3 Core Banking suppliers to keep an eye on in 2022
By Joy Dumasia
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 Banking technology allows a bank to centralise its record-keeping and allows customers to access their information and stay connected using their computer or mobile device 24/7.
CORE is an acronym for “Centralized Online Real-time Exchange”; thus, the bank’s branches can access applications from centralised data centres. Other than retail banking customers, Core Banking is now also being extended to address the requirements of corporate clients and provide a comprehensive banking solution. Core Banking software also helps the overall operation of a bank. It gives all bank employees a standardised process for receiving customer information, posting transactions, and making changes to an account.
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 Core Banking suppliers to keep an eye on in 2022:
Mambu started with the ambition to bring banking and financial services technology into the digital-first world and to make it accessible for all. Mambu began servicing microfinance institutions and FinTech startups; within two years, the engine was adopted by 100 microfinance organisations in 26 countries worldwide.
Recently, IBS Intelligence reported that Mexican microlender CAME (Consejo de Asistencia al Microentrepreneur SA de CV), a Mexican financial institution offering specialised financial services for small and micro businesses, has migrated its operations to a leading cloud banking platform Mambu.
Sopra Banking Software designs tech solutions for financial institutions worldwide to provide services accessible to everyone, everywhere, anytime. The mission is to contribute to tomorrow’s financial world, helping banks 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.
Ohpen aims to give financial institutions limitless freedom to exceed customer expectations by creating the best cloud-native SaaS Core Banking platform in the world. Ohpen has been active for 10 years and has changed banking and FinTech by bringing a bank fully to the cloud.
Built by former bankers to administer retail investments, savings, current accounts, lending and mortgages, Ohpen liberates banks from their legacy systems and processes. Their mission is to develop the best core banking engine in the world. Ohpen’s vision is for banks to finally be free from the constraints of on-premises legacy core banking applications; banks will plug into a cloud-based administration factory using an API.
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September 22, 2023