The design of modulated filter banks with a low system delay and with perfect reconstruction will be shown. The filter lengths K can be chosen arbitrarily. The well known orthogonal filter banks have a system delay of K - 1 samples. The proposed filter banks can reduce this delay to N - 1 samples, where N is the number of bands. The design method uses a decomposition or factorization of the polyphase matrix into cascades of simple matrices. Several factorizations with different properties will be shown. A factorization will be introduced which is more general and needs fewer multiplications than previous approaches (K/2 + N). The resulting filter banks can have analysis and synthesis frequency responses that can be made different from each other, leading to biorthogonal filter banks. An optimization algorithm for the frequency response of the resulting filter banks will be given. Examples show the feasibility of designing even big filter banks with many bands with low system delay and high stopband attenuation.