Core banking systems are real newsmakers in the world of next-gen banking technologies. Banks and financial institutions are growing rapidly with such systems. They perform a considerable number of transactions. These systems are to assist you in improving the quality of the services and scaling the business model.
To find the best core banking solution for your business, it’s of prime importance to realize what core banking is, what its main features and functions are, and discover the major pluses and minuses of such systems. The term “core” stands for a centralized online real-time environment. It implies that all the bank’s branches can access apps from centralized data centers. The primary function of such systems encompasses automating both the frontend and backend operations of a bank.
The main features of the core bank systems include the following points:
- Universality.
- Flexibility.
- Integration.
- Reliability.
Choosing the Best Core Banking Software: Crucial Aspects
The number of available CBS solutions is mounting day after day. The systems may differ depending on the provided services and used technologies. You have to take the following steps to make the right choice:
- Define the most winning sourcing model.
- Clarifying the details of the evaluation.
- The technical parameters.
- Security.
You should keep in mind that CBS platforms contribute to developing an innovative financial environment. However, they possess a drawback that may lead to data losses. Thus, it’s better to choose services that feature minimal technical glitches.
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Top 5 Core Banking Providers
While the choice of available solutions is huge, it’s not easy to select the best one. The following 5 core banking software providers are the most effective ones.
SDK.finance
SDK.finance provides open-source core banking solutions you may purchase and implement on-premise. The service can meet the needs of a broad spectrum of users. Features such as support for millions of transactions per day make it extra effective. You are to integrate both Visa and Mastercard providers when using the CBS by SDK.finance.
The next peculiarity of the solution by SDK.finance is the possibility to support multi-currencies accounts. It’s up to you to decide what currencies to add. It should be highlighted that the exchange is performed automatically in case of using a different currency account.
The users of neobank receive an awesome opportunity to savor an outstanding UX. Thanks to cool visualization, clients may track their spending without effort. It’s quite simple to figure out when and where this or that transaction was performed.
P2P money transfers are another platform clients can’t but appreciate. It’s possible to create and update contact lists to meet the needs of every single user.
Temenos
It’s one of the oldest CBS providers. The primary goal of this cloud-based core banking platform is to assist organizations across retail, finance, corporate, and copious other banking sectors to provide top-quality products while optimizing the overall operational costs. The platform is user-friendly, and its use minimizes the possibility of mistakes. As for the disadvantages of the service, the lack of free demo or trial options may be highlighted.
Backbase
The platform offers customized options according to the requirements of private and commercial users. The use of the platform allows achieving such goals as lowering customer acquisition costs, digital channel adoption, and improved retention.
Oracle FLEXCUBE
This CBS provider has more than 600 clients. Being on the market since 1997, the company has gained tremendous popularity among both private and business customers.
Finastra
The platform has clients in 130 countries. Finastra makes it possible for banks and financial institutions to drive incredible innovation by connecting core banking system components to their existing systems via open interfaces.
To sum it up, it should be highlighted that innovative core banking technologies are altering the traditional way finance functions. CBS allows businesses to adapt to new changes and enables banks to remain competitive in the market.