As we see a surge in the automation of operations across various industries, the demand for software solutions has surged. This is propelled by the need for enhanced customer experiences, operational efficiency and regulatory compliance.
One of the biggest industries being transformed by software is banking, something private banks and their clients are making the most of (source: Redstone Private Banking). The sector has seen its day-to-day activities streamlined, and institutions have become empowered to innovate and adapt to rapidly changing market dynamics.
What Is Banking Software?
Before we take a look at the best of the best, it’s important to have a basic understanding of exactly what banking software is. Essentially, banking software is a computer software used by companies in the banking industry to provide and manage the financial products they provide.
This also isn’t specific to banking: almost every sector has its own specialised selection of software these days, and organisations are able to choose which one suits them and their needs best.
1. Temenos
Founded in 1993, Temenos is a leading provider of core banking software systems globally. With over 25 years of experience in delivering top-tier bank software solutions, Temenos has developed an extensive range of system integrations.
Its core banking software solutions are known for their rich functionality and cutting-edge technology, making Temenos the preferred choice for over 3,000 clients, including 41 of the world’s top 50 banks. These institutions rely on Temenos to serve more than 500 million customers daily. The Temenos banking software platform supports retail, corporate, and private banks in managing transactions, risk, enterprise credit, and more. Their T24 banking software exemplifies their expertise, solidifying Temenos’s position as one of the top banking software companies.
2. Mambu
Since its inception in 2011, Mambu, a relatively new player in the core banking software sector, has swiftly emerged as a fast-growing provider of banking solutions. Within just two years of its founding, Mambu’s platform gained traction among 100 microfinance organisations spanning 26 countries worldwide.
Today, headquartered in Berlin, this startup serves over 150 banks, fintech firms, and telecom companies, catering to more than 14 million end-users. Mambu stands out as an active provider of digital banking platforms, assisting major financial software entities such as Santander, N26, and Orange in efficiently designing, launching, and expanding their digital-first banking and lending services.
Employing a cloud-native approach, Mambu’s SaaS engine offers a robust alternative to traditional core banking systems that are often costly and complex. Beyond its cloud-based architecture, Mambu’s banking software equips clients with comprehensive tools to construct, integrate, and deploy diverse lending portfolios.
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3. Backbase
Backbase, chosen by more than 80 banks worldwide, enables financial institutions to prioritise digital integration within their operational frameworks. Their Omni-Channel Banking Platform is the favoured solution for technology-driven banking companies like Barclays, Credit Suisse, Deutsche Bank, Fidelity, and ING, among others.
Established in 2003, Backbase has been instrumental in assisting banks in crafting engaging digital channel experiences. At the moment, the company influences the daily interactions of over 90 million end customers. Backbase distinguishes itself in the market with its strong emphasis on customer experience management and exceptional speed in deployment, positioning it as a top-tier digital banking provider.
4. FIS
FIS, an American corporation based in Jacksonville, Florida, operates globally with a workforce of over 60,000 employees. Established in 1968 under the name Systematics, FIS delivers a broad spectrum of financial services and products across three key segments: Merchant Solutions, Banking Solutions, and Capital Market Solutions.
Their extensive product lineup encompasses Banking Hardware, Core Banking solutions, Card Issuing and Processing, Digital Payments, Commercial Lending, Fraud Prevention, Risk Management, Compliance, and various other banking and payment-related services. FIS stands out among digital banking platform providers due to its diverse array of offerings.
5. Oracle FLEXCUBE
Oracle FLEXCUBE powers accounts for 10% of the world’s banked population and is utilised by over 600 retail banking software solutions across 140+ countries globally.
This comprehensive and interoperable bank software suite addresses core banking requirements, empowers knowledge workers, and accelerates time-to-market for new products. FLEXCUBE’s end-to-end digital capabilities enable financial institutions to innovate and deliver cutting-edge digital customer experiences.
Equipped with advanced automation tools leveraging Machine Learning, Oracle FLEXCUBE enables clients to gain deeper insights and streamline straight-through processing. It is an ideal solution for financial service companies looking to kickstart their retail banking software and solutions.
