Top 10 Core Banking Solutions

The business environment favors companies that implement innovations rapidly. As of 2024 and potentially beyond, core banking software is easily one of the most trending digitalization opportunities, promising better revenue and user experience. 

The core banking software market size has grown from $12.45 billion to $13.63 in 2024, showing a CAGR of 9.5%. While adopting core banking among financial institutions can reach up to 95-100% worldwide, non-financial businesses can also benefit from added banking capabilities. 

In this post, you’ll discover what a core banking system actually is and why you, as an owner or a C-level executive of a fintech or a non-fintech business, should advocate for its adoption. Besides, you’ll review the comparison of the top 10 providers of core banking software on the market and discover how you can choose among them. 

What Core Banking Software Is and Why Business Needs It

Let’s get started by delving into core banking as a technology concept and finding out why the integration of banking services is becoming increasingly popular:

Core Banking Software: Technology Overview

Core banking software is an integrated technology platform that manages and automates essential banking operations.

Core banking is typically a distinct B2B service provided by licensed financial institutions. They simply integrate with an external application, handling the back-end of banking services provided to end customers. With core banking, it’s possible to include most of banking functionalities in virtually any app or platform.

Here are the major components of a core banking system:

• Customer onboarding
• AML/KYC
• Account management
• Transaction processing
• Currency exchange
• Card issuing
• Financial accounting and general ledger
• Reporting
• Integration hub

Important note: The exact composition of core banking software may vary, depending on the provider. For example, advanced analytics and cross-border transactions may not be included by default. Besides, it’s worth mentioning that payment processors and payment gateways, two essential components of transaction processing, may be integrated into core banking solutions as third-party or custom native modules. 

You may explore extensive details about payment processor and payment gateway from another blog post by DashDevs. 

Take a look at the role of core banking software in transaction processing in the infographics below:

Why Business Should Adopt Core Banking Platforms

Basically, companies that looking to adopt a core banking system can be distinguished into two main categories:

#1 Fintech businesses

Typical fintech companies or startups have their main offerings that may not be related to banking directly. For example, personal finance management or lending platforms. Yet, they can consider reinforcing their service lines with core banking. 

Here’s a couple of examples:

• Mint

Main offering: Personal finance management and budgeting tools.

Integrate core banking offering: Mint offers integrated account management features. They enable the retrieval of sensitive information for users’ bank accounts, credit cards, and loans to provide a comprehensive financial overview.

• Square

Main offering: Payment processing and point-of-sale systems for small businesses.

Integrated core banking offering: Square Banking offers business bank accounts, savings accounts, and loan products, this way having traditional banking services integrated into its ecosystem.

Additionally, integrated core banking allows them to receive payments directly rather than via a third-party processor, which provides cost-efficiency and flexibility. 

#2 Non-fintech businesses

All non-fintech companies can also leverage services from core banking providers. To them, the most value of core banking lies in making main services and products more accessible financially, which increases the number of purchases. However, they also can make banking services their additional offering. 

Here’s a couple of examples:

• Amazon:

Main offering: E-commerce and cloud computing services.

Integrated core banking offering: Amazon Lending provides small business loans to sellers on its platform. They integrate core banking functionalities to support their marketplace operations.

• Apple

Main offering: Consumer electronics and digital services.

Integrated core banking offering: Apple Card offers a credit card integrated with Apple Wallet, providing users with banking features like spending tracking and cashback rewards.

Both fintech and non-fintech businesses share similar reasons for adopting core banking, which includes the following:

• Additional revenue streams
• Better customer experience
• Competitive edge
• Technology edge
• Faster time to market for product offerings
• Additional scalability and market expansion capabilities
• Extra data for target customers and their consumer behavior patterns

To obtain a complete picture, you may be interested in discovering the top 5 challenges of digital transformation in banking. 

List of Top Core Banking Software Solution Providers

Here is the selection of core banking software providers by DashDevs. Over the course of more than 13 years on the market, we have worked with numerous providers and their software integrating them in fintech and non-fintech apps and platforms. Here’s our review of the top 10 core banking vendors in the current market. 

#1 Mambu

Mambu is a cloud-native core banking platform founded in 2011, known for its composable banking approach. It enables financial institutions to innovate rapidly by offering a flexible and scalable banking infrastructure. Mambu’s modern architecture allows businesses to assemble and deploy customized financial solutions with ease.

Core banking offering:

• Configurable loan and deposit management.
• Integrated payments and transaction processing.
• Modular customer onboarding workflows.
• API-driven, composable architecture for flexibility.
• Cloud-native scalability for rapid growth.
• Fast time-to-market for new financial products.

#2 Fintech Core

Fintech Core is a modular, white-label core banking platform by DashDevs. We developed it with the needs of SMBs, startups, and enterprises in mind. With Fintech Core, we can:

• Create and launch a fully-fledged neobank from scratch.
• Create and launch a neobanking platform that can operate both as a neobank and as a core banking provider.
• Integrate core banking capabilities, including loans, account opening, card issuing, transaction processing, etc., into an external fintech or a non-fintech platform or application.

Our cloud-based core banking system solutions drive digital transformation and make banking services more accessible for both fintech and non-fintech businesses.

Fintech Core is proven to be a solid competitor to other neobanking service providers, like Revolute. Fintech Core’s vs Revolute’s security features are also comparable. 

Core banking offering:

• Real-time, multi-currency both local and cross-border transaction processing.
• Advanced cybersecurity, risk management, and compliance practices integrated.
• Universal banking support directly from developers.
• Scalable architecture.
• Nearly limitless customization and branding opportunities.
• Opportunity to become a core banking service provider yourself.
• Mobile wallet support.
• Omnichannel customer experience management.
• Advanced analytics.

You may explore Fintech Core in great detail and request consultation with our experts on core banking system integration at our respective product page. 

#3 Finastra

Finastra was formed in 2017 from the merger of Misys and D+H, becoming a global leader in financial software. The company provides a wide range of solutions for retail, corporate, and universal banking, with a strong focus on open banking and digital transformation for financial institutions.

Core banking offering:

• Real-time, multi-currency transaction processing.
• Advanced risk management and compliance integration.
• Open API ecosystem for fintech collaboration.
• Comprehensive retail, corporate, and universal banking support.
• Seamless digital transformation tools for legacy systems.
• Scalable architecture for global financial institutions.

#4 Finacle

Finacle is a core banking solution developed by EdgeVerve, a subsidiary of Infosys. Сore banking system providers like Finacle serve customers globally, providing robust support for retail, corporate, and universal banking. The platform is designed to facilitate digital transformation, enhance customer engagement, and drive operational efficiency for financial institutions.

Core banking offering:

• Omnichannel customer experience management.
• Advanced analytics and AI-driven insights.
• Scalable architecture supporting global operations.
• Comprehensive support for digital and traditional banking.
• Extensive API integration for seamless third-party collaboration.
• Real-time transaction processing with multi-currency support.

#5 FIS

Fidelity National Information Services (FIS) is a global leader in financial technology solutions, providing a diverse range of core banking services targeted to banks and financial institutions of all sizes. With an emphasis on innovation, FIS offers a comprehensive, scalable platform that covers everything from retail banking to wealth management, allowing institutions to remain competitive in a continuously changing market. 

Core banking offering:

• Cloud-enabled, scalable core platform.
• Real-time processing across retail, commercial, and digital banking technology.
• Integrated risk management and compliance tools.
• Extensive API ecosystem for fintech integration.
• Advanced data analytics and AI capabilities.
• Support for omnichannel banking technology and seamless customer experiences.

#6 Temenos

Temenos is a well-known provider of core banking software, servicing over 3,000 financial institutions worldwide. Temenos’ flexible and scalable architecture enables banks to create innovative products and services while retaining operational efficiency. The platform serves a wide variety of banking operations, from retail to corporate, and is intended to expedite digital transformation.

Core banking offering:

• Real-time, end-to-end processing across all banking verticals.
• Cloud-native and cloud-agnostic deployment options.
• Advanced analytics and AI-driven personalization.
• Comprehensive support for digital and traditional banking.
• Extensive API framework for third-party integrations.
• Modular architecture for easy customization and scalability.

#7 SDK.finance

SDK.finance is a core banking and payment processing platform designed for banks, fintechs, and payment service providers. The platform is recognized for its flexibility and ability to rapidly adapt to changing market conditions. SDK.finance offers a modular, API-driven architecture that allows financial institutions to build, scale, and innovate their offerings efficiently.

Core banking offering:

• Modular and API-first architecture for flexibility.
• Multi-currency and multi-language support.
• Real-time payments and transaction processing.
• Comprehensive account management and reporting tools.
• Integration-ready for fintechs and third-party services.

#8 Fiserv

Fiserv is one of the highly trusted banking software providers, offering a wide range of core banking solutions designed to enhance operational efficiency and customer experiences. Their platform enables seamless integration of core banking applications and provides advanced tools for compliance, innovation, and customer engagement across various banking sectors.

Core banking offering:

• Integrated digital banking solutions for seamless customer engagement.
• Scalable cloud-based and on-premises deployment options.
• Advanced risk management and compliance tools.
• Real-time payments and transaction processing.
• Comprehensive data analytics and reporting capabilities.
• Extensive API and fintech integration support.

#9 Oracle FLEXCUBE

Oracle FLEXCUBE is a comprehensive core banking platform from one of the leading banking software vendors, Oracle. As a digital banking software provider, Oracle FLEXCUBE is designed to meet the needs of global financial institutions, offering one of the best core banking software solutions in the industry. The payment platform is built to enhance customer experiences while enabling banks to innovate, scale, and maintain regulatory compliance.

Core banking offering:

• Omnichannel banking support with seamless integration.
• Scalable architecture for global and regional banks.
• Real-time processing engine
• Advanced compliance and risk management features.
• Integrated digital banking and mobile capabilities.
• Extensive API support for third-party integrations.

#10 TCS BaNCS

TCS BaNCS is another of the modern core banking systems. It’s offered by Tata Consultancy Services (TCS), a prominent player among banking software providers. Their platform supports a wide range of banking operations, from retail to corporate banking, and is known for its flexibility, scalability, and ability to support cloud-based core banking system solutions. TCS BaNCS empowers banks to drive digital transformation, enhance customer experiences, and maintain regulatory compliance.

Core banking offering:

• End-to-end support for retail, corporate, and universal banking.
• Real-time, multi-channel transaction processing.
• Cloud-ready architecture for scalable deployment.
• Advanced risk management and compliance integration.
• Comprehensive digital banking and mobile banking capabilities.
• API-driven architecture for seamless third-party integration.

Note: The mentioned providers are not listed in any particular order, meaning that provider #1 is not necessarily the best and provider #10 the worst. They are all top-tier core banking services providers on the global market. 

Looking for a trusted provider of software development services? Reach out to DashDevs and let’s discuss. 

Top Core Banking Solutions Vendors Comparison

Now, let’s compare the listed above core banking solution vendors by other key criteria:

How to Choose a Core Banking Provider?

When it comes to shortlisting potential core banking software providers, access them based on the following key considerations:

• Functionality and features: Evaluate the functionality of a provider’s core banking platform and ensure that it meets your banking needs and objectives.
• Cost of integration and pricing: Access the cost of core banking software integration. Besides, check processing fees and ensure that they are feasible for your end customers.
• Niche-specific suitability: Confirm that the provider’s solutions are tailored to your specific banking niche or market segment.
• Location coverage: Verify the provider has adequate coverage and support in your operational regions as well as compliance with logal regulations. 
• Provider’s reputation and trustworthiness: Research the provider’s market reputation and reliability through reviews and ratings.
• Scalability and flexibility: Assess if the provider can scale its core banking software throughput with your growth and adapt to changing requirements.
• Customer support: Check the quality and availability of the provider’s customer support services. It’s essential for both you, as a recipient of B2B core banking services, and your end customers, who will have to contact the provider directly or via your support service in case of any issues. 

Choosing a perfect-fit core banking provider is an important strategic decision. Should you need assistance — don’t hesitate to reach out to DashDevs. We are both a development team and a digital banking software provider. With more than 13 years in the market and over 500 projects under our belt, we can advise you on core banking providers as well as can help integrate them into your applications or platforms. 

Final Take

As of 2024, core banking software remains a crucial digitalization opportunity for businesses, offering improved revenue and user experiences. The market is driven by a near-universal adoption among financial institutions. Both fintech and non-fintech businesses can leverage core banking provided by DashDevs, Mambu, Finastra, and other top providers. 

Should you need to integrate core baking in your app or platform, consider DashDevs as your trusted dev partner. With more than 13 years on the market, and over 500 projects under our belt, we can deliver you seamless integration with any customization you like, this way channeling you to global banking.

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