Forty per cent of US community banks and thrifts currently use an outsourcing provider for core systems processing, according to research by TowerGroup. Within this tier of financial institutions, a chosen IT vendor typically becomes either the bank’s sole IT provider or its first choice for any new services – which has helped to drive significant consolidation among core outsourcing providers, said the company. This consolidation has resulted in just four leading vendors controlling more than 75 per cent of the community bank and thrift core systems outsourcing market. TowerGroup noted that this concentration reflected both increasing economies of scale and declining opportunities for core outsourcing clients.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.