Core banking is referred as the service
delivered by collection of networked bank branches to clients, where they can
complete all the banking activities that contain money transactions, loans,
payments, debts & accesses their accounts. It is similar to that of retail
banking & most of the banks consider retail clients as their core banking
clients. Core banking software is software which is used for recording &
managing banks customer operation made to their account. The software is
implemented by number of banks for easy flow of banking activities, able to
monitor the transaction activities from any branch of bank and with the
enhanced risk management.
Some of the important features are payment
processing, customer on boarding, calculations & management, loans
disbursal and management, managing deposits & withdrawals, customer
relationship management and transactions management. It offers various
advantages such as reducing operational costs, making the internal staff more
competent, minimizing human intervention thereby limiting factor, reduction of
risks with the help of best checks & safety, facilitates decision making
through reporting & analytics, and increase in employee efficiency.
According to study, “Global
Core Banking Software Market Size study, by Type (Software, Services), by
Application (Retail Banks, Private Banks, Corporate Banks, Others) and Regional
Forecasts 2018-2025” some of the major companies that are currently
working in the global core banking software market are SAP SE, Infosys Ltd.,
Oracle Financial Services Software Ltd., Tata Consultancy Services, MISYS,
Fidelity Information Services (FIS) Inc., Finastra, Capgemini SE, FISERV Inc.,
Temenos Group AG, Unisys, HCL Technologies Ltd., Unisys, Infrasoft
Technologies, Jack Henry & Associates, Fiserv, Nelito Systems Ltd., Wipro
Limited, COBISCORP, Intellect Design Arena, Sopra Steria, Avaloq, ERI Bancaire,
3i Infotech, SunGard, Diasoft, Symitar.
Based on components, global core banking
software market is segmented into hardware components, centralized data processing,
banking application software and network infrastructure. Based on solutions,
the market is divided into loans, enterprise customer solutions, deposits,
account processing platform and others. Based on end-users, market is divided
into banks and financial institutions. Banks include private banks, retail
banks, Islamic banks and corporate banks. Retail banks includes chequing,
electronic funds transfer (EFT), savings and teller functionality etc.
The
global core banking software is primarily driven by growing need of operating
customer reports for single server, followed by increasing demand of advanced
banking technologies, cost effective solutions and managing customer account
efficiently. Managing customer account efficiently, customer or client can
anytime visit in the bank & gain information of their account. In addition,
some of the other major restraining factors of market are lack of
synchronization or management between core banking solution & global
industry expectations and lack of awareness among enterprises about current
banking technologies.
North America is one of the key major region
of on an account of increasing adoption of advance core banking solution
software by major banks in the region. Europe is also estimated to scheme a
major growth in the market owing to implementation of core banking solution by
banks. Additionally, Asia-Pacific is expected to exhibit higher CAGR owing to
growing awareness among banks to implement advanced banking technologies in
developing countries such as India & China.
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