TechNavio recognizes the following companies as the key players in the Global Third-Party Banking Software Market: Oracle Corp., SAP AG, Tata Consultancy Services Ltd., and Temenos Group AG.
Commenting on the report, an analyst from TechNavio’s team said: “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.”
According to the report, 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.
Further, the report states that 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 report also includes a discussion of the other vendors operating in this market. The other vendors in the market are Datapro Inc., Diasoft Software Solutions, FIS Group, Fiserv Inc., Infosys Ltd., Jack Henry & Associates, Misys plc, Nucleus Software, Path Solutions, Polaris Financial Technology Ltd., Sopra Banking Software, and Sungard Ambit.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/content/global-third-party-banking-software-mar…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report -Global Third-Party Banking Software Market 2012-2016
