Banking Software Vendor
As the financial sector grows at an ever increasing speed and new financial tools emerge, the market for banking and financial services software vendor continues to thrive. According to the Global Banking Outlook 2017 report published by EY, the financial performance of banks is not expected to improve. However, the need to restructure and management of risk has been re-emphasized to great lengths. Additionally, consumer demand and globalization offer a unique set of opportunities and threats for better services, lower costs, convenience and faster processes. These opportunities call for reshaping in the banking industry, as well as innovative ideas and processes.
In the event of these opportunities, banking software vendors are at the core of the global banking industry and bear the colossal responsibility of reshaping the future of the banking industry. Banking software industry has undergone some serious restricting over the years.
Currently, five major banking software vendors control the US market – FIS Global, Fiserv, Microsoft, SAP and Oracle. Together they control more than 90% of the entire banking software industry. The remaining 6-7% of the industry is shared by a large number of small banking software vendors. The banking software industry is worth approximately $3.3 billion.
The industry is quite tricky and if you are a small firm, you don’t have much leverage. The giant vendors of the industry acquire any innovative product/service or even company that enters the market and thus remain at the top of their business with the latest technology and innovative products. Smaller firms find it difficult to grow their business because banks are unwilling to invest in smaller firms. However there are vast opportunities to be cached from the current market situation. Most banks are using banking software that is decades old and enhancing them by adding online banking services https://www.standfore.com/banking-solutions/standfore-online and mobile apps and other security features. Although the models are running fine, however the burden of add-ons is increasing and soon banks will have to invest in newer, more efficient and streamlined banking software.
As banks look to improving their services, streamlining process for better efficiency and lower costs, and focus on risk management; there is a huge opportunity for banking software vendors https://www.standfore.com/banking-software-company to create unique and innovative banking software. Some important opportunities for banking software vendors are:
· Target banks that are looking to become Universal Super Banks’, Regional Champions’ and Global Boutiques’
· Collaborate with other vendors to raise capital, develop synergies and create innovative products and solutions catering to industry needs
· Create state-of-art products and services that could help in being acquired by one of the top companies in the industry
· Merge with other smaller companies like itself for better growth and financial stability
· Optimize banking software for optimizing customer channels (self-serving and digitization)
· Leverage latest technology for increased efficiency and cost reduction
· Enhance cyber security as banking becomes more and more mobile
In short, there are large gains to be made from the market for banking software. Additional info about banking software you can read here – gold forum. With the introduction of new financial services, consumer demand for convenience, and need for enhanced risk management; banking software vendors have a lot on their plate in the near future.