Newer Core Providers See De Novo Banks as Opportunity

Newer core bank technology providers like Nymbus, Finxact or Finastra see an opportunity building with the rising trend in de novo bank applications; 2018 saw 19 de novo applications filed, that was more than the 11 in the two previous years combined; the move to offer services to a new bank is a easier path than trying to get a long established bank to overhaul their current systems with one of the 4 top core providers; the traditional providers have better track records but their technology is not seen as being as cutting edge as the new providers; they have been working to update their technology and are offering products that compete, but newer providers are seen as more nimble and innovative. Source.