Celent, a research and advisory firm focused on technology for financial institutions, has launched a new report on next-generation core banking systems. The paper highlights Pismo as one of the leading suppliers of banking technology globally.
Craig Focardi, the Principal Analyst at Celent, signed the study, called Continuous Digital Transformation in the Cloud. “Core banking system technology has changed more in the last five years than it had in the previous 20,” he says.
“Market dynamics are shifting as new core system vendors come to market with systems that fully embrace cloud-native development and modern technology.” Focardi writes. “These upstarts provide more system choices for financial institutions and plan to radically reshape the core banking systems market across the globe.”
The Celent analysts have found that the risk of maintaining legacy banking systems is increasing. It has become more significant than the risk of migrating to a modern cloud-based platform, which is decreasing continuously. As a result, they believe there will be a steady rise in migration activity shortly.
Celent has identified 13 providers of core banking platforms that are transforming financial services globally. The report profiles nine of these firms, including Pismo.
“Pismo’s origin as a payments platform positions it well with financial institutions looking to launch new digital banking propositions in cards, payments, or spending accounts. It’s highly flexible, lean, and headless, giving significant flexibility to clients on an account-based model,” says the report.
You can read the abstract of the report on the Celent website. The complete paper is available to Celent subscribers.