3 core banking companies digitising the banking industry

By Leandra Monteiro

The Core Banking system is the software used to support a bank’s most common transactions. It’s the behind-the-scenes engine that processes customer data, daily banking transactions, deposits, payments, loans, and posts updates to accounts and other financial records. Core Banking solutions rely on computer and Internet technology to deliver the financial service experience today’s customers want.

CORE is an acronym for “Centralized Online Real-time Exchange”. Core banking can be defined as a back-end system that processes banking transactions across the various branches of a bank. The system essentially includes deposit, lending and credit processing. New systems are built on cloud technologies and use open API-based architecture to better integrate with various internal and external services and systems.

Core Banking always brings down operational costs considerably, ensuring lesser staffing requirements for execution. It also enables greater accountability of the customers. The benefits of Core Banking systems are multi-faceted, keeping pace with the fast-evolving market, simplifying banking processes and making it more convenient for the customers, and expanding the outreach of the banks to remote places.

The following are 3 prominent Core Banking suppliers:

• Infosys Finacle

Finacle is an industry leader in digital banking solutions. It is a unit of EdgeVerve Systems, a product subsidiary of Infosys. The company partners with emerging and established financial institutions to help inspire better banking. Its cloud-native solution suite and SaaS services help banks engage, innovate, operate, and transform better to scale digital transformation with confidence.

Finacle solutions address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain requirements of financial institutions. Banks in over 100 countries rely on Finacle to help more than a billion people save, pay, borrow, and invest better.

• Sopra Banking Software

Sopra Banking Software designs tech solutions for financial institutions worldwide and provides services accessible to everyone, everywhere, anytime. The mission is to contribute to the financial world of tomorrow, helping banks to navigate challenging and changing times by guiding them through their digital transformation with solutions and a strong commitment to collaboration.

Sopra Banking Software is a subsidiary of the Sopra Steria Group, a European leader in consulting, digital services and software development. With more than 46,000 employees, the Sopra Steria Group generated a turnover of €4.43 billion in 2019.

• TCS BaNCS

The TCS BaNCS product suite is designed to help financial services institutions enhance end-customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise, and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.

ALSO REGISTER FOR: IBS Intelligence NextGen Core Banking Summit 2022