It started in 1990 with a single installation at Mahalaxmi Branch of Bank of India. When all other vendors were proposing Unix Minicomputers with VT100/220 terminals, CIBEX was the first believer in client-server technology and Bank of India was the first bank to trust Novell Netware. What happened later is stuff legends are made of. With its speed-of-response, quality of user interface and quality of inter-application integration CIBEX spawned a whole number of copycats and quite a few literally (folks who decided the best way to produce software is to copy floppies). CIBEX introduced many "firsts" - integrated signature retrieval, IVR based telephone banking, statement fax-on-demand, structured telex-messages, flexible passbooks printing etc. Even something like web-banking CIBEX had way back in 1995.

With CIBEX2 we see ourselves in a deja vu (if we can resort to a cliche). Most core banking systems were written circa 1998-2002 and have what is now legacy technology. Some started as client-server architectures such as Oracle Developer 2000 which was later supplanted onto a web platform, and some continue to retain the client-server architecture and serve the application using tools such as Citrix Winframe and Windows Terminal Server. 

So why is there a niche even now? Let's examine current products:

Designed-for-the-Internet? Not by a long shot.
Exploits Web 2.0 technologies? No.
Handles Non-Customer Accounts? No.
Produces an integrated General Ledger? No.
Can handle new clearing (ECS) & payment (NEFT) systems? Yes in the same way a band-aid can heal a wound.
Can handle Basel-II and KYC Norms? No.
Can handle new Asset Repricing, Profiling and other norms/practices? What was that again!! Is any core banking installation sort of complete (after 4-6 years)? Well!! 

So now you know why it is a deja vu.
Yes all the biggy banks have embraced the biggy vendors but then that was the scenario CIBEX faced too. 

Download collateral about CIBEX2.