In the wake of digitization, customers today are more inclined towards performing financial transactions through their connected smart devices—laptops, computers, and mobiles—without physically visiting the bank. Consequently, banks all over the world rely heavily on automated banking solutions to manage client accounts and transactions in their widespread interconnected branches. In such a scenario, having a good core banking solution is mandatory to give customers complete access to the banking services in a timely manner.
Over the years, the concept of core banking has drastically improved with an explosion in cloud services, big data analytics, Service Oriented Architecture (SOA), and additional focus on client-centric strategy. Core banking solutions significantly add solidity to financial organizations by enhancing digital delivery, customer experience, and security. Further, features like predictive analytics and transaction data monitoring enable banks to adeptly offer solutions that suit a particular customer, while increasing the productivity. As a result, CIOs are constantly in pursuit of enhanced core banking solutions that can provide the required visibility for managing any kind of transaction adroitly.
In the last few months, we have looked at hundreds of core banking solution providers and shortlisted the ones that are at the forefront of tackling the challenges. In our selection we looked at the vendor’s capability to fulfill the need for streamlining crucial banking processes through efficient core banking solutions and integration of latest technologies.
We present to you Banking CIO Outlook’s 10 Most Promising Core Banking Solution Providers 2015.
|Cobiscorp Great Falls, VAcobiscorp.com||William Moss,CEO||Serves the global financial service industry with integrated core, relationship and customer experience banking solutions that are flexible and scalable to meet today’s diverse needs of financial service organizations.|
|CSIPaducah, KYcsiweb.com||Steven A. Powless,CEO||A full-service IT provider specializing in core banking, managed IT services and regulatory compliance solutions for financial|
|eClerxNew York City, NYeclerx.com||Alan Paris,Principal Financial Services||Develops flexible reporting frameworks and methods to aggregate and analyze data in the financial institution to report worldwide.|
|FIS [NYSE:FIS]Jacksonville, FLfisglobal.com||Gary Norcross,President & CEO||Provides an integrated, multicurrency, multilingual package flexible enough to use within organizations of any size, business structure, or geographic scale.|
|Fiserv [NASDAQ:FISV]Brookfield, WIfiserv.com||Jeffery Yabuki,CEO||Fiserv helps banks and financial organizations to provide better banking transaction methods to customers though their|
|Jack Henry Banking [NASDAQ:JKHY] Monett, MOjackhenrybanking.com||Jack Prim,CEO||Provider of integrated technology platforms needed by banks to process financial transactions, automate business processes, and manage mission-critical customer and business information.|
|JumioPalo Alto, CAjumio.com||Stephen Stuut,CEO||An identity management and credentials company that help businesses reduce fraud and increase revenue while providing a fast and seamless customer experience.|
|Mphasis Bangalore,Indiamphasis.com||Dinesh Venugopal,Head of BFSI & Strategic Accounts||Enabling organizations to meet the demands of an evolving core banking landscape by combining human capital with cutting edge technological solutions.|
|Smart FinancialMiramar, FLinttegrio.com||Juan Samaniego,President||Financial Services implements and maintains innovative solutions to support the evolution and development of financial institutions in a dynamic environment.|
|SunGard Financial SystemsWayne, PAsungard.com||Russ Fradin,President & CEO||A firm that provides software solutions and IT services to financial services industries to automate operations connected to trading, managing investment portfolios, and accounting for investment assets.|
Smart Way of Integrating Banking Systems
The advent of mobile, internet, and social media is redefining core banking. «Mobile devices have replaced cards in the financial industry,» states Juan Samaniego, President, Smart Financial. «Customers want to make payments through mobile and that has become essential for core banking.» In a hypercompetitive financial landscape, it is important for the financial institutions to utilize information technology to deliver efficient service at a lower cost, while remaining in sync with PCI (Payment Card Industry) compliance requirements. Organizations that are still using the legacy systems and outdated technology will lose traction in the market. At this juncture, Miramar, FL based Smart Financial comes into the picture. The company helps organizations to evolve in a dynamic environment by integrating, designing, and implementing innovative solutions at lesser costs. «We develop software solutions for core banking that integrate new technologies with products and mission critical services,» says Samaniego.
Smart Financial offers a number of software solutions that can be molded according to the customers’ specific requirements. The company’s main services include core banking and financial, business financial management, banking and payments, security and control, infrastructure, and Internet and mobile banking. Smart Financial primarily provides consulting services that can help financial institutions efficiently manage their business. «We have hired experts to provide post production support and help in the integration of banking systems,» says Samaniego. The company’s solutions integrate ADSI (Advanced Services International Inc.) professional services to support the financial industry by delivering management and technology platforms. «We have been installing banking systems for more than twenty years through ADSI,» describes Samaniego.
«With this expertise we are able to deliver higher quality software, and ADSI is supporting that implementation,» he adds
Keeping in mind the fact that net banking requires se-curity, Smart Financial has developed applications for core banking by utilizing standard methodology in the market—Capability Maturity Model Integration (CMMI). «CMMI is the discipline to develop the process of installing the banking systems that enables financial institutions to work in a very reliable environment,» explains Samaniego.
The company helps financial institutions to make the most befitting decisions by providing them with the management tools that give them a ringside view of the activities of banking systems that have been installed. Smart Financial provides specialized services for Business Process Management (BPM). «The services are a blend of technology, best practices, and content to help financial organizations to achieve efficient management,» says Samaniego.
Smart Financial’s solutions have helped many financial institutions to take full advantage of their core banking prominence. To highlight one of its customers’ success stories, a bank wanted to expand and reach out to more customers. «It was a small trade union that had two to three branches and needed to multiply its customer base,» says Samaniego. The customer approached Smart Financial looking for a solution that can help them seamlessly open branches across different countries. Smart Financial assisted them in deploying banking systems to provide them accessibility from a single point. After the effective implementation of the solutions, the customer now has nearly 100 branches in place.
After having a well-established portfolio, Smart Financial aims to wade its way into different market segments, while improving the current business. «We are planning to expand our services in the U.S., Europe and Latin America,» concludes Samaniego. BC
From Banking CIO Outlook