Rating Core Banking Systems
More and more banks are looking to transform as they embrace digital banking technology in the coming years. Often, this starts with finding a new core banking platform that has the right cloud-based or component-based structure. Yet, defining the best core banking system is a complicated task.
The best system for your needs may not be the best system for another bank. You need to evaluate your needs with the help of a consultant to make this choice. Here are a few of the systems that have good options for many small to medium-sized banks, but remember that this is not a complete list of available applications today, it is meant to give you a glimpse of what the current market looks like. The right choice for your Bank may not be on this list. Most of the legacy systems on the market today are not included here but could be the right choice for you. (The order of the list has no meaning)
1. FLEXCUBE by Oracle
FLEXCUBE Universal Banking by Oracle is designed to support digital transformation through a component-based platform that works for banks of all sizes. It is a flexible option but could integrate better with other core systems for banks looking to make a gradual switch.
2. Finacle Core Banking Solution
Finacle Core Banking Solution is a product from EdgeVerve Systems. It has mobile baking, e-banking, and channel banking, and it has a simple integration process. It is quite versatile, allowing banks to pick and choose what they need to help them ease into the digital transformation.
3. Temenos Transact
Temenos Transact makes it on the list because of the company’s customer service. This company has all of the core banking solutions a bank needs to embrace the digital age and teams that help banks implement the program. The program embraces new technologies well, so banks can better meet the needs of their customers.
4. Finestra Fusion Core Banking Software
Finestra Fusion Core Banking Software is a line of core banking platforms that help traditional banks, credit unions, and community banks give both their customers and their staff a positive banking experience. Finestra Fusion is integrated with analytics and multiple digital channels to keep the front, middle, and back offices connected.
5. Encore360
Because it launched in 2013, Encore360 has a long history behind its name. The core banking system also has a lending management program built-in, serving alternate financial services companies and banks and credit unions.
6. DataMate
DataMate from DataVision is an online centralized banking system that works for banks, retail, and other commercial applications. Because it is modular and scalable, it works well for banks that are starting their digital transformation and are not sure what they need now and later.
7. AutoBank
AutoBank comes from T.M. Systems. This core banking system has over 25 years in the IT industry, which gives it the longevity many banks are looking for in a core system. However, it also has innovative products to help growing banks as they embrace digital.
8. Tata Consultancy Services BaNCS
The TCS BaNCS Global Banking Platform is currently in use by over 400 financial institutions. This option is a cloud-first banking program equipped to handle P27 payments and other real-time payment options.
9. NCR Corporation Digital Banking Solutions
NCR’s Corporation Digital Banking Solutions is an open and flexible platform designed to help banks embrace innovation as quickly as possible but without a high initial cost or risk. It is an open and flexible platform with a branch transformation program that helps banks switch to digital.
10. SAP
SAP uses an Intelligent Enterprise Framework to offer banks integrated applications to serve their customers well. This option is cloud-based technology focusing on supporting financial inclusion by reaching those who are not well-served by banks. It has omnichannel banking and digital banking analytics.
11. Wipro Core Banking As-a-Service
Wipro’s Core Banking As-a-Service program is a hosted core banking application that offers digital channels, payment processing, and an AI platform that helps banks deliver better service to their customers. It has an open banking platform that is helpful to the banks that are making the digital revolution.
12. Fiserv DNA
The Fiserv DNA is a digital solution gaining market share and is now in the Cloud. DNA along with Architect from Fiserv offers a total digital application.
13. FIS Modern Banking Platform
The Modern Banking Platform is the latest Digital Core Application from FIS. The Core will eventually link with Digital One Flex, Digital One Account Open, Digital One Financial Wellness, and Digital One Business, all digital applications.
Looking Towards The Future
As your bank approaches the digital revolution, it is time to consider the platform you will use carefully. Each of these core banking systems has merit. Working with a consultant who can help you understand your needs and how the system will meet those needs, and help you negotiate a contract with the vendor, is essential to ensuring you make the right decision.
Reach out to L. Michael Wofford Consultants & Advisors to learn more about selecting a core banking platform and preparing your bank for the digital transformation. Let our team put our knowledge to work for you to help you find a system that fits and will launch your bank into the future with success.
