The banking industry as we know it today, with challenger banks and attempts at integrating blockchain technology into financial services, had to undergo many changes over the course of time. Nowadays, to retain customers and stay ahead of the technology curve, the banking industry has to invest heavily in technology and banking software.
It is paramount to keep up with technology trends. But above all, decisions at the c-board level must be made in accordance with the specific needs of the financial organisations, and with the choice so large, pinpointing the right solution can become a challenge.
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Table of contents
The core banking market overview
The core banking industry market is a rapidly growing and highly competitive market that provides banking software solutions to financial institutions such as banks, credit unions, and other financial service providers. These payment systems are the backbone of these institutions, providing essential functions such as customer account management, transaction processing, and reporting.
The global core banking software market size is expected to reach USD 11.2 billion by 2026, growing at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2026. This growth is being driven by several factors, including the increasing demand for digital banking solutions, the need for more efficient and cost-effective banking systems, and the rise of cloud-based technology.
As the core banking industry is a dynamic and rapidly growing market, with significant opportunities for growth and innovation, financial companies continue to evolve, the need for modern, efficient, and flexible core banking software solutions will only continue to grow.
Top banking software features
Hundreds of banking solutions are available on the market today, promising their clients to ease their core banking operations and tasks and suit various needs, but it is ultimately up to the client to make the right decision. There are the main features to keep in mind when searching for the right banking software solution.
Mobility above all
Stationary business operations stagnate enterprise processes, delay decision making and transform customer journey into a living hell. With the rise of the BYOD (bring your own device) concept and cloud computing taking over the channel, finding a banking solution that provides its services on the go, hassle-free, and in a customized manner will make a great difference.
Speed and reliability
Time is money, and has never been more true than in the banking industry. When choosing a banking solution, the software must run smoothly and be consistent at any given time. Core banking software must be fast and reliable because it directly impacts the customer experience and the overall success of a financial institution. Today’s customers expect instant services when it comes to banking industry.
By the way, payment companies handle a large volume of transactions on a daily basis. This includes everything from deposits and withdrawals to wire transfers and bill payments. If the core banking software is slow or unreliable, it can lead to delays, errors, and even financial losses.
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Security, support, and flexibility
Out of all capabilities, these two set the tone between make or break. Operating with sensitive data means no compromises should be made when it comes to the security of the software, otherwise customer information and the organization’s reputations are at risk. A trustworthy, reliable support team must be behind the solution when needed, to ensure the client stays on top of all tasks.
One option is the, which allows users to build their financial products on a ready-to-go-platform. The package includes, but is not limited to, cutting edge technology, no backdoors or data mining, high-quality testing procedures, and also competitive prices.
Analytics and reporting
Data analytics and reporting have become increasingly important in the banking industry, providing financial institutions with valuable insights into their operations and customers. Top banking software solutions offer advanced analytics and reporting features, including data visualization, predictive analytics, and customizable dashboards.
Analytics and reporting are critical components of a banking software company, providing banks with the data they need to make informed decisions and improve their operations in a variety of ways.
Integration with third-party systems
Banks often rely on a variety of third-party systems and services, such as payment processors and credit scoring services. Banking software development company should be able to seamlessly integrate with these systems to streamline operations and improve efficiency. For instance, APIs are a common way for core banking software to communicate with third-party systems.
They provide a standardized way for different systems to exchange data, making it easy for banks to integrate with multiple systems. SDK.finance architecture allows integrating any 3rd-party tools for each stage of the customer journey. Our 400+ RESTful API set makes it easy to connect the ready-made components to your banking software solutions rather than having to develop the necessary functionality from scratch.
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In conclusion, today a core banking system offers a wide range of features and functionalities to help financial institutions stay competitive and meet the needs of their customers. Whether you’re looking for online and mobile banking capabilities, robust core banking functionalities, or advanced fraud prevention and analytics features, there’s a banking software solution out there that can help you achieve your goals.
By choosing the right core banking systems and leveraging they full range of features, financial institutions can drive growth, improve customer satisfaction, and stay ahead of the competition.
About SDK.finance payment platform
SDK.finance has a proven track record of providing financial services companies with the core banking functionality that they need, using its secure, robust, and configurable API platform as a one-stop-shop solution.
Our company provides businesses with white-label payment solutions, which means that they can customize the core banking platform with their own branding and integrate it seamlessly into their existing systems. The platform is also highly scalable, allowing businesses to easily expand their payment capabilities as they grow.
Contact us to learn more about our banking solutions. We are open to talk about how SDK.finance can be useful for your business.
What are the most important features of modern banking software?
Some of the most important features of modern banking software include core banking functionality, security and fraud prevention, integration with third-party systems, mobile and online banking capabilities, analytics and reporting, compliance with regulatory requirements, and customer relationship management (CRM) features.
Why is integration with third-party systems important for banking software?
Integration with third-party systems is important for banking software because banks rely on a variety of third-party systems and services to support their operations. By integrating with these systems, banks can streamline their operations, reduce costs, and improve efficiency.
How can banking software improve customer experience?
Banking software can improve customer experience by providing robust mobile and online banking capabilities, strong security features, and CRM features that help banks build strong relationships with their customers. Analytics and reporting features can also provide insights into customer behavior and preferences, allowing banks to tailor their offerings to better meet customer needs.
What are some regulatory requirements that banking software must comply with?
Banking software must comply with a variety of regulatory requirements, including anti-money laundering (AML) and know-your-customer (KYC) regulations, data protection laws, and other industry-specific regulations. Compliance with these regulations is essential for banks to avoid fines and maintain their reputation.
What are benefits of using modern banking software?
Some potential benefits of using modern banking software include improved efficiency and cost savings, enhanced security and fraud prevention, better customer experience, and improved compliance with regulatory requirements. Additionally, analytics and reporting features can provide valuable insights into customer behavior and financial performance, helping banks make informed decisions and improve their operations.