Top 10 core banking software you can choose for your bank in 2020
written by Paul Belogour. Oct 19, 2020
What best core banking software should you choose from to innovate your banking establishment and step into the era of digitalization? The choice between the ready-made products and development from scratch should begin with an in-depth analysis of existing solutions to determine if the market already has what you need.
In this post, we review the top 10 banking software solutions of 2020, reveal their main characteristics and unique value proposition. This way, you can find the best core banking system that suits all your organization’s needs or opt for the development from scratch. But before we get into our review, we need to make sure that the concept of banking software is clear to you.
What’s banking software
Banking software is a program that allows banking institutions to create, launch, and successfully manage their financial products, such as mobile and web apps, websites, user self-service portals, etc. Banking software has to deal with all sorts of transactions, investments, and trading activities of a particular banking organization.
What to look for in banking software
When choosing banking software for your banking establishments, you need to pay close attention to the features and characteristics each banking software product has and offers to choose the best one for yourself. Here are some of the most vital to look for.
- Compliance with the domain laws and regulations. Compliance is one of the essential aspects to look for in your banking software. PCI DSS, GDPR, KYC are only a few regulations and laws all banks have to comply with. When choosing banking software, you need to make sure that your provider offers compliance with these and any other law that is mandatory on the territory your business is going to operate.
- Advanced security system. In 2019, financial organizations faced cyberattacks 300 times more often than companies from other domains. It means that you need to look for a software solution that leverages the most modern tools and technologies to provide you and your clients with the highest level of data security and protection.
- All-in-one solution. If you want to save money and time establishing an efficient workflow of your organization, you need to opt for a software provider who offers you a feature-rich, all-in-one solution. Thus, you’ll save time setting up your infrastructure and advance the security of your organization by reducing the number of third-party services that create additional cause for security concerns.
Now that you know what features and characteristics are must-have for your banking software let’s take a look at the top ten core banking software of 2020. The top list was created according to Trustradius ‒ a platform that collects users’ reviews on software products.
The top 10 core banking software 2020
To make this list as unbiased as possible, we created it according to Trustradius ‒ a platform that gathers users’ reviews on all sorts of software products. Our list of top banking software companies is based on numerous reviews of existing users of these software products. Let’s have a look.
#1. Oracle FLEXCUBE
Oracle FLEXCUBE is a software product that offers core banking features to financial companies. The provider claims that the software solution is designed with a laser focus on a bank’s core systems modernization. The product helps banks to become more intuitive and agile with its customer-centric core banking functionalities.
The solution leverages modern technologies such as Machine Learning and Blockchain to engage with the customers and improve software connectivity with third-party service providers.
#2. Alacra Compliance Enterprise
Alacra Compliance Enterprise is a technology product that helps banks streamline the compliance process to meet all the requirements of necessary regulations and laws. The Alacra company offers a SaaS solution with a single workflow tool to create investigations, perform simultaneous searches, get comprehensive investigation results reports, as well as to oversee investigations, leverage numerous filtering features, and measure productivity using a powerful management dashboard.
#3. Premier Bank Platform
Premier Bank Platform is an all-in-one solution for financial establishments that offers hundreds of ready-made interfaces to third-party products and an opportunity to extend existing features with any unique solution if needed.
The company claims its product can save your time due to the system’s intuitiveness and simplicity, support your growth using its unlimited scalability options, and provide full integration with your business flow by offering specification- and parameter-based customization options to meet your unique requirements.
Q2ebanking is an e-banking platform that offers high-quality technology solutions and aims at providing digital banking and lending solutions to financial establishments. The solution offers a one-stop-shop experience with a set of intuitive and straightforward products that allow end-customers to seamlessly open accounts, borrow online, transfer money, and be sure that the solution they use is totally secure.
#5. Strands BFM
Strands BFM is a white-label business management solution that helps small to medium businesses take control over their finances. The solution aims at solving the main problems of any business, namely efficient financial management and successful business scaling.
The solution is designed for freelancers, small and medium companies. It leverages Big Data to help small and middle six enterprises make smarter business decisions and provide users with intuitive and simple data visualization for a great user experience.
#6. MULTIVERSA FIP
MULTIVERSA FIP is a revolutionary platform that allows banking companies to digitize their business with minimal efforts and expenses. The platform allows companies to use their legacy systems and enhance them with new functionality and third-party integrations instead of developing everything from scratch.
The platform lets you create a multi-channel digital banking strategy that allows bank customers to get one common touchpoint to all financial products tailored to their individual preferences and needs.
Geezeo is a banking software platform that helps over 500 banking establishments. The platform allows banks to expand their existing solutions with new functionalities and integrations. It gathers data to provide clients with useful insights on their customer’s habits and behavior patterns and helps create highly-personalized offers to improve customer experience.
Geezeo processes, stores, and augments billions of transactions, which makes it a critical data partner. The platform extracts enriched data on the transactions to help banks activate and engage with target audiences.
Validis is a financial software solution that helps accountants and lenders collect data in a legal and compliant manner to help them make more data-driven decisions over loans. The platform allows companies to streamline and automate the processes of collecting financial information, calculating financial ratios, and conducting a risk assessment. The software solution enables fast, accurate, and secure financial data history sharing between small and medium enterprises.
Validis users can also benefit from using a feature-rich dashboard and reporting features that provide reports in audit-ready format.
Mambu is a cloud-based software as a service solution for banks that has over 20 million end-users. The solution claims to be highly scalable, secure, and fast due to its cloud nature. The company aims at helping banking organizations of all sizes to shift from traditional banking cumbersome systems to an alternative that doesn’t require lengthy onboarding, is agile, and can be rapidly designed and launched.
Mambu allows banks to adjust to ever-changing market needs painlessly and fast and forget about endless development and deployment. which can be considered as a powerful competitive edge.
Banno is a set of banking applications connected to the back office. Today, the product has more than 2.6 million monthly active users. The solution allows banks to create a unified experience with the help of secure core-centered technology, thus helping banks to enhance user experience.
The solution focuses on banks that chose a mobile-first strategy and help them modernize their digital channels for long-term growth. Bonno allows banks to create mobile apps with interface design elements that remind users of social media networks they are already familiar with. As well as an intuitive interface, Bonno provides end-users with all the most necessary features for a digital bank.
There's no secret that banking establishments can no longer become front runners in the industry without going digital. There are thousands of banking software solutions out there to help you start this process.
If you’re looking for a suitable software solution for your banking establishment, you need to weigh all the pros and cons of utilizing existing banking solutions or developing your own system from scratch. In case you hesitate about which path to choose, contact our team, and get professional consultation ASAP.