Top 100 Banking Software Vendors: do Banks need a Google?Posted: October 21, 2010
This morning American Banker published the The FinTech 100 annual ranking of the top technology providers to financial services companies worldwide. The ranking is developed in conjunction with IDC Financial Insights and with public relations support from The William Mills Agency.
Later today (US time) the American Banker, Bank Technology News and IDC Financial Insights will host a complimentary awards ceremony and breakfast briefing for the FinTech 100 and Top 25 Enterprise Companies in FinTech on October 20, 2010 in conjunction with the BAI Retail Delivery Conference & Expo (October 19-21, Las Vegas).
While the report shows the individual evolution from the most important software vendors, I wanted to introduce another point of view in the discussion and I’ve grouped the vendors according their main geographic area.
USA and Canada with 58 Champions will experience consolidation thru M&A transactions; while software vendors in Europe probably will continue the takeover path (e.g. Odyssey and Viveo now part of Temenos).
Two factors can influence and even accelerate this trend: the regulatory pressure Banks are experiencing and the development of the mobile banking services. Banks will be less and less willing to embark themselves in long term multimillion projects, many of them are already looking for “Cloud” solutions. Software vendors with “classical” or even “vintage” products, which can’t evolve technologically at the required speed, will simply disappear.
Another open question about the future of the Software Banking industry is the raise of a real strong Software Partner (a truly one shop solution) for the Banks?