CORE SYSTEMS: Despite Tons of Talk Banks Don't Upgrade; Only three of the top 100 U.S. banks replaced their core systems in 2007, and there is little reason to believe that banks will suddenly adopt a "rip and replace" approach.(Shifting Gears)

Publication: Bank Technology News

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Byline: Glen Fest

For vendors pitching in the U.S. core systems replacement market, it's always the third of July.

Analysts and experts each year proclaim that large U.S. institutions' renewal and replacement needs are growing critical, so expect new mega-deal opportunities to explode. But year after year, the fireworks never come.

"I read those articles, and my eyes get all big and I think it's time to go make some money," half-jokes Tony Catalfano, division president for Fiserv's Depository Institutions Group. Inevitably, he says, the hope transforms to hype and for core systems vendors like Fiserv the money remains in smaller bank core deals or through consulting and ancillary banking products like payments and Web services that top-100 institutions...

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