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Another Core Migration Prediction?

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21 October 2020
Stephen Greer

Bank Director recently released its annual Technology Survey, a fantastic look at the attitudes and actions of bankers in the US. The survey was issued in June and July of this year and explored investment priorities, reactions to COVID, IT spend, among other topics. These surveys can offer incredible insight into where the industry is heading and trends to watch. One specific question on core banking caught my eye. See below:

This first thing that pops out is a high number of institutions (11%) that are “very likely” to switch core providers when their current contract is due to renew. Of larger banks (>$10 billion in assets), almost a third are “very likely”, while another 36% are “somewhat likely!” That got me curious to put some numbers to this data. If we assume banks indicating “somewhat likely” and “very likely” will be switching cores when their contracts expire, how many is that exactly? Let’s find out.

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