Omdia Universe Report on Cloud-based Core Banking 2023

This report is a comprehensive analysis of the cloud-based core banking sector, aimed at C-level executives and core banking heads. It outlines the current landscape of core banking systems, emphasizing the transition from legacy systems to modern, cloud-native solutions. The document details the challenges faced by financial institutions in digital transformation, including the need for agility and the integration of multiple vendors. It presents findings from Omdia's 2023 IT Enterprise Insights Survey, highlighting that while many banks have made progress in adopting cloud services, significant challenges remain. The report defines core banking and discusses the evolution of cloud-based platforms, focusing on their architecture, functionality, and the importance of composable banking. It evaluates various vendors in the market, categorizing them based on their capabilities and suitability for different types of banks. The report also examines market dynamics, including the growing demand for modern core banking solutions and the implications of recent mergers and acquisitions within the industry.