Temenos, international, Mambu, Finastraand Tata Consultancy Services have been identified as the top five core banking system vendors ready to help incumbent banks compete with challenger banks. Juniper Research.
The study evaluated 18 vendors who excelled in supporting users through services such as 24-hour customer service and personalized product recommendations.
The findings are detailed in a newly released report. “Global Core Banking Systems Market 2024”.
The competitive leaderboard, based on rigorous scoring, ranked the top vendors based on criteria such as geographic reach, strategic partnerships and future business prospects.
Temenos, FIS, Mambu, Finastra and Tata Consultancy Services were highlighted for their advanced banking capabilities leveraging cloud-based solutions tailored specifically for the retail, corporate and wealth management segments.
The report highlights the importance of future-proof solutions that enable banks to scale quickly to meet growing demand for 24/7 banking services.
Daniel Bedford
Study author Daniel Bedford explained:
“API integration and support for open banking are essential to a vendor’s long-term viability. API-enabled services can easily integrate with existing core banking systems, allowing banks to modernize their infrastructure without having to replace existing systems.”
This will increase competition as banks will be able to integrate new services to compete with challenger banks.”
The report also highlights that leading vendors are recognized for their ability to deliver comprehensive banking functionality, but to stay competitive, vendors must develop solutions that enable banks to scale quickly as demand for continuous banking access grows.
The core banking systems market is evolving with technological innovations such as cloud infrastructure, machine learning, AI, blockchain, smart contracts, and microservices architecture.
These advancements drive the sector forward, ensuring core banking systems continue to deliver a seamless customer experience and remain regulatory compliant.
Featured Image Credit: Free Pick
