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Best Banking Software

Are you looking for functional banking software to streamline banking operations? Here is a list of the best banking systems exclusively compiled by Goodfirms after diligent research and comprehensive analysis. The banking system software listed here enables compliance tracking, credit card management, customer portal, investment banking, loan management, online banking, payments and transfers, private banking, retail banking, transaction tracking, financial accounting, multi-currency support, risk management, and security. Explore this list of the best online banking software with filters for features, business size, deployment type, and pricing model. Also, check the authentic user reviews for the top banking management systems listed here.

Goodfirms conducts a thorough review and verification process before including any company in the listings. Some listings may involve fees. [How Goodfirms ensures trust]
Rankings updated: Jan 19, 2026
135 Software

List of Top Banking Software

  • EBANQ

    4.8 6 Reviews Verified

    EBANQ is the the most user friendly e-banking application on the market, not only for the end-users, but also for you, the administrator. Mobile-ready out of the box and fully customisable. Ideal ... read more about EBANQ

    EBANQ Reviews

    EBANQ is incredibly easy to use and has a straightforward interface reviewed by: Christopher Andrews, Founder at 420 Expert Advise
    Entry Level Price
    Contact vendor
    Free Trial
    30 Days
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Customer Portal
    • Investment Banking
    • Loan Management
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Transaction Tracking

    Key Details
    Industries
    • Banking
    • Financial-services
    • Investment-banking-venture
    • Investment-management
    Licensing & Deployment
    • Proprietary
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    Support
    • Email
    • Chat
    • Phone
    • 24x7 Support
    Knowledge Base
    • Help Guides

    Reviews
    What User‘s Say
    EBANQ is a white-label banking software app and the best solution for banks
    Andre Flynn, Founder at Gadnets
    It has excellent speed, flexibility, perfect security and unique features
    Amy Albano, CEO & Marketing Director at Fast People Finder
    Perfect Fit
    Crag Keddie, Managing Director at GreenRock Securities Limited
    Review Summary

    We Gadnets use EBANQ. In my opinion, EBANQ is a white-label banking software app. It is the best solution for banks, payment institutions, cryptocurrency exchanges, and managing funds. It also has mobile apps for iOS and Android. It doesn't need any additional investment for Mobile Banking, has the safest transaction monitoring, and provides support via business hours and online. Adaptable and future-proof to fulfill your requirements. EBANQ supports multiple exchange rates and cross-currency transactions. It is also fast and flexible, packed with enhancing the service we offer. They provide pricing plans according to the subscription and a free trial.

    Andre Flynn
    Andre Flynn, Founder at Gadnets

    Packages
    Pricing Type
    • Contact Vendor
    Preferred Currency
    • EUR (€)
    Free Version
    • No
    Free Trial
    • 30 Days Trial
    Payment Frequency
    • Monthly Payment
    • One-Time Payment
    Vendor pricing page

    Integration
    Integrated With
    • Sumsub
    • Twilio
    • plivo
    • BIC Search
    • Satchel
    • Connectpay
    • Clear Junc
    • Intercom
    • intercash
    Visit website

  • TurnKey Lender

    4.8 16 Reviews Verified

    TurnKey Lender`s intelligent automation of the entire loan management process allows for flexible loan disbursal and servicing. Loan Servicing comes as part of an end-to-end tools suite that can be easily integrated ... read more about TurnKey Lender

    TurnKey Lender Reviews

    TurnKey Lender is a complete system that automates all phases of the loan reviewed by: JM Littman, Director at Webheads
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    16% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Customer Portal
    • Financial Accounting
    • Investment Banking
    • Loan Management
    • Multi-Currency
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Windows
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • Infographics

    Reviews
    What User‘s Say
    Turnkey lender is the best loan servicing software we have used as there are simple user transactions
    Lorie Carson, Founder at RealPeopleFinder
    TurnKey Lender has automated the whole lending process and has excellent decision-making quality
    Olive Grat, Marketing Director at Techiegarden
    TurnKey Lender has been very useful to us and has good features which makes the process easier
    Joe Troyer, CEO and Growth Advisor at ReviewGrower
    Review Summary

    We RealPeopleFinder use Turnkey lender. It is the loan servicing software our company uses the most. We have used this software for the last three years, once weekly or as needed. Both setting up the system and receiving support went well. Software with low costs, excellent customer service, and simple user transactions. The support personnel is very accommodating and detailed in their explanations of the features.

    Lorie Carson
    Lorie Carson, Founder at RealPeopleFinder

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Finastra Digital

    Finastra Digital enables the digital transformation that means financial institutions can ensure growth driven by strong customer focus. With Finastra Digital, banks can create a frustration-free banking user experience by offering innovative ... read more about Finastra Digital

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Customer Portal
    • Investment Banking
    • Loan Management
    • Multi-Currency
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • Whitepapers

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Q2

    Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution ... read more about Q2

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Customer Portal
    • Financial Accounting
    • Investment Banking
    • Loan Management
    • Multi-Currency
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Security Management
    • Transaction Tracking

    Key Details
    Industries
    • Banking
    • Financial-services
    Licensing & Deployment
    • Proprietary
    • Cloud Hosted
    • Web-based
    Support
    • Email
    • Phone
    • 24x7 Support
    Knowledge Base
    • Help Guide
    • Blog

    Packages
    Pricing Type
    • Contact Vendor
    Preferred Currency
    • USD ($)
    Free Version
    • No
    Payment Frequency
    • Monthly Payment
    • Annual Subscription
    • Quote Based
    Vendor pricing page Try Software Demo
    Visit website

  • Sopra Banking

    Powering banking transformation at scale. Their component-based and cloud banking platform provides the broadest range of capabilities. Whether large or small, local or global, pick the components from our wide catalog. Or ... read more about Sopra Banking

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    50% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Financial Accounting
    • Investment Banking
    • Loan Management
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Infographics

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Temenos Transact

    5.0 2 Reviews

    Temenos Transact is a banking systems management solution designed to help banks and financial institutions create customizable product offers as well as reward schemes, and manage mortgages, retail credits, broker commissions, and ... read more about Temenos Transact

    Temenos Transact Reviews

    Temenos Transact is very essential for us because it is trustworthy and secure. reviewed by: Brian Jones, CEO and Founder at Best in Edmonton
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Customer Portal
    • Financial Accounting
    • Investment Banking
    • Loan Management
    • Multi-Currency
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Windows
    • Mac
    Knowledge Base
    • Help Guides
    • Blogs
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Mambu

    4.0 2 Reviews

    Mambu is the leading SaaS banking engine powering innovative lending and deposits. It is the lean alternative to cumbersome core banking systems, a cloud-native solution driving open API-enabled architectures. Mambu helps clients ... read more about Mambu

    Mambu Reviews

    Mambu has the most unique features compared to other software's reviewed by: Emily Hutton, Chief Product and Technology Officer at Image Restoration Center
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    • Linux
    Knowledge Base
    • Help Guides
    • Video Guides
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • nCino

    nCino is the Worldwide Leader in Cloud Banking for Financial Institutions. Built by bankers for bankers, our Commercial Loan Origination System utilizes automated workflow, real-time reporting, customer relationship management (CRM), and digital ... read more about nCino

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    20% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Customer Portal
    • Multi-Currency
    • Online Banking
    • Retail Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Industries
    • Banking
    • Financial-services
    • Hospital-health-care
    • Information-technology-services
    • Insurance
    • Telecommunications
    Licensing & Deployment
    • Proprietary
    • Cloud Hosted
    • Web-based
    Support
    • Email
    • 24x7 Support
    Training
    • Documentation
    Knowledge Base
    • YouTube
    • Blogs
    • Case Study
    • News

    Packages
    Pricing Type
    • Contact Vendor
    Preferred Currency
    • USD ($)
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page Try Software Demo
    Visit website

  • SDK.finance

    5.0 3 Reviews Verified

    SDK.finance is a platform built by a team with 15+ years of experience in FinTech. We know firsthand what it takes to develop real payments products. SDK.finance is your proven technology partner. ... read more about SDK.finance

    SDK.finance Reviews

    SDK.finance offers customization options that are flexible enough to accommodate your preferences. reviewed by: Anonymous
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    15% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Customer Portal
    • Financial Accounting
    • Investment Banking
    • Loan Management
    • Multi-Currency
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Industries
    • Banking
    • Financial-services
    Licensing & Deployment
    • Proprietary
    • On Premises
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    • Linux
    Support
    • Phone
    • 24x7 Support
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • On-Site Training

    Reviews
    What User‘s Say
    We’re building a payment app with P2P transfers on SDK.finance
    Lina Cossack, Digital Finance Project Manager at Transactly
    SDK.finance is highly secure, reliable and a perfect mobile-ready solution
    Jake Cowans, Founder & Chief Customer Officer at CompanyScouts
    Review Summary
    We’re building a payment app with P2P transfers on SDK.finance. Integration has been smooth, the team is responsive, and the platform feels stable and developer-friendly.
    Lina Cossack
    Lina Cossack, Digital Finance Project Manager at Transactly

    Packages
    Pricing Type
    • Contact Vendor
    Preferred Currency
    • USD ($)
    Free Version
    • No
    Payment Frequency
    • Annual Subscription
    • One-Time Payment
    Vendor pricing page
    Visit website

  • Oracle FLEXCUBE

    5.0 2 Reviews

    Transform banking operations across retail, corporate, SME, Islamic banking, microfinance, and specialized financial institutions. Oracle FLEXCUBE helps banks jump-start digital transformation so they can stay relevant, competitive, and compliant in the fast-evolving ... read more about Oracle FLEXCUBE

    Oracle FLEXCUBE Reviews

    Oracle's FLEXCUBE modules cover every facet of the banking industry reviewed by: Jason Ball, Director at Considered Content
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Financial Accounting
    • Investment Banking
    • Multi-Currency
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Backbase EBP

    Backbase is a fast-growing fintech software provider that empowers financial institutions to accelerate their digital transformation and effectively compete in a digital-first world. They are the creators of the Backbase Omni-Channel Banking ... read more about Backbase EBP

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Credit Card Management
    • Loan Management
    • Online Banking
    • Private Banking
    • Retail Banking
    • Risk Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Tipalti

    4.8 9 Reviews Verified

    Tipalti is the only supplier payments automation solution to streamline all phases of the AP and payment management workflow in one holistic cloud platform. Tipalti makes it painless for accounts payable departments ... read more about Tipalti

    Tipalti Reviews

    Tipalti has eliminated most of our time spent on handling accounts payable operations reviewed by: Nely Mihaylova, Content Executive at Scooter Guide
    Entry Level Price
    $129 Per Month
    Free Trial
    N/A
    Pricing Type
    Flat Rate
    25% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Financial Accounting
    • Multi-Currency
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Industries
    • Banking
    • Financial-services
    • Hospital-health-care
    • Marketing-advertising
    Licensing & Deployment
    • Proprietary
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    • Linux
    Support
    • Chat
    • Phone
    • 24x7 Support
    Knowledge Base
    • Help Guides
    • Video
    • Blog
    • Case Studies
    • On-Site Training

    Reviews
    What User‘s Say
    Tipalti is one of the best vendor management software out there
    Justin Soleimani, Co-founder at Tumble
    Tipalti is a perfect technology that has helped us manage the entire payment process
    Shad Elia, CEO at New England Home Buyers
    Tipalti has automated our entire payment procedure and reduce the amount of physical effort
    Alex Constantinou, Managing Director at The Fitness Circle
    Review Summary

    We Tumble use Tipalti. Through Tipalti’s unique design, any business can easily collect supplier contact information, banking info, and tax details to streamline the AP process. It also automates accounts payables with custom-designed workflows. For those who want their entire vendor payments process automated end-to-end, Tipalti is the best choice.

    Justin Soleimani
    Justin Soleimani, Co-founder at Tumble

    Packages
    Pricing Type
    • Flat Rate
    Preferred Currency
    • USD ($)
    Free Version
    • No
    Payment Frequency
    • Monthly Payment
    Vendor pricing page
    Available Packages
    Standard
    $129 Per Month
    Visit website

  • Fraud.net

    5.0 4 Reviews Verified

    Increase revenues and reduce fraud, affordably. Recognized in Gartner's 2021 Market Guide for Online Fraud Detection, Fraud.net is the leading fraud prevention and fraud detection platform for enterprises in the financial services ... read more about Fraud.net

    Fraud.net Reviews

    Fraud.net has amazing Data mining capabilities which enables us to gather data from many sources reviewed by: Paul Somerville, Editor-in-Chief at Electric Scooter Guide
    Entry Level Price
    Contact vendor
    Free Trial
    30 Days
    Pricing Type
    Contact Vendor
    50% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Financial Accounting
    • Multi-Currency
    • Online Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    • Linux
    Support
    • Chat
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Case Studies
    • On-Site Training

    Reviews
    What User‘s Say
    Fraud.net assists us in preventing fraud by using real-time analytics
    Hamza Usmani, Head of Content at Believe Money
    Best in the business
    Andy Daniels, Employee at Green Market LLC
    Found trends we never knew existed
    Fred Natt
    Review Summary

    We Believe Money use Fraud.net. A number of fraud prevention technologies are available through the cloud-based risk management system called Fraud.net. To assist businesses in preventing fraud, this solution uses real-time analytics, identity proofing, data mining, rules management, and other technology. Business in the financial services, eCommerce, travel, insurance, and other areas is appropriate for Fraud.net. This solution's toolset includes Authority Monitoring Services, Security Authentication Services, Verify Identity Services, and Visualize Analytics and Reporting. AI-powered criteria and scoring, fault detection, an early alert system, and other features are among those offered by Fraud.net.

    Hamza Usmani
    Hamza Usmani, Head of Content at Believe Money

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • Yes
    Free Trial
    • 30 Days Trial
    Payment Frequency
    • Monthly Payment
    • Annual Subscription
    • Quote Based
    • One-Time Payment
    • Free
    Vendor pricing page
    Visit website

  • Finacle

    4.3 3 Reviews Verified

    Finacle from Infosys helps banks transform by providing solutions and services that enable a shift in their strategic and operational priorities. The offerings address the comprehensive technology-led business transformation requirements of retail, ... read more about Finacle

    Finacle Reviews

    Finacle suits our company's goal perfectly and It has a very beginner-friendly interface reviewed by: Daniel Gray, Digital Marketing Manager at Smart Scouter
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Windows
    • Mac
    Knowledge Base
    • Help Guides
    • Video Guides
    • Webinars
    • Infographics
    • Case Studies
    • Whitepapers
    • On-Site Training

    Reviews
    What User‘s Say
    Finacle is one of the best business software available in the market
    Ryan Dunn, Founder and Owner at Custom Stickers
    Finacle is the most promising banking software we have seen till date
    Matthew Roberts, Chief Operating Officer at My Choice
    Review Summary

    We Custom Stickers use Finacle. It is also quite expensive for middle-class businesses, but the benefits far outweigh the cost. User-friendly interfaces are one of the most significant features available. The interface is easy to navigate, making it ideal for businesses that want to streamline their operations. The data in the software is secured with an extensive security system. Transaction monitoring is the unique feature of Finacle. Overall, Finacle of Infosys is an excellent choice for businesses that want a user-friendly interface and are willing to pay a bit more.

    Ryan Dunn
    Ryan Dunn, Founder and Owner at Custom Stickers

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • BankPoint

    5.0 1 Review

    BankPoint is an intuitive banking platform that supercharges your bank’s core system and provides immediate improvements in efficiency for your internal staff. BankPoint overlays the core and aggregates data from other systems, ... read more about BankPoint

    BankPoint Review

    BankPoint is the perfect choice for my company as it assists us in all banking-related tasks reviewed by: David Reid, Sales Director at VEM Group
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Customer Portal
    • Loan Management
    • Multi-Currency
    • Online Banking
    • Private Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Blogs
    • Webinars
    • Whitepapers

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Brandable Bank

    5.0 1 Review

    Brandable Bank provides an end-to-end banking platform for the financial services industry, enabling organizations to launch digital banking products in as little as 72 hours. The platform includes Banking-as-a-Service capabilities, virtual card ... read more about Brandable Bank

    Brandable Bank Review

    Reliable Digital Banking Platform with Excellent Features reviewed by: David, CFO at Do Bank
    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Customer Portal
    • Financial Accounting
    • Investment Banking
    • Multi-Currency
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Industries
    • Banking
    • Financial-services
    • Investment-banking-venture
    • Investment-management
    Licensing & Deployment
    • Proprietary
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    Support
    • Email
    • Chat
    • Phone
    • 24x7 Support
    Training
    • In-person
    • Documentation

    Packages
    Pricing Type
    • Contact Vendor
    Preferred Currency
    • USD ($)
    Free Version
    • Yes
    Payment Frequency
    • Quote Based
    Vendor pricing page Download Pricing Document
    Visit website

  • BankWare

    The BankWare software suite is SaaS software. BankWare.NET offers online and business hours support. BankWare is fraud detection software and includes features such as compliance management, credit union, lending management, Multi-Branch, offshore ... read more about BankWare

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    50% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Windows
    • Mac
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Probanx CorePlus

    A fully comprehensive and versatile banking solution software offering capabilities that up until now were affordable only by large commercial banks.

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Financial Accounting
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Windows
    • Mac
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Case Studies
    • Whitepapers
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Quicken

    Quicken keep your finances organized with Quicken and make this tax season the easiest one yet. Get your complete financial picture at a glance. With Quicken, you can view your banking, investment, ... read more about Quicken

    Entry Level Price
    $35.99 Per Year
    Free Trial
    30 Days
    Pricing Type
    Flat Rate
    33% in Banking Software

    Features
    • Credit Card Management
    • Financial Accounting
    • Investment Banking
    • Loan Management
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    • Linux
    Support
    • Chat
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Whitepapers
    • On-Site Training

    Packages
    Pricing Type
    • Flat Rate
    Free Version
    • No
    Free Trial
    • 30 Days Trial
    Payment Frequency
    • Annual Subscription
    Vendor pricing page
    Available Packages
    Standard
    $35.99 Per Year
    Visit website

  • Moneydance

    Moneydance is easy-to-use personal finance software that is loaded with all the features you need: online banking and bill payment, account management, budgeting, and investment tracking. Moneydance handles multiple currencies and virtually ... read more about Moneydance

    Entry Level Price
    $60.14 One-time
    Free Trial
    More than 30 days
    Pricing Type
    Flat Rate
    100% in Banking Software

    Features
    • Credit Card Management
    • Financial Accounting
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Windows
    • Mac
    Knowledge Base
    • Help Guides
    • Whitepapers
    • On-Site Training

    Packages
    Pricing Type
    • Flat Rate
    Free Version
    • No
    Free Trial
    • More than 30 days Trial
    Payment Frequency
    • Quote Based
    • One-Time Payment
    Vendor pricing page
    Available Packages
    Standard
    $60.14 One-time
    Visit website

  • Moneyspire

    Moneyspire is personal finance software and small business accounting software developed by Moneyspire Inc. The software is available in two versions, one for Windows and another for macOS. The software tracks accounts, ... read more about Moneyspire

    Entry Level Price
    $4.99 Per Month
    Free Trial
    30 Days
    Pricing Type
    Flat Rate
    50% in Banking Software

    Features
    • Credit Card Management
    • Financial Accounting
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Retail Banking
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Infographics
    • Case Studies
    • Whitepapers
    • On-Site Training

    Packages
    Pricing Type
    • Flat Rate
    Free Version
    • No
    Free Trial
    • 30 Days Trial
    Payment Frequency
    • Monthly Payment
    • One-Time Payment
    Vendor pricing page
    Available Packages
    Standard
    $4.99 Per Month
    Visit website

  • Cyclos

    Cyclos is an online banking software for microfinance institutions, local banks, and complementary currency systems like LETS, TD4W Credits, Barter networks, and time banks.

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    50% in Banking Software

    Features
    • Investment Banking
    • Multi-Currency
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Windows
    • Mac
    Knowledge Base
    • Help Guides
    • Whitepapers
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Holvi

    Holvi’s all-in-one business account helps you calm the chaos of self-employment. Create, send and track invoices right in Holvi. Get paid fast, and keep your business earnings separate from personal finances. Cover ... read more about Holvi

    Entry Level Price
    $6.73 Per Month
    Free Trial
    N/A
    Pricing Type
    Flat Rate
    100% in Banking Software

    Features
    • Credit Card Management
    • Financial Accounting
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Case Studies
    • Whitepapers
    • On-Site Training

    Packages
    Pricing Type
    • Flat Rate
    Free Version
    • Yes
    Payment Frequency
    • Monthly Payment
    • Free
    Vendor pricing page
    Available Packages
    Standard
    $6.73 Per Month
    Visit website

  • Mifos X

    Mifos X is our standard distribution containing the platform, web client, and mobile client on Fineract. It can be deployed in any environment: cloud or on-premise, on or offline, mobile or PC; ... read more about Mifos X

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Credit Card Management
    • Financial Accounting
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • On Premises
    • Web-based
    • Windows
    • Mac
    Support
    • Chat
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Whitepapers
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • MyBanco

    MyBanco is not only a free core banking solution, it is also open source. Having a core banking solution that is open source means that the source code must be of high ... read more about MyBanco

    Entry Level Price
    Free version
    Free Trial
    Available
    Pricing Type
    Free
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Investment Banking
    • Retail Banking
    • Security Management

    Key Details
    Licensing & Deployment
    • On Premises
    • Web-based
    • Windows
    • Mac
    Knowledge Base
    • On-Site Training

    Packages
    Pricing Type
    • Free
    Payment Frequency
    • Free
    Vendor pricing page
    Visit website

  • Jainam Software

    Jainam Software for offline and online software for every business. Most of the features in Jainam Software are customized. User can create their own reports. User can configure vouchers and define the ... read more about Jainam Software

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    33% in Banking Software

    Features
    • Credit Card Management
    • Customer Portal
    • Financial Accounting
    • Investment Banking
    • Loan Management
    • Online Banking
    • Private Banking
    • Retail Banking
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Web-based
    • iPhone/iPad
    • Android
    Support
    • Phone
    Knowledge Base
    • Help Guides

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • Yes
    Payment Frequency
    • Quote Based
    • Free
    Vendor pricing page
    Visit website

  • OpenCBS

    OpenCBS Cloud is a web-based Core Banking System that delivers high performance and top reliability: our new PostgreSQL database structure makes OpenCBS faster and more responsive. User experience is improved thanks to ... read more about OpenCBS

    Entry Level Price
    Free version
    Free Trial
    Available
    Pricing Type
    Free
    50% in Banking Software

    Features
    • Credit Card Management
    • Customer Portal
    • Financial Accounting
    • Investment Banking
    • Loan Management
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Windows
    • Mac
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Case Studies
    • On-Site Training

    Packages
    Pricing Type
    • Free
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Open Bank Project

    Open Bank Project is the global standard and open-source platform for Open Banking. OBP has inspired and supported regional standards and frameworks such as UK Open Banking, STET, and Berlin Group. Using ... read more about Open Bank Project

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Credit Card Management
    • Customer Portal
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • On Premises
    • Web-based
    • Windows
    • Mac
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Blogs
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • mFino

    mFino is a pioneer in Digital Banking, Mobile Financial Services, Payments, and Commerce with a mission to power digital transformation to banks, telcos, and retailers. Headquartered in Cupertino, California, mFino empowers financial ... read more about mFino

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Credit Card Management
    • Financial Accounting
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    • Linux
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • Case Studies
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Opium.PSD2

    PSD2 and Open-Banking: Opium.PSD2 is a pragmatic and cost-efficient solution for any Bank engaged with open banking. Opium.PSD2 is a secure Turn-key solution that combines intramural software components with BPaaS to provide ... read more about Opium.PSD2

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Financial Accounting
    • Investment Banking
    • Multi-Currency
    • Online Banking
    • Private Banking
    • Retail Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • On Premises
    • Web-based
    • Windows
    • Linux
    Knowledge Base
    • Help Guides
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Opium.eBanking

    White-Label Online Banking Platform: Opium.eBanking is a robust, comprehensive, and secure multichannel white-label online banking platform. The solution offers a wide range of online services to increase customer satisfaction, reduce costs and ... read more about Opium.eBanking

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Investment Banking
    • Loan Management
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • On Premises
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    Knowledge Base
    • Help Guides
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Annual Subscription
    Vendor pricing page
    Visit website

  • FinnOne Neo

    Nucleus Software is the leading provider of lending and transaction banking solutions to the global financial services industry. Its software powers the operations of more than 150 customers in 50 countries, supporting ... read more about FinnOne Neo

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    33% in Banking Software

    Features
    • Compliance Tracking
    • Loan Management
    • Multi-Currency
    • Online Banking
    • Retail Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Windows
    Knowledge Base
    • Help Guides
    • Blogs
    • Case Studies

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Imagyn.ai

    imagyn.ai is an AI-enabled customer analytics framework for financial institutions to empower them with customer intelligence. It helps them to take a strategic and consistent Customer First approach. imagyn.ai consists of 4 ... read more about Imagyn.ai

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    50% in Banking Software

    Features
    • Compliance Tracking
    • Credit Card Management
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Private Banking
    • Retail Banking
    • Security Management
    • Transaction Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Windows
    • Mac
    • Linux
    Support
    • Chat
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • AccuAccount

    Automates the entire bank loan management process from start to finish. Barcoding features add additional functionality for your bank. Managing exceptions with the click of a mouse in a centralized loan document ... read more about AccuAccount

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    50% in Banking Software

    Features
    • Compliance Tracking
    • Investment Banking
    • Multi-Currency
    • Retail Banking
    • Risk Management
    • Security Management

    Key Details
    Industries
    • Accounting
    • Banking
    • Financial-services
    Licensing & Deployment
    • Proprietary
    • Cloud Hosted
    • Web-based
    • Windows
    • Mac
    • Linux
    Support
    • Phone
    • 24x7 Support
    Knowledge Base
    • Help Guides
    • Video
    • Blog
    • Case Studies
    • Infographics

    Packages
    Pricing Type
    • Contact Vendor
    Preferred Currency
    • USD ($)
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • TrustQuay Online

    TrustQuay Online modular system is fully integrated with a core of commonly used information and configuration data which includes secure multiple operating entities, support for regulatory reporting, including the European Savings Directive, ... read more about TrustQuay Online

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Banking Software

    Features
    • Financial Accounting
    • Investment Banking
    • Online Banking
    • Payments & Transfers
    • Retail Banking
    • Risk Management
    • Security Management
    • Transaction Tracking

    Key Details
    Industries
    • Banking
    Licensing & Deployment
    • Open Source
    • Cloud Hosted
    • Windows
    • Mac
    • Linux
    Support
    • Phone
    • 24x7 Support
    Training
    • Webinar
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs

    Packages
    Pricing Type
    • Contact Vendor
    Preferred Currency
    • GBP (£)
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

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Buyer’s Guide

Introduction to Buyer’s Guide for Banking Software

The unprecedented forces of change in the competitive landscape of the banking sector, stringent regulations, dynamic financial arena, and fast-changing customer needs have compelled banks to transform existing processes, operational models, and even the age-old banking IT solutions. Increased adoption of online payments, online portfolio management, and penetration of online technology in core banking services have powered customers to engage more closely with their banks and also enabled banks to deliver personalized customer experience and faster delivery of products and services. 

The banking industry has integrated and adopted technology to retain customers and stay competitive in the financial world. However, the technological curve demands banks to constantly upgrade their systems and find pinpointed solutions for their specific needs. Before investing heavily in any software solution, banks must get themselves aware of all features and functionalities that constitute a banking software system. With several banking solutions luring the clients with promising banking operations and tasks, making a decision to buy the most suitable and cost-efficient candidate is a herculean task. This buyer's guide, therefore, aims to assist you in selecting a trustworthy banking software solution. We have discussed in detail all essential aspects that are of paramount importance when it comes to making a buying decision of banking software. 

What is Modern Banking? How has banking changed over time?

Traditional banks never lived in an era of cloud computing, artificial intelligence, encrypted technologies, and Banks have witnessed the migration from the old IT architecture to the new cloud-dominated services provided by giants such as Microsoft, Google, Amazon, Oracle, and more. Traditional banks never heard of cyber attacks, data theft, privacy issues, automated operations, personalized banking, etc. Today, banks have migrated their legacy systems to rope in the latest digital banking solutions that reengineer and reverse reengineer all banking products and services to achieve sustainable business growth for banks. The latest concepts such as 'anytime, anywhere banking has contributed greatly to technological innovations to open up new platforms for bank account holders to carry online transactions, card payments, and mobile payments. Traditional banking was business-centric. Modern banking is customer-centric. For saving costs, usage-based billing advantage, adoption of Green IT, and business agility banks have entered the technology arena for meeting the needs of the modern business environment. 

What are the key challenges faced by the modern banking system?

The challenges due to disruptive technologies, radical competition from FinTech firms, ever-changing regulation, and repo rates, compliance pressures, privacy concerns, liquidity issues, increasing customer expectations have intensified in the current times. The costs associated with compliance are very high.  

The greatest threat is from constant cyber-attacks. The International Monetary Fund noted that the potential loss due to cyber-attacks in severe scenarios could be as high as $270 billion to $350 billion annually. Such security breaches take a toll on the overall profitability of banks.

With an increasing number of private banks, the entry of new Fintech players, and multiple options available in the banking area, clients expect a personalized experience. Client loyalty and retention is rapidly becoming outdated idea. Banks have to detect and fight scams and fraudulent transactions. The increase in non-performing assets, wilful defaulters, and bad loans due to poor credit risk assessment is also a major challenge that banks need to mitigate. 

Technological assistance and constant innovation can help banks to fight all these challenges. Banks know that digital transformation is the critical differentiator that can help them to overcome all banking challenges. Banking software is the first step they can take in the path of sustainable development. 

What is Banking Software? 

Banking Software is a comprehensive term used for applications and software solutions for core banking, investment banking, financial services, and capital markets. This software provides tools to automate, manage, and simple corporate banking, SME banking, Wealth Management, Asset management, trading platforms, credit organizations, and more.  Designed to make the life of bankers, banking clients, and employees easy, these tools have all features to run the core banking operations efficiently. 

What are the different types of Banking Software? 

Desktop-based/On-Premise 

These types of banking system software are licensed, and banks can install them within their IT infrastructure. On-Premise banking management systems are highly customizable in nature.  Banking organizations seeking banking software solutions for optimum results and who prefer keeping their data on their own servers can opt for desktop-based banking systems. 

Web-based

These types of online banking platforms are hosted, and third-party digital banking solution providers offer these tools. Web-based online banking platforms are very popular as apart from the bank admins, customers, bank agents, and employees can also access these software solutions from anywhere with a  login ID and the password provided by banks. 

Cloud-based

These types of banking management software are hosted through third-party cloud service providers such as Amazon web service, Microsoft Azure, etc. These are popular with large banking organizations that require massive data storage capacity and extreme flexibility. The cloud-based banking software solution is a SaaS (Software as a Service) that allows banks and their customers to access the services using internet-enabled devices. 

Open Source

These types of core banking software allow users to customize source code, modify inbuilt settings, and add extra plugins to enhance the capabilities, functionalities, and utility of the software. When banking organizations need to accommodate specific features in their banking software solutions that are unavailable with any vendor, then open source banking software can opt. 

Why do you need Banking Software, and what will happen without it?

For ease of transactions

Banking software has made the lives of both bankers and customers easy. Banking software allows bank account holders to access banking services, in real-time. Implementing it means easing the transactional activity.

For 24/7 functionality

Without software, banks cannot provide 24/7 functionality and around-the-clock service.

Increasing account holder's trust: 

When service requests, queries, fund transfer processing are in real-time, and loan sanctions are through a high-speed digitally automated process, the account holders are more likely to trust the banking organization.  

Ensuring regulatory compliance:

The financial ministry of every nation and regulatory body frequently asks the banks to submit various financial documents and reports related to their transactions, customer bank account details, and related liquidity information. Mostly such requests are on an urgent basis. For example, if the finance ministry wants the banks to submit the details of all account holders having more than a million dollars in their current or saving accounts, then banks having banking software need not take any stress. They will just have to filter, segregate, and download the information with a few clicks, and information will be available in any format (PDF, CSV, Excel) they need.

To Safeguard valuable data: 

Banks have records of account holders' personal details, financial assets data, copies of various identity proofs, and tax information that can be misused by fraudulent imposters or scammers if leaked. The two-factor authentication and password-protected layered security of banking software provide a shield to banks for safeguarding their valuable data and honoring their customer's privacy.

For Ensuring High-security

Stringent adherence to high-end security features is a foremost criterion for banking software. Double-factor authentication, multiple-layer of security, and encrypted networks make transactions secure and hacking-proof. 

Management of corporate treasury

Since the 2008 financial crisis, a lot of changes have been made in the corporate treasury part of the banking business. Greater transparency to protect account holders' money is a fundamental aspect of banking laws. Banking software is essential to access financial market data and assess risky investments for corporate and institutional investors. 

Improved bank workflow

With automated financial service solutions, progressive banks can improve their workflow and automate complex processes. With an automated classification of documents, extraction tools, advanced search features, and validating processes, banks can enjoy a faster and error-free workflow. 

Centralized Banking 

With every data, quantifiable information, and business process available to all employees of a bank, a uniform approach can be maintained across all branches. In decentralized banking processes, managers can provide loans considering the soft data such as the customer's relationship with the manager, but it can be very risky. A banking software centralizes everything so that managers can adopt a quantifiable approach to credit assessment before sanctioning any loans.

Bank Treasury

Banking software keeps a record of all the capital that the bank's treasury possesses in real-time. It helps to control and manage the bank's money efficiently for daily operations. 

Trading

Today banks are involved in large-scale transactions of gold, stocks, bonds, and debt instruments for trading purposes. A banking system can be used to set algorithms to help banks in buying and selling profitably. 

Friction-free back-office operations

With robust automation features of banking software, the back-office staff can work efficiently without hassle. It has a module to handle and automate back-office operations such as clearance of cheques, drafts, customer applications, etc. 

Without banking software, banks would not be in a position to analyze the data of their customers to come up with meaningful conclusions. It would be difficult to manage the mammoth work manually. Banks won’t be able to efficiently tackle regulatory changes, operational requirements, and customers’ demands. Without a robust banking system, mapping customer demographics to come up with new products, or meet dynamic business demands is not feasible. 

What are the most common functions handled by Banking Software Solutions?

A banking software solution is capable of handling the following functions:

  • Core banking
  • ATM
  • Internet Banking
  • Mobile Banking
  • Payments network
  • SMS Based banking
  • Card management system 
  • Trading services by Investment banks (Capital markets)
  • Financial data management
  • Multi-currency management
  • Wealth management
  • Customer management
  • other banking products

What are the benefits of banking software?

Customer satisfaction and robust customer experience

One foremost benefit of the banking software is that you equip all your bank employees with the necessary information to deal with clients' issues. For instance, a customer who has called the bank to enquire about a deducted charge from his savings account abruptly asks a random question for his loan information too. His call is not transferred to the loan department; rather, the bank official solves the query. You can imagine how satisfied the customer would be to know that the bank knows his profile thoroughly. A single database available to all employees and Omnichannel banking solutions using the banking software can work wonders for your banking business.

Increasing productivity

Bank managers can automate tasks related to everyday core banking operations, service request proceedings, sending marketing emails to the customers, and enabling self-service portals for clients. When banks can complete a lot of tasks without the customers having to either contact the bank or visit the branch, it increases the productivity of the bank and saves time and employee cost. 

Reduced need for workforce

Banking software reduces the need for the human resource required at individual branches to run its operations. 

Multi-branch activities from one point

Banking software brings all branches of the bank on a single interactive platform. All core banking services can be monitored and controlled from a single dashboard. 

Banks get assistance in all core operations of the banks, such as:

  • Everyday banking transactions
  • ATM transactions
  • Internet Banking
  • Fund transfers
  • Account opening and closing
  • Mobile Banking
  • Payments network
  • SMS Based banking
  • Card management system 
  • Multi-currency transactions
  • Customer service requests

Which factors you should keep in mind before selecting a suitable banking software

Finding a banking solution that provides value for money, customized, hassle-free, and comprehensive services will surely make a difference in your banking business. The type of banking software solution can vary from bank to bank based on your requirements. There are, however, a number of essential factors to keep in mind before investing in the right banking software solution. Hence, before you select a particular banking system, make sure that the banking platform you have chosen is capable of answering all below questions in an affirmative:

  • Does it provide adequate features, functionality, integrations, and settings for your needs? 
  • Can you customize the software or request to add more functions over time?
  • Is the banking software user-friendly for your account holders and employees? 
  • Does the software deploy a robust encryption system for all transactions and communications? 
  • Can it work with low bandwidth internet connectivity?
  • Is your banking software vendor well-experienced in the banking solutions area?
  • Is the Return on Investment (ROI) greater than the overall expenditure on the software?
  • Does the vendor provide a free trial/free demo of its services?
  • Are you going to get free customer support services from the banking software provider?
  • Is the software deployable in multiple types of devices?

If the answer is yes to above all questions, then surely you are considering buying an industry-grade professional software service. 

Why is data privacy the biggest concern for modern banks? How can banking software help?

Data privacy is a growing concern for all banking institutions around the world. Even when customers have become savvier in the use of technology, hackers and cybercriminals find new ways to exploit the sensitive customer data for fraudulent acts. With stringent government and regulatory measures, banks have to gear up to meet the privacy standards demanded by customers and regulators. 

Data breaches exposed4.1 billionrecords in the first six months of 2019.

It is the professional responsibility of banks to make their customers feel safe and secure about their hard-earned money. Failing in this part can have devastating consequences on banks' business. Banks having a high regard for account holder's data privacy are the first choice of investors to park their money. Banking software has features and necessary applications to provide banks with a rigorous security system to protect all types of sensitive data. Banking software solutions follow the global guidelines for data protection such as GDPR (General Data Protection Regulation) of the European Union and  Payment Service Directives, which forbids financial institutions to collect and reserve any personal data without explicit customer consent.

What modern banking trends you should be aware of before initiating a purchase of banking Software?

IoT

In IoT-enabled banking, millions of devices are connected to each other through an intelligent system sharing data on cloud servers. Banks collect data from the devices that customers are using for availing banking services, and based on the data collected; banks offer personalized services to customers. IoT enables banks to collect data from credit card/debit cards (IoT enabled POS transactions), ATMs, mobile devices, laptops, etc. Banking software can help in analyzing the IoT data into valuable insights. For example, banks can reduce the number of unused ATMs based on the data, based on card transactions, and find locations to install more POS at particular places. 

Artificial intelligence

Conversational AI is used for chatting with customers, cognitive AI for customer services, AI-powered AML (anti-money laundering) for fraud detection, and face-recognition AI for security purposes. Banks are also utilizing AI for credit assessment, risk management, and understanding behavioral finance. The banking software has AI-enabled features that reduce cost, detect suspicious transactions, and increase ROI.

BlockChain

Blockchain's distributed ledger provides a tamper-proof data structure to banks. Blockchain technology increases transparency, reduces theft, and fraud occurrence. Blockchain is an immutable transaction record that notes the ownership of every asset in the blockchain. This record is almost impossible to hack. It is a revolutionary technology that provides a highly secure way of payment that removes the need for middlemen and creates a ledger that is not monitored or controlled by any single entity. 

Wearable Gadgets

The adoption of new digital devices has driven enormous changes in retail financial services. The retail banking sector has been enormously transformed by digital devices. It helps banks in better understanding the customers.  Wearable devices can authenticate customer identity without the need for a password. This mitigates the issues related to password theft or forgotten password issues. Wearable devices like watches can identify their owner by the size of wrist veins, voice analysis, heartbeat, etc. Even if someone steals it, the watch can identify that its owner has taken it off.  Wearable devices can help banks to project the interest growth chart on a wall through smart glasses. 

Data analytics

Data analytics and machine learning algorithms can help banks to predict significant customer actions. It reduces customer churn rate, improves margins, increases customers' likelihood to buy particular bank products, etc. Data analytics assist banks in scaling up the business and taking strategic calls on business. Data analytics is essential to predict and understand the high potential customers, increase or decrease in profitability with changes in regulations, identify high-value prospects, risk propositions, and product profitability.

Personalized banking

For every $100 billion in assets that a bank has, it can achieve as much as $300 million in revenue growth by personalizing its customer interactions. By analyzing customer spending behavior and transaction patterns, banks can come up with personalized solutions for the banks. Banks expose customers to personalization in marketing emails and other digital content about their products. Customers feel special and respond better to further marketing calls. 

Payment Banks and Payment Wallets

Even with the current restrictions regarding the number of deposits, loans, credit cards, and other core banking products that payments banks cannot offer, Payment banks and wallets have created a significant market share in the banking sector. Payment banks increase financial penetration and inclusion in areas where banks are unable to do. Mobile payment wallets have already shown a large-scale acceptance in the world. Going with paperless transactions that are recorded at both ends has become a norm.

Emergence of Fintech

Successful banks are agile. They know how to build a healthy financial ecosystem. Fintech has disrupted the banking industry, but it also provides banks an opportunity to render advanced customer services.  Fintech can offer financial services to participants who don't even have bank accounts. This type of financial inclusion makes Fintech a lucrative business. Banks are now developing Fintech models and architecture to reap benefits in the long term. A collaborative approach of Banks and Fintech firms to drive innovation through a hybrid financial institute is the future of banking. Successful banks are agile. They know how to build a healthy financial ecosystem with the help of online banking software.

Cryptocurrency

Cryptocurrencies have a significant impact on the banking industry, owing to the former's exciting features. The banking and the currency system are bound to get a new dimension due to the revolutionary bitcoin technology. Bitcoin and blockchain thrive on decentralization, and banks will follow suit.  Once banks and regulatory bodies accept cryptocurrencies as an integral part of the current financial system, the decentralized system will bring more transparency and security to the banking system. Online banking software can help to regulate cryptocurrency transactions for banks.

Cloud computing

Cloud computing offers banks the advantages of pay-as-you-go services by breaking the expenses on the storage of huge data into an ongoing operational cost. Banks need not invest a large up-front amount for new hardware and software for storing data over internet servers. Banks can also focus more on customer services and core business as the liabilities to protect and manage data on cloud servers, back up, and storing data lies with the cloud computing service of online banking software. 

Agile Technology

Agility is now a core pillar of financial institutions that lets them provide efficient responses to the changing needs of customers. Banks are also going for mergers and acquisitions of Fintech companies to move the non-critical services to these IT companies so that banks can focus on banking and less on IT needs. The current customer culture requires banks to focus on speed rather than size, and the need for shorter new product development cycles is more than ever today. Technologies such as cloud computing, API (Application programming interface), and AI have allowed banks to change their back-end operations without the risk of halting business operations for technological upgrades.

What are the features you should look before buying banking Software?

Compliance Tracking

Banking software allows third-party verification/audit agencies to integrate their software with the banking solution to check and verify compliance with the current regulations. Banks need not maintain a separate folder of all documents during audits. The current storage provided by banking software has all files stored in an organized manner that audit agencies require. 

Credit Card Management

This feature takes care of the credit card section of banks such as - Online issuance of credit cards, bill generation, an advanced overview of credit card expenses, monitoring of credit card limits, credit card frauds, loyalty points, payment records, and card security. 

Online Retail Banking

This feature enables an Omni-channel strategy that opens all channels of retail customers to carry out financial transactions, payments, and transfers, transaction tracking using online banking. 

Double factor authentication (2FA)

This feature mandates all users of banking software-bank admins, employees, agents, and customers to verify their identity through a 2-factor authentication process. 2FA adds an extra layer of protection (biometrics such as fingerprints, or facial scans, or security tokens such as mobile OTPs or personal verification questions) to identify the user beyond the username and password.  Some high-end banking software maps not just the iris but the eye's blood vessels to verify the high profile, corporate account holders. 

Customer Portal (Do it yourself portals)

Customer portals give customers access to 'do it yourself portals' consisting of sections where customers can edit and update their personal information or request an update. Customers can do various banking activities on their own. 

Integration with the Mobile Banking app

The banking software can integrate with mobile banking applications to share data and functionalities. 

Investment Banking

Nowadays, banks sell various investment products, mutual funds, debt instruments, and other investment products. This feature is of particular importance to investment banks to manage and organize investment products. 

Loan Management

This feature provides a separate module for loan management. This automates loan applications, loan approvals, credit report preparation for clients, loan disbursal process through an innovative and differentiated set of services to customers. 

Multi-Currency

This module provides banks to work with multiple currencies and manage currency fluctuations efficiently. 

Risk Management

This feature helps banks gather business intelligence & customer analytics to orient themselves for any unforeseen event and sudden financial collapse. Security Management

Financial Accounting

This feature of banking accounting software takes care of all accounts and documents mandated by regulatory bodies.

Other features 

Big Data Analysis, Cloud-enabled technologies, Artificial Intelligence (AI) for fraud detection and prevention, Marketing features for branding,  Integration with regulatory compliance mechanism, blockchain, and many more premium features are provided by banking software solution providers. 

What is the average cost of buying banking software? 

The costs of banking software also depend on a large number of factors such as:

  • Features it offers
  • Type of installation: Web-based, cloud-based, or on-premise software, open-source
  • User interface and experience
  • Privacy and data integrity provides
  • Number of admins it allows
  • Quality of service offered 
  • Number of employees and customers that it needs to manage

These variations can significantly alter the costs and estimations of the software. The average cost for buying banking software with enterprise version benefits depends upon the type of transactions and functionalities you need. Apart from this, some vendors may charge for installation and training.

EBANQ will cost you $16000 as a one-time fee.  If you are looking for free and open-source software, go for MyBanco.  For other banking management software such as T24 Transact, Bankware, Mambu, Coreplus, Finacle, and Quicken, you need to contact the vendor for detailed piercings. You can get all information from the Goodfirms banking software page. 

What is the future of companies buying banking software for their business?

Big data and artificial intelligence have provided banks with eyes to see beyond the daily transactions. Banks can now see the daily lives of their customers. Banks know what digital equipment their customers are buying, which malls their customers are going to, and what kind of investments their customers are interested in, and how many of them have not visited their branches, and many more other facts. Based on the understanding of customers' behavior, banks strategically devise new personalized products for customers. Digital banking software not only streamlines banking operations but also assists the customer in carrying out financial transactions on their own. This provides the customers with a sense of security, self-reliance, and ease of doing transactions that bring them closer to their banks. Banks that embrace emerging business models and technology, and adopt a customer-centric strategy successfully capture the banking value chain. 

The foreseeable future is no exception. As traditional modes of banking revenues erode with time, banks have to come up with new revenue models by investing in digital resources. Banks investing in banking systems and online banking platforms are poised to fare well than their peers. 

Why refer to Goodfirms’ list of banking software? 

Goodfirms is a leading IT market research giant that reviews, categorizes, and lists thousands of IT services and products to provide buying assistance to service seekers of the IT products and services. Goodfirms' experience and understanding of the IT market products can be very beneficial for the service seekers in selecting the best suitable software service for themselves. Currently, Goodfirms has listed more than 9000 products and services with around 15000 reviews that provide the buyer a bird's eye view into the features, pricing, type, and many more aspects of a software application. Goodfirms has explored, recognized, and analyzed the industry-leading digital banking solutions after a thorough research process and has come up with the list of best banking software solutions. The readers of this buyer's guide for banking software are advised to explore the list to find the best suitable core banking software for themselves. 

Frequently Asked Questions

How Can Banking Software Assist Banks in Reducing NPAs?

Non-performing Assets (NPAs) are a serious threat to a bank’s stability and solvency. Banking software can help banks in reducing NPAs by automating the loan decision process. The manual process is not error-free and also prone to corrupt practices. By accurate analysis of loan repayment capacities of individuals, groups, or companies, banking software system solutions mitigate loan default risks. AI-powered banking systems have functions to trigger early default warnings by detecting indicators such as forged documents, inaccurate asset valuation or inflated valuations, late payments, unexpected overdrafts, manipulative replies, etc. 

How is Artificial Intelligence Changing the Face of the Banking System?

A major value-creator for the banking and financial industry, AI is empowering banks to unleash customer experience interventions like never before. AI can simplify complex processes, automate labor-intensive processes, and offer a more personalized level of service to the customers Artificial Intelligence enabled banking software solutions can detect fraudulent activities by analyzing pattern abnormalities in transactional data. AI-enabled chatbots with semantic capabilities can assist customer service executives in dealing with customer queries more efficiently. AI tools embedded in banking software also help banks in security monitoring, settlements and reconciliations, liquidity management, and forex fluctuation management. 

How Does Banking Software Solutions Reduce the Workload of Banking Employees?
  • Banking software’s analytics capabilities can help employees identify cross-selling opportunities based on the analysis of customers’ demographics, recent transactions, and historical data.
  • It can automate the credit assessment and loan pre-approval process. This saves time for the loan officers.
  • Top banking software can create personalized offers for customers based on the analysis of their online credit/debit card transactions or POS transactions using credit/debit cards.
  • Self-service options provided to the customers reduce the need for in-branch visits.

How Much Does Banking Software Cost?

Modern banking software solutions inhibit core technology architecture that makes them highly cost-efficient. There are also some free banking software or certain banking software solutions that provide free trials of their services, such as Holvi, OpenCBS, SecurePaymentz, etc. If you need free and open source banking software, try solutions like MyBanco. For industry-grade banking solutions such as TurnKey Lender, Temenous Transact, Bankware, Mambu, Probanx CorePlus, Finacle, etc., you need to contact the vendors for pricing estimates and quotes.

What Types of Integrations One Should Look For in a Banking Software?

Banking software integrates with third-party solutions such as Accounting Software, Wealth Management Software, Loan Origination Software, CRM software, Personal Finance software, Payment apps, etc. These integrations increase the utility of the banking system, and therefore one should consider it before investing in banking software.

Related Categories

Accounting Software
Wealth Management Software
Loan Servicing Software
Financial Planning Software
Loan Origination Software
Investment Management Software

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