3 India based core banking systems transforming the banking industry

By Leandra Monteiro

The introduction of technology into the banking system has caused a massive transformation in the way banks function. The traditional banking methods have made way for the latest technological modernizations with highly sophisticated systems.

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. Here are 3 Indian companies that are market leaders:

• EdgeVerve Finacle

Finacle is a core banking system developed by EdgeVerge, a wholly-owned subsidiary of Infosys, that enables banks to provide digital banking services to their customers. The cloud-native solution suite and SaaS services help banks to engage, innovate, operate, and transform better.

Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.

• TCS BaNCS

The TCS BaNCS Global Banking Platform 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.

• Wipro Core Banking As-a-Service

Financial institutions are rapidly embracing the ‘As-a-Service’ phenomenon to unlock the power of integrated application software, infrastructure topology and business processes on demand. The As-a-Service model promotes business agility and costs flexibility that is pivotal to addressing the demands of digitally-driven and dynamic consumers.

Wipro’s ‘Core Banking As-a-Service’ offering is a value proposition for financial institutions that encompasses hosting and managing the Core Banking application and underlying technology infrastructure on a variabilized cost model. It’s Core Banking As-a-Service proposition leverages its rich banking domain knowledge, in-depth product expertise on the Core Banking platform, IaaS capabilities, which when amalgamated together, offer an integrated and compelling solution.

ALSO READ: Global Core Banking Vendors & Landscape Report Q1 2022