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A report from analyst firm Datamonitor on the performance of core banking systems across Europe found that UK banks were reluctant to replace their ageing legacy systems with new software packages due to the complexity and high-risk nature of the project.
By contrast, Spanish banks have generally chosen to replace their legacy systems with new software packages and revamped their business processes at the same time. This technology overhaul has helped to boost the Spanish banks' profits and has also improved levels of customer service, Datamonitor claimed.
"One of the key factors in the Spanish retail banking community achieving this level of operational efficiency is the replacement of legacy core systems with packaged core systems designed and maintained by a third-party supplier," the report said.