Gartner’s evaluation of the International Retail Core Banking (IRCB) market assesses vendors according to their ability to operate with the agility and technical capacity necessary to stay competitive in this fast-changing market. Vendors are positioned in quadrants based on completeness of vision and ability to execute. SAP is positioned in the upper right quadrant.
In effort to answer the question “What is a core banking system,” Gartner takes a look at five key components:
Blurring boundaries between hardware and operating software
Increasing drive for open architectures that enable the core banking systems to integrate with other customer information systems
Reducing program and data redundancy to better leverage Service-Oriented Architecture (SOA) and Event-Driven Architecture (EDA)
Componentization to ease maintenance and support, and enable faster entry into new markets
Functionality commoditization to support customized solutions