A great story in the WSJ highlighting the dependency smaller banks in the US have on "old school" inflexible core technology providers like Fiserv and FIS.
These companies, known as “core providers,” say they can affordably bring to small institutions big-bank technologies, including the newest tools such as open-data platforms and on-demand services. But discontent is starting to simmer at the small banks that most depend on them. Smaller lenders and some industry groups say the service providers’ onerous contracts and sometimes mediocre digital offerings have made it harder to keep up with big competitors. Executives at some small banks say they feel like they are becoming franchises of the core providers because they are so reliant on their technology. Firms are filing lawsuits, turning to financial-technology startups and trying to negotiate as a group for better contracts.