Temenos vs. Oracle FLEXCUBE: Core Banking Platforms Comparison

Overview of Core Banking Platforms

Core banking platforms are essential software solutions that manage the core operations of financial institutions, encompassing retail banking, corporate banking, and financial inclusion. These platforms provide a centralized system for handling customer accounts, transactions, and financial products, enabling banks to streamline their operations, enhance customer service, and boost efficiency. Modern core banking software is designed to be flexible, scalable, and adaptable to evolving market conditions, regulatory requirements, and customer needs. By leveraging these advanced systems, financial institutions can stay competitive and responsive in a rapidly changing financial landscape.

What’s the best modern core banking software for your business?

Competition in the banking industry is intensifying. Any financial services business, including next-generation banks, is winning market share by targeting lucrative niches in the value chain, forcing incumbent banks to review their legacy platforms.

The good news is that there are many tools to help banks modernize quickly and efficiently. In fact, more than 65% of surveyed banks are exploring the potential of next-generation core banking platforms.

Banking Challenges Solved by Core Banking Platforms

Core banking platforms are engineered to address a multitude of banking challenges, including:

• Improving Operational Efficiency and Reducing Costs: By automating routine processes and streamlining workflows, core banking platforms help financial institutions operate more efficiently and cost-effectively.
• Enhancing Customer Service and Experience: Advanced features such as real-time transaction processing and personalized financial products improve the overall customer experience.
• Increasing Scalability and Flexibility: Modern core systems are designed to scale with the growth of the institution and adapt to new business models and market demands.
• Improving Risk Management and Compliance: These platforms offer robust tools for managing risk and ensuring compliance with regulatory requirements.
• Supporting Financial Inclusion and Islamic Banking: Core banking platforms like Oracle FLEXCUBE provide specialized functionalities to support financial inclusion initiatives and Islamic banking principles.
• Providing Excellent Open Banking Capabilities: With features like embedded machine learning and universal banking, these platforms enable financial institutions to offer innovative services and products.

Temenos Core Banking Platform

Temenos stands out as a leading provider of core banking software, offering a comprehensive platform tailored to the needs of financial institutions. The Temenos Core Banking Platform delivers a wide array of features and functionalities, including robust account management, efficient transaction processing, and versatile financial product management. Designed with scalability and flexibility in mind, the platform adapts seamlessly to changing market conditions, regulatory demands, and customer expectations. This adaptability ensures that financial institutions can maintain optimal performance and service quality, even as the banking environment evolves.

Founded in 1993, Temenos is one of the world’s top core banking software systems. After over 25 years of providing best-selling software for financial institutions, Temenos boasts unbeatable experience and a wide range of system integrations.

Rich functionality and cutting-edge technology made Temenos the go-to for over 3,000 current clients and 41 of the world’s top 50 banks, serving more than 500 million customers every day. The platform is designed to help retail, corporate, and private banks manage transactions, risk, enterprise credit, and much more.

Oracle FLEXCUBE

10% of the World’s banked population have an account powered by Oracle FLEXCUBE. 600+ financial institutions use the company’s universal banking solution in 140+ countries across the globe. The banking challenges FLEXCUBE solves include aiding banks to adapt to a competitive environment through digital transformation, machine learning, artificial intelligence, and support for various deployment environments.

The comprehensive, interoperable, and modular solution addresses core banking needs, enables knowledge workers, and reduces time-to-market for new products. FLEXCUBE’s front-to-back digital capabilities help financial institutions to innovate and create next-generation digital customer experiences by allowing users to create customized business logic and interfaces through its open-source environment and API management.

As an international core banking system, Oracle FLEXCUBE provides customer-facing functionalities and supports integration with third-party applications, making it suitable for financial organizations worldwide.

With access to advanced automation tools that rely on Machine Learning, the company’s clients can generate better insights and enhance straight-through processing. Oracle FLEXCUBE is ideally suited to help companies jumpstart their digital transformation by enhancing operational efficiency and flexibility through streamlined processes and cost savings from its multi-tenant feature.

Oracle Financial Services offers comprehensive core banking solutions, specifically highlighting the FLEXCUBE software.

The platform’s capabilities in service development enable banks to enhance their product offerings and create new services quickly and competitively.

Temenos vs. Oracle FLEXCUBE

	Temenos	Oracle FLEXCUBE
Founded	1,993	1997
Number of clients	3,000	600+
Headquarters	Geneva, Switzerland	Mumbai, India
Customer profile	Retail, corporate, universal, private, Islamic and microfinance & community banks.	Universal, direct, private, and Islamic banks; financial and lending institutions.
Number of end-customers	500 million	380 million
Number of employees	4,600	9,000
Number of offices	68	79
Solutions	Infinity – Digital Front Office T24 Transact – Core Banking Payments Infinity Wealth Fund Management	Core banking software Enterprise limits Collateral management Investor Servicing Financial Services Lending and Leasing

Leading Core Banking Alternatives

There are many more worthy next-generation companies competing in the banking services market. SDK.finance and its core banking platform has been particularly successful at leveraging modern tools to help financial institutions modernize their services quickly and easily.

SDK.finance, founded in 2013 and based in Vilnius, Lithuania, offers a highly secure and mobile-ready solution to delight banking customers and take the lead in the open banking world.

SDK.finance Core Banking Benefits

• Focus on growing your business while we take care of technology
• Create a customer-centric bank with a ready-to-go core banking platform
• Get more than technology, tap into over 10+ years of our experience in FinTech development

Why Choose SDK.finance?

• A broad range of verification methods, including two-factor authentication, biometric checks, security notifications, and Strong Customer Authorization for payments.
• Integrate SDK.finance core banking platform with other banks and let your customers add and manage all of their accounts from a single application.
• Create personalized web interfaces, mobile, and back-office applications using our highly adaptable banking API set.
• A wide range of integrated solutions and even more easy-to-connect tools perfect for your business.

Click here to learn more about the SDK.finance core banking platform, its features & functionality, use cases, integrations, and API, security, and used technologies.