3 India-Based Core Banking Systems are Transforming the Banking Industry
By Leandra Monteiro
- Back-end systems
- Main processors
- Digital transformation
The introduction of technology into the banking system has led to a massive transformation in the way banks operate. Traditional banking methods have given way to the latest technological modernizations with highly sophisticated systems.
Base bank can be defined as a back-end system that handles banking transactions in different branches of a bank. The system basically includes the processing of deposits, loans and credits. The new systems are built on cloud technologies and use an open API-based architecture to better integrate with various internal and external services and systems. Here are 3 leading Indian companies in the market:
Finacle is a core banking system developed by EdgeVerge, a wholly owned subsidiary of Infosys, which enables banks to provide digital banking services to their customers. The suite of cloud-native solutions and SaaS services help banks better engage, innovate, operate and transform.
Finacle helps traditional and emerging financial institutions drive true digital transformation to achieve seamless customer experiences, broader ecosystem play, insight-driven interactions, and ubiquitous automation. Today, banks in over 100 countries trust Finacle to serve more than 1 billion consumers and 1.3 billion accounts.
The TCS BaNCS global banking platform is designed to help financial services institutions improve the end-customer experience, enabling them to adopt open and innovative technologies that embody true digital customer engagement.
Deployed in over 450 installations worldwide, it is the largest collection of components, enterprise and consumer applications for the financial industry available through the cloud, helping businesses become more agile and intelligent. leveraging the power of new and expanded ecosystems.
Financial institutions are rapidly embracing the “as a service” phenomenon to unleash the power of embedded application software, infrastructure topology, and on-demand business processes. The As-a-Service model promotes business agility and cost flexibility, which is essential to meet the demands of dynamic, digitally-driven consumers.
Wipro’s Core Banking As-a-Service offering is a value proposition for financial institutions that encompasses hosting and management of the Core Banking application and underlying technology infrastructure on a variable cost. Its Core Banking As-a-Service proposition leverages its rich knowledge of the banking industry, deep product expertise on the Core Banking platform, and IaaS capabilities, which when fused together deliver a compelling integrated solution.
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