Top 10 core banking solutions for digital transformation

The banking and finance industry has recently experienced a digital awakening. Over the last few decades, the industry has successfully integrated a wide range of technologies into its processes in order to become safer, more streamlined, and provide better customer service.

Banks and other financial institutions are revolutionizing the industry by implementing fintech solutions. Furthermore, finance software development firms are leveraging next-generation technologies like AI and ML to create better solutions with more powerful features.

In this post, SmartOSC Fintech will show you the top 10 core banking solutions for digital transformation that banks need to equip.

What is digital transformation?

Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. This reimagining of business in the digital age is known as digital transformation.

It goes beyond traditional roles such as sales, marketing, and customer service. Instead, digital transformation begins and ends with how you think about and interact with customers. As we transition from paper to spreadsheets to smart applications to manage our businesses.

Top 10 core banking solutions for digital transformation

1. Backbase

Backbase is a cutting-edge omnichannel digital banking software solution that combines data and functionality from core banking systems and fintech to create a unified digital customer experience across all channels.

Many large financial institutions around the world, including HSBC, ABN AMRO, Metro Bank, Citizens Bank, RBC, HDFC, Hiscox, BNP Paribas, Discovery Bank, Virgin Money, PostFinance, and Westpac, have standardized on the Backbase platform. In Vietnam, some Commercial Joint Stock Banks are beginning with Backbase as their Digital Banking & Fintech system. 

Besides, it is impossible not to mention SmartOSC Fintech, an official partner of Backbase. We always bring the best consulting solutions and Backbase implementation.

2. Mambu

Mambu is a SaaS banking solution, which means it is available to banks and other financial institutions as Software as a Service (SaaS). It is a useful financial tool that quickly delivers business values in an ever-changing environment. It is a cloud-based fintech solution that scales well with the expansion of banks and other financial institutions.

3. Finacle

Finacle is yet another powerful banking solution that effectively addresses the core problems of the global banking, retail, and corporate sectors. It provides a comprehensive set of tools and web solutions to efficiently meet the needs of users and power digital transformation strategies. You can select any dependable banking solution from its extensive portfolio that best meets your business needs.

4. CorePlus

CorePlus is a comprehensive banking solution available on the global market. It is one of the most cost-effective banking solutions for large banks and other critical financial institutions. Core plus includes all of the critical features that your bank can use to improve customer service and streamline operations.

5. EBANQ

EBANQ is at the top of our list of the most popular banking solutions for 2022. It has user-friendly features for customers, administrators, and other bank employees. It is ideal for small and medium-sized banks because it includes all of the features you could want in a banking enterprise solution, from digital payments and fund management to loan processing and customer support. This software’s mobile apps are available for both Android and iOS users.

6. Moneyspire

Moneyspire is the ideal fintech solution if you want complete control over your financial operations. It is a well-designed and cost-effective personal finance software and accounting tool for small and medium-sized businesses. It is available in two versions (Windows and macOS) and tracks all of your dues, bills, accounts, and budgets to assist your organization in growing.

7. OpenCBS

OpenCBS is a web-based banking enterprise solution that allows your clients to access banking services from anywhere. It not only performs well, but its PostgreSQL database makes it faster and more responsive. This software’s interface is user-friendly, and its cloud-based version includes all of the essential features that a user requires. In addition, a table version is available, which includes risk management and loan processing functionality.

8. Cobis

Cobis is a user-friendly banking software solution that adapts to your customer’s changing needs by rapidly analyzing market trends. It takes current market realities into account and assists you in developing efficient plans to help you effectively grow your business over time. Some of the robust features of the Cobis software include online payments, remittances, withdrawals, and seamless digital transactions.

9. MyBanco

If you want an open-source solution, MyBanco is the best fintech solution for you. Because open-source software is free to use, you can easily modify the code to suit your needs. Not only that, but the code provided by MyBanco is of the highest quality and secure enough to pass all ASIC and FDIC regulations. However, you must ensure that you change the code efficiently in order to customize and personalize it.

10. Mifos X

Mifos is a sophisticated core banking solution that enables banks and other financial institutions to provide a full range of financial services. It is a strong banking solution with a client portal, a customer portal, and a centralized platform for all operations. The best part is that it is adaptable to any type of organization, product, service, or methodology. It comes in the form of a mobile app, an on-premise, and a cloud-based solution.

Conclusion

If you’re looking for comprehensive core banking solutions that can help your bank keep up with the latest digital trends, we’ve got you covered. Top 10 solutions are compiled to help banks of all sizes make the transition to a digital-first world. Ready to find out more? Contact SmartOSC Fintech today and let us show you how our solutions can benefit your institution. Thanks for reading!