A survey conducted by i-flex solutions inc., a leading global provider of integrated IT solutions for financial services institutions, found that almost half of the companies surveyed are considering replacing their core banking application. The survey also found that 74 percent of respondents consider customer relationship management, business intelligence and analytic applications as the technology implementation that will have the greatest impact on their organization's bottom line over the next two years.

i-flex solutions used customer feedback to create a survey that accurately reflects the most pressing issues facing technology implementation decision-makers. The questions covered topics such as core banking legacy application replacement, offshore and outsourcing trends, business intelligence and anti-money laundering. The survey respondents are responsible for architecting technology implementations.

Additional results from the survey include:

  • 33 percent consider ease of implementation and integration with existing technology an important factor when replacing their organizations core banking solution.
  • 38 percent ranked compliance with government or central bank regulations as their organization's top priority in 2003.
  • 29 percent consider flexibility to address customer demand an important factor when looking at a core banking replacement.
  • 27 percent plan to outsource IT projects to offshore providers.

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