Global Retail Core Banking

02.08.22 05:11 PM By Aishwarya

Top Trending 2022

Demand for core banking software is anticipated to increase in 2022 as institutions implement digitalization initiatives and confront the pandemic's repercussions and prospects. In particular, while considering public cloud deployments, bank CIOs should evaluate both established and up-and-coming suppliers.

Strategic Planning Hypothesis
By the end of 2023, both the public and private cloud will account for 5 percent of commercial off-the-shelf (COTS) core banking installations, for a total market share of 10 percent.

Definition/Description of the Market
Global retail core banking (GRCB) is defined as a backoffice banking system that conducts daily transactions and updates accounts and other financial records. Typical core banking systems (CBSs) feature deposit, loan, and credit processing capabilities, as well as interfaces to general ledger systems and reporting tools. This list evaluates vendors based on the multicurrency products they provide to support the financial transaction management of retail banks.

On the basis of the worldwide and retail focus of the software, we have omitted Islamic banking providers, the majority of which do not support regular retail banking features, and other vendors whose solutions do not fit the stated criteria. In addition, this research emphasises the global capabilities of CBS service providers. It neither mentions nor addresses the localization capabilities that CBS vendors provide. These are instead covered in the collection of studies published in the Research Index: Core Banking Selection Criteria That Matter, the titles of which are also available in the section containing suggested reading.

Over the years, the definition of a CBS has not altered considerably. Nonetheless, six significant themes are emerging and becoming more ubiquitous in the core selection decision-making process:

> Composable Technologies: Configure to Specifications
> The Cloud: Core Financial Services Move to the Cloud
> The Buy Option Is Prevalent: Banks are no longer building CBS.
> Standards' Rise: Beyond Internal Operational Agility
> Ecosystems: Beyond the Basics of Ecosystems (But They Are Linked to It)
Commoditization: Business Functions Are Becoming Commoditized

These market trends must be carefully studied by CIOs, and to aid in this analysis, they are elaborated on in the Market Overview section.
Global Retail Core Banking
Top Trending Vendors

EdgeVerve Systems
EdgeVerve is a wholly-owned subsidiary of Infosys based in India. It introduced its Finacle Core Banking Solution in 2000; the version as of the survey's cutoff date is v.11.11. It is estimated that there are around 500 installations of Finacle Core Banking Solution worldwide, with India having the most deployments. Although the majority of EdgeVerve's customers are universal banks in the small to midsize market, the company has clients in all segments, including a few global banks. Emerging Asia/Pacific (APAC) has the greatest proportion of extant implementations.

Mambu
Mambu, which has its headquarters in Germany and was introduced in 2011, expanded fast to more than 300 installations globally. The CBS product of Mambu is Mambu Banking Engine. In spite of the fact that a versioning paradigm is not relevant to cloud-only products such as Mambu, the version surveyed as of the cutoff date is 9.77. This system operates exclusively via SaaS, frequently utilising the Amazon Web Services (AWS) public cloud, notwithstanding Mambu's affiliations with Google and Microsoft. The customer base of Mambu has historically included microfinance institutions and fintechs. Mambu now focuses on larger banks that are establishing spinoffs or moving. The majority of its installations are located in Western Europe, Latin America, and sub-Saharan Africa. The United Kingdom has the most installations.

Oracle
Oracle Financial Services Software (OFSS) is an India-based banking product and solution company that is 75 percent owned by Oracle. OFSS's CBS product is Oracle FLEXCUBE, which has become one of the most widely utilised CBS products in the world over the past two decades. FLEXCUBE — the version examined as of the cutoff date was v. 14.4 — has over 800 installations worldwide for all of its versions. The majority of FLEXCUBE's customers are universal banks in the medium group, but the company also has clients in all other segments, including a few multinational banks. The bulk of FLEXCUBE installations are in sub-Saharan Africa and emerging Asia/Pacific, including the most deployments in India.

Tata Consultancy Services company
TCS has its headquarters in India and introduced its TCS BaNCS CBS in 2007; the version surveyed as of the cutoff date was v.17.3. The current TCS BaNCS is the outcome of the original product's functional and technical evolution, as well as the addition of domestic components. TCS BaNCS has almost 400 installations across the globe, with India and emerging APAC having the largest deployments. Its clientele consists primarily of retail and cooperative banks (TCS BaNCS has more than 100 of these small clients in India through a joint venture with State Bank of India called C-Edge Technologies) and small to midsize businesses. Additionally, it has a number of major clients internationally.

Temenos
Temenos, a company headquartered in Switzerland, debuted Temenos Transact in 1993 under the name Temenos T24. The R20 version was analysed. Temenos Transact has more than 800 installations worldwide, with the United Kingdom having the most. Its clientele is dispersed among banks of all sizes. The majority of the company's clients are small to medium universal banks, although in recent years the company has recruited some significant clients. The majority of Temenos Transact installations are found in sub-Saharan Africa, Emerging Asia/Pacific, and Western Europe.

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