The HFS Horizons Report: The Best Service Providers for Core Banking Modernization, 2024 examines 18 service providers across the HFS core banking modernization value chain based on a range of dimensions to understand the why, what, how, and so what of their service offerings.
Horizon 3 is growth: Horizon 2 + The ability to drive OneEcosystem™ impact via collaboration across multiple organizations with common objectives around driving completely new sources of value
Horizon 2 is experience: Horizon 1 + Enablement of the OneOffice™ model of end-to-end organizational alignment across the front, middle, and back offices to drive unmatched stakeholder experience and enterprise transformation
Horizon 1 is digital: The ability to drive digitized processes to improve business outcomes such as cost reduction, speed, and efficiency across elements of the core banking modernization value chain
This study focuses on how service providers help banking clients through the complex journey of transitioning to a modular core, offer continuous improvement through the journey, and once you get there, operate from it and ultimately seize value. The focus is less on the chosen modernization approach (progressive modernization, full core replacement, or greenfield new build) and more on the transformation that enables new operating models, platforms, applications, architecture, and infrastructure.
Core modernization is always progressive, treated as a journey rather than a fixed end-state. Yet, the ultimate goal of a modern core is to establish an architecture that is nimble to support banks’ new business models, new functions, offerings, and products and respond to changing priorities.
A complete modular architecture upon which banks build, launch, and operate their platforms, products, applications, analytics, services, and channels. Against this background, we want to better understand how service providers help clients establish this modularity and composability. How do they transform IT and business to a modular state? And, what are you solving for by transforming the banks to a composable state? How do service providers deliver innovation in the process? How is the security and compliance framework evolving and supporting the transformation?
Note: All service providers within a Horizon are listed alphabetically.
Source: HFS Research, 2024
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