Which Is The Best Core Banking Software? (List of Best Providers)

Indeed, the best core banking software is a strong backbone of every financial or non-financial institution. Through this blog, we will find out; among the infinity banking software available in the market, which is the most successful core banking system. 

Nowadays, every giant or medium industry uses intelligent management software to bring efficiency in workflow, and productivity, improve customer experience, and better control and management in their organization. 

Similarly, the fintech industry also needs some mechanism to administer the entire banking system so that it can be handled and monitored centrally. Banking software can be used for retail, business, corporate, or investment financial and non-financial institutions. 

And the most significant advantage of using this core banking system in a financial institution like a bank institution is better monitorization, ease in financial transactions, enhanced customer interaction, efficiency in workflow, and record prospect information. 

What Is The Best Core Banking Software?

One of the best recognitions as a “core banking software” is an advanced banking ERP solution specially constructed to assist in exercising day-to-day transactions, boost workflow, and record the prospect's banking information. 

Core banking software also considers a backend system through which the whole banking system can be managed in a one-centralized system. Because of this intelligence technology evolution, transactions are now more accessible, safer, and less tiresome. Moreover, it assists in reducing operational costs, less the need for human resources, and raises the level of customer satisfaction. 

With the best core banking software, a banker can efficiently perform day-to-day banking transactions, deposits, loans, new account openings, credit processing, remittance transaction, withdrawal, automated interest calculation, and many more. 

Top 10 Most Successful Core Banking Software Available In The Market

Certainly, there are many core banking software available in the market, but not every banking software offers security, effective features, customizable facilities, compatible with your banking system. 

Consequently, before you choose any core banking system, just overview the list of successful core banking system providers suggested below. 

1. Banking ERP Solution - Core Banking Software

The software banking ERP solution is a best core banking software originated by one of the leading software-developed companies, “Bdtask Inc.” 

And the reason behind putting this software on my list is that this software covers and controls the entire banking system and brings it into one centralized operating system. 

This software is entirely a customized project; therefore, clients can construct it according to their needs. Moreover, banking ERP software is firmly integrated with some robust features which help to enrich the whole banking system. 

• Core Banking System
• Centralized Dashboard 
• Bank Reconciliation System
• Customer Relationship Management
• Accounting Management System
• Integrated Security System
• Human Resource Management
• Inventory Management System
• Online banking 
• Crypto banking 
• Payroll management system 
• Mobile banking 
• Deposit & withdrawal management

2. SDK.Finance-White Level Core Payment Platform

SDK. Finance is one of the most pioneering leading digital core banking software that vigorously follows API-driven SaaS platforms. One of the biggest USPs of SDK. Finance is that they ensure a vast range of trustworthy banking services and reliable, cost, and time-efficient banking solutions. 

In addition, SDK.Finance is especially suited to medium to high-level enterprises, assisting in banking transactions and payment products. 

The founder of SDK. Finance has 15 years of working experience in the fintech market; as a result, this software works well with any type of product-oriented organization to ease up the payment getaway and is compatible with any business model. 

• Marketplace payment system
• E-wallet
• P2P Money Transfer
• Gift and prepaid cards
• Currency exchange
• Omnichannel banking
• Card-to-card payments
• Mobile banking 
• Internet banking
• Loyalty program
• Ecommerce solution
• Neobanking 
• Multilingual localization

3. Infosys Finacle-Digital Banking Platform

Infosys Finacle is one of the leading digital core banking platforms and assists traditional and upcoming financial institutions in digital transformation, improving the customer experience. This core banking system offers a cloud-based solution along with SaaS service to facilitate customer engagement and cost-efficient operational costs.

This intelligent banking software is innovated by renowned software development company EdgeVerve Systems. Their main objective is to inspire, establish and transform a better digital banking system in every organization. 

Moreover, Finacle holds up different modern and traditional customer engagement, enterprise capabilities, line of business components, and business segments, such as Retail, Wealth, Islamic, Business, and Corporate banking.

• Mobile baking
• E-banking
• Channel banking
• Corporate Banking Suite
• Core Banking solution
• Digital Engagement Hub
• Mobile Teller
• Virtual Accounts Management
• Payments Suite
• Virtual Accounts Management

4. Fintech lab - Fintech Trendsetter

Fintech Lab is one of the best ready-made core banking solutions suitable for any financial business model. The fintech lab is full of enriching, robust features, making it perfectly capable of handling the banking system, Fintech, and Crypto industry. 

Fintech Lab is built with a PSD2-compliant platform as this intelligent technology is very trustworthy by various industries, especially in Europe and Asia. Considered to be one of the most successful core banking systems, which not only smoothens handling the banking operation but also maintains superior customer engagement. 

• Digital e-wallet 
• Mobile Neo banking
• SWIFT
• Verification services integration 
• SEPA Instant Credit Transfers
• Open banking API
• Currency exchange
• Crypto exchange 
• Payment institution  

5. Finastra - Financial Software Solution

Finastra is the world's first universal core banking software, along with digital, retail, and commercial solutions. Finastra's main objective is to aid traditional banks, Neo banks, community banks, and credit unions to provide service to their customers. 

Finastra is also one of the most successful core banking systems. The customer of Finastra can shift from legacy banking to transparent, innovative, and agile online banking solutions. Because of its modular technology stack, financial institutions can launch and deliver new functionality rapidly with less risk.

• Digital banking 
• Payment manager 
• Business lending 
• Cheque service 
• Mortgage Technology 
• Digital banking 
• Corporate and retail banks
• Cash & liquidity management 
• 360-Degree account holder view
• Treasury and Capital Markets Investment Management

6. Oracle Flexcube - Core Banking Software

Oracle Flexcube offers universal core banking software, already successfully running 600+ retail banking in 140+ countries. This brilliant core banking software is specially designed to support digital transformation through a component-based platform that works for banks of all sizes.

Moreover, Oracle provides front and back digital capabilities; hence users get advanced digital technology. “Oracle,” a core digital banking software, is best suited for retail banking. Because of being a digital banking solution, they are heavily dependent on machine learning; as a result, customers can have 360-degree insight into their accounts.   

• Cloud-based infrastructure 
• Risk management 
• Data management 
• Revenue management 
• Loan management 
• 24*7 banking support 
• Follows the Islamic banking system 

7. Temenos - Everyone’s Banking Platform

Temenos is one of the oldest core banking software, running for almost 25 years, Temenos has been providing the best financial banking software solution to 3000+ clients and serving 500 million customers every day.

Indeed, Temenos is the best core banking software because it holds various rich functionality and cutting-edge technology. Temenos is specially designed for retail, corporate, public, and private banks to manage transactions, risk management, enterprise credit, retainment plan, and many more. Temenos provides 24*7 software support so that they can meet the customer's needs faster.

• Retail Banking
• Business Banking 
• Islamic Banking 
• Credit union 
• Retirement & Pension Management 
• Corporate Banking 
• Universal Banking Platform 
• Wealth Management & Private Banking 
• Asset Managers & Asset Services

8. Bricknode - Cloud Financial Service Software

Bricknode is another successful core banking software. It comes up with a cloud-based core  banking software and can successfully be compatible with any business of any size. One of the most significant advantages is "Bricknode" core banking solution is both available as a readymade and customizable option; as a result, clients can design based on their requirements.

Core banking software's essential features are very specialized for trading, funding, lending, deposits, etc. Moreover, it has its app, as a result, can be easily connected to the central server and have better control of the whole organization. 

• Cloud banking platform 
• Digital investment facilities 
• Lending solution 
• Core banking system 
• Brokerage facilities 

9. Mambu - Saas Cloud Banking Platform

Even after becoming a new core banking solution provider in the market, “Mambu"has become the most successful core banking system. 

Within this short period, Mambu was adopted by 100+ financial and non-financial organizations; some famous names are Santander, N26, Orange, and many more. 

Mambu offers a cloud-based SaaS engine, which is very cost-effective and built up with powerful features such as different lending schemes and deposit policies. 

• Lending solution ( mortgage lending, & SME lending)
• Digital banking solution 
• E-wallet 
• E-commerce Serves 
• Account & loan management 
• Card issuing & processing 

10. Backbase - Banking Architected Around Your Customers

Backbase – best core banking software is the only one that offers an Omnichannel banking platform. 80+ banking institutions such as Barclays, Credit Suisse, Deutsche Bank, Fidelity, and ING have already adopted the backbase and transformed their bank with a digital touch. 

Their primary purpose of backbase is to enhance the customer experience and provide better control, safety, and security to financial and non-financial institutions. 

• Digital banking 
• Retail Banking
• SME Banking
• Corporate Banking
• Wealth Management
• Loyalty program 
• Credit union 

What Is The Benefit Of The Best Core Banking Software?

Of course, there are some practical advantages of using a core banking system in every financial and non-financial institution. A core banking system is an intelligent automation system that is responsible for controlling the whole centralized system and bringing efficiency to the workflow. 

1. Better IT Maintenance 
2. Instant access to the analytics 
3. No support and operational cost 
4. Boost up the employee efficiency 
5. Nurture the customer loyalty 
6. 24*7 access to banking service 
7. Can deal with multi-currency 
8. Automated generated report and analytics 
9. Upgrade the security facilities 
10. Prevent Frauds And Thefts With Real-Time

Time To Take The Final Decision 

As the world is moving towards digitalization, so is each and every medium or large firm. And adopting an effective ERP solution would help an organization manage its business more efficiently. 

Financial institutions like “bank” also require a trustworthy banking ERP solution to run and operate the bank centrally. This blog presents a list of the best core banking software providers. Hence before choosing your desired one, it’s better to do in-depth research on some bunch of banking software solutions.