Which core banking platform is right for your business?
Next-generation banks are disrupting the banking industry. Instant transfers, detailed analytics, and currency exchange at interbank rates are just some of the innovative features that most established banks cannot implement due to the outdated technology at their cores.
With a modern core banking platform, banks can modernize their product offerings quickly and efficiently. In fact, according to McKinsey, some 70% of banks are already looking to upgrade their core systems to lower costs, accelerate time-to-market, personalize products, and create payment ecosystems.
Avaloq
Avaloq’s core banking platform used by LGT, Deutsche Bank, and Barclays, among many others, offers optimized efficiency and future-proofed software. With more than 70 modules and digital solutions, the highly modular platform can be seamlessly integrated and scaled to best match the needs of a client.
Avaloq’s system delivers out-of-the-box efficiency with the flexibility to run ‘as is’. The company’s tried and tested process gets many banks and wealth managers up and running in just 90 days. The platform excels at reducing redundancies and streamlining back-office operations, so staff can focus on high-value tasks while clients receive superior digital service.
Backbase
The vendor of choice of 80+ banks around the world, Backbase empowers financial institutions to place digital at the core of their business models. The company’s Omni-Channel Banking Platform is the preferred choice for world-renowned institutions such as Barclays, Credit Suisse, Deutsche Bank, Fidelity, ING, and many more.
Since its launch in 2003, Backbase has been helping banks develop a compelling experience on digital channels. Today, the company impacts over 90 million end-customers daily. An in-depth focus on customer experience management and unparalleled speed of implementation make Backbase a highly rated FinTech software provider.
| Avaloq | Backbase | |
| Founded | 1985 | 2003 |
| Number of clients | 150 | 80 |
| Headquarters | Zurich, Switzerland | Amsterdam, Netherlands |
| Customer profile | Wealth managers, retail banks | Financial institutions dealing with retail, corporate, SME, and wealth management with onboarding, loans, etc. |
| Number of end-customers | Unknown – $4.5 trillion in assets | 90 million |
| Number of employees | 2,000 | 800 |
| Number of offices | 24 | 9 |
| Solutions | Avaloq Core Avaloq Wealth Avaloq Engage Avaloq Insight | Retail Banking SME Banking Corporate Banking Wealth Management |
Core Banking Software alternatives
SDK.finance
SDK.finance is the core payment software provider with a strong API layer for banks and FinTechs. Founded in 2013 and based in Vilnius, Lithuania, they offer a highly secure and mobile-ready solution to delight banking customers and take the lead in the open banking world.
The Platform consists of 5 main components: a back-end wrapped in 400+ API endpoints, 3 front-end frameworks, and web for system management with capabilities in iOS and Android for our clients.
SDK.finance offers Digital Retail Bank software in whitelabel.
Click here to learn more about the SDK.finance core banking platform, its features & functionality, use cases, integrations, and API, security, and used technologies.