Core banking software is used by commercial or retail banks to track and record client account activity. The factor that supports the growth of the core banking software market is that the quantity of structured and unstructured data that banks have at their command has significantly increased in recent years, and machine learning, cloud computing technologies, and artificial intelligence (AI) are affecting banking and financial services positively. The use of such cutting-edge technology as core banking software enables bank customers to access bank services efficiently and without trouble, and banks to seamlessly perform their banking operations. Additionally, these technologies help clients with various financial processes, including loan servicing, interest computation, setting up new floating accounts, and deposit and withdrawal processing.
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Besides, market growth is anticipated to be fueled during the anticipated period by the growing need for effectively managing client banking accounts from a single platform. Core banking solutions give bank personnel accurate information about the bank account through an end-to-end platform. Customer onboarding, CRM, account opening, workflow, credit analysis, loan origination, deposit accounts, rapid reporting, and enterprise content management are just a few of the features that this platform includes. Due to all such factors, OMR Research analysts suggest that the core banking software market is anticipated to grow at a CAGR of 8.5% during the forecast period.
Segments of the Market
The global core banking software market is divided based on solution type, deployment type, service type, and end-user. Based on the solution type, the market is subdivided into enterprise customer solutions, deposits, and loans. Based on the service type, it is subdivided into professional and managed services. Based on the deployment type, the market is sub-divided into on-premise and cloud. Further, based on the end-user, the market is subdivided into banks, financial institutes, and others.
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Recent Developments
Various market players such as Capgemini SE, C-Edge Technologies, Tata Consultancy Services, Computer Services, Inc., EdgeVerve Systems Ltd., Finastra, FIS (Fidelity National Information Services, Inc.), Fiserv, Inc., HCL Technologies Ltd., IBM, Infrasoft Technologies Ltd., Jack Henry & Associates, Inc., Microsoft, and others are playing a crucial role in the growth of the core banking software market with their services, investments, new product launches, and others. Some recent developments in the market in various aspects, such as investments, new market players’ debuts, and collaborations, include:
- In November 2022, Sacombank, a Vietnamese bank, partnered with Temenos, a banking tech vendor, for integrating its digital banking solution “Infinity” in Sacombank’s financial products and services. The microservices-based Infinity platform, which is available via APIs, enables Sacombank to create products fast and connects it to social media platforms, e-commerce companies, and other online services. According to the bank, as part of its customer-centric business strategy, the platform will help Sacombank recruit, service, retain, and cross-sell clients.
- In June 2022, Loan Financing Company, a microfinance startup in Saudi Arabia, received a preliminary approval from SAMA, the country’s regulatory body, and ICS Financial Systems (ICSFS), a core banking software provider. The company will offer consumer lending solutions via a cloud-based app.
- In February 2022, Flexcube, a banking software provider, announced that two Libyan banks, Mediterranean Bank and Daman Islamic Bank, will integrate Flexcube’s core banking software into their financial services in order to offer a seamless experience to their customers and improve business operations.
- In May 2022, Thought Machine, a core banking software vendor, closed a Series D funding round with $160 million, and the company now has a value of $2.7 billion. The funding round was led by Temasek, a Singaporean investment firm with investors including Morgan Stanley, Intesa Sanpaolo, Eurazeo, ING, Lloyd’s Banking Group, and others.
- In March 2022, Stash, a US-based investing and banking app, built and launched its own core banking platform called the Stash Core, with the collaboration of Mastercard, Stride Bank, Mambu and Alloy, and Marqeta. This platform gives users access to an improved stock-back debit Mastercard, which Stash has patented and which enables customers to earn and invest in stock while shopping. Additionally, it gives benefits such as greater rewards and improved customer service.
Market Drivers and Conclusion
The expansion of the core banking software market can be attributed to substantial developments in information technology and the global expansion of the internet network. In addition, globally, banks are focusing on employing AI-integrated core banking systems to instantly extract actionable customer data. These technologies allow banks to increase operational effectiveness, monitor transactions more effectively, identify fraudulent activity, reduce risks, and comprehend and predict customer behavior. Banking institutions now have a better ability to assess complex data sets, which enables them to make more informed decisions regarding their banking operations, goods, and services. For this reason, many large and small bank institutions are deploying core banking software in their operations. For instance, in March 2022, The Reserve Bank of India, the largest central bank in Asia, selected Intellect to install an enhanced version of the company’s award-winning Cloud-Native Intellect Quantum Core Banking system to enable their ambition for furthering digital transformation. The next-generation Intellect Quantum solution is based on a cutting-edge microservices architecture that prioritizes APIs, is both cloud-native and cloud-agnostic, and is accompanied by a wide range of prepackaged business components. With the help of the technology, the RBI is able to manage a variety of tasks, including managing the Treasury Single Account for India and providing real-time balance information for various government agencies, among others.
Another factor that assists in the growth of the core banking software is that the banks and financial organizations can benefit from the features of cloud-based apps. Platform-as-a-Service (PaaS) technologies are used to deploy and build these systems as a group of customizable microservices. These solutions assist banks and financial institutions in lowering operational costs, improving performance, and accelerating corporate development, ultimately promoting cloud-based solution adoption. These factors are anticipated to drive the growth prospects of the core banking software market over the forecast period.
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