosys Ltd, Jack Henry & Associates, Misys Plc., Nucleus Software, Path Solutions, Polaris Financial Technology, Sopra Banking Software, and Sungard Ambit.
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