Top Core Banking Platforms In 2024

What is a core banking platform?

Core banking platform, also known as a centralized online real-time exchange, is a type of banking service offered by a networked set of bank branches, allowing consumers to access their bank accounts and carry out simple financial transactions from any of the member branch offices.

Basic banking operations such as deposit and withdrawal processes,  loan and credit processing, account management, customer support, and other related services.

Why do we need core banking platforms?

Core banking platforms systems are based on the latest technology and consist of all the applications, infrastructure, and processes required for full banking services. By offering digital banking solutions, core systems facilitate a variety of financial transactions, including checking, depositing, transferring money, and more.

Core banking technology also aids financial institutions in cost-savings, cost-streamlining, decision-making improvement, and customer experience enhancement. However, the majority of traditional banks, especially modern financial organizations, lack the resources to develop such banking software internally. As a result, they depend on specialized core banking software providers. 

On the other hand, only a qualified core banking vendor can create and put into operation a core banking platform that integrates all financial services.  That’s the reason why it’s important to choose a provider you can rely on. We picked the best core banking software providers so you can make an informed decision easily.

Watch more: Private Banking Solutions For Your Business

Top Core Banking Platforms in 2023

Mambu

Founded in 2011, Mambu is a software-as-a-service, cloud-native, API-driven banking engine that powers lending and deposit services. As one of the leading core banking platforms, Mambu helps financial institutions of all sizes design, launch, service, and scale their banking and lending portfolios efficiently.

It powers over 7,000 loan and deposit products that serve over eight million end customers, with over three million active accounts in 46 countries, ranging from fintech to traditional banks. Mambu’s historical clients have included microfinance institutions and fintechs.

Mambu, on the other hand, is currently focused on larger banks creating spinoffs or migrating. Its installation base is primarily located in Western Europe, Latin America, and Sub-Saharan Africa. The United Kingdom is the country that has the most installations.

Temenos

Temenos Group AG is a worldwide leader in retail, universal, corporate, private, microfinance, Islamic, and community banking software solutions.

Temenos, headquartered in Geneva and with 68 offices worldwide, serves over 1,000 financial institutions in over 125 countries. It was founded in Geneva, Switzerland, in 1993. It began with a simple mission: To cleanse the banking industry of antiquated software.

Temenos has been dedicated to this mission, investing over $1 billion in delivering top-tier banking products. Its offerings have grown beyond core banking to include payments, business analytics, wealth management, and channels, establishing itself as one of the most comprehensive core banking platforms in the industry.

Thought machine

Thought Machine is a fintech company that develops cloud-native technology to transform core banking. Its goal is to address one of the financial industry’s most pressing issues: The reliance on outdated IT infrastructure. Almost all banks are stuck on a legacy IT platform, which limits their capacity to innovate and provide the level of service that customers need.

BOS by INCAT

BOS, founded in 2018, is a fully flexible, cloud-native, and scalable transaction system aimed at fintech startups and neo/challenger banks. BOS has been developed by INCAT, a fast-growing technology startup that intends to empower businesses to bring the digital revolution to banking and finance.

The BOS system is recognized as one of the most flexible core banking platforms available, making it a top choice for businesses seeking rapid implementation, cost-effective solutions, and seamless integration with external systems. BOS is a cloud-native, API-driven, microservices-based platform, designed from the ground up to operate securely and efficiently in the cloud, while also offering the flexibility to be deployed on-premises or in a private cloud.

FIS

FIS is an American multinational Fortune 500 corporation that provides a wide range of financial goods and services.

FIS is famous for its Financial Technology – FinTech – development, and as of Q2 2020, it delivers its products in three key segments: Merchant products, Banking Solutions, and Capital Market Solutions. FIS focuses on retail and institutional banking, risk and compliance, asset and wealth management, payments, and outsourcing solutions. It serves approximately 20,000 customers in over 130 countries.

Oracle Flexcube

FLEXCUBE is a universal core banking software developed and introduced by Oracle Financial Services. This solution is designed for financial institutions and banks. It provides customer-focused core banking functionalities. Also, FLEXCUBE provides a comprehensive view of all customers and improves communication between bank employees and customers.

With FLEXCUBE’s open-source environment and multiple API management, users can design their business logic and interfaces, as well as integrate the system with third-party apps. This international core banking system complies with many regulations and is appropriate for any bank in over 115 countries.

 Watch More: Best Core Banking Service Provider 2023

Conclusion

It’s essential to carefully assess the core banking platform you’ll use as your bank moves toward the digital revolution. These main banking systems all have advantages. Types of banking software, fintech app are important. Also, software quality matters. 

Making the best choice requires working with a consultant who can explain your needs and how the system will meet them, as well as assist you in negotiating a contract with the vendor.

Choosing a software development vendor should be thorough in ensuring there are enough certified developers, and the choice of the stack is large enough. At SmartOSC, we take pride in delivering banks with only the best services. To learn more about how we can help you, contact us now!

Source: https://www.smartosc.com/top-core-banking-platforms-in-2023/