Abstract
This Financial Insights report examines the core banking environment for
Asia/Pacific (AP) in 2007. Upgrades of core banking systems remain of utmost
strategic importance to financial institutions, but 2007 saw considerable
changes in the number of core banking deals in the Asia/Pacific region. Based
on our qualification criteria of what constitutes a core banking project, the
number of deals has notably decreased in the region.
Abhishek Kumar, senior research analyst, Asia/Pacific Banking Advisory Service,
states, "The decrease in the number of core banking deals really is indicative
of the evolution and maturation of the core banking landscape in the
Asia/Pacific region." With more and more financial institutions completing
their core banking strategies, Kumar sees the focus now shifting to the next
stage with banks looking to augment core solutions with front office-based
modules and solutions. On the other end of the spectrum, vendors are now able
to provide a much wider breadth of services with improved implementation
skills, thanks to consolidation and establishment of numerous strategic
partnerships. Kumar concludes, "Both financial institutions and core banking
vendors now have a much deeper understanding of the requirements of core
banking implementations. Ultimately, the onus is still on the banks to
understand and convey their core infrastructure needs in order to successfully
implement these solutions."
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