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, transfers, private banking, retail banking, transaction tracking, financial accounting, multi-currency, 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.

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A Complete List of Online Bank Software and Reviews

  • Moneydance

    Personal finance.
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    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 any financial task with ease. Moneydance can automatically download transactions and send payments online from hundreds of financial institutions. It learns ho ... read more about Moneydance

    $60.14 One-time
    More than 30 days
    100% in Banking Software
  • BankMill

    Full service banking software consisting of Core Banking Software and all delivery channels
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    BankMill is a full-service banking software consisting of Core Banking Software and all delivery channels. These have been fully designed and developed by our company. We have been working in the banking domain since 1998 and the first bank that we did business with in the banking domain was the Bank of Punjab. The software is running successfully in over 70 banks around the world as of 2016. Mind ... read more about BankMill

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    100% in Banking Software
  • bMASTER

    The Competitive Advantage in the Financial Market
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    bMASTER Banking System, the packaged solution developed by Uni Systems in the area of Core Banking, is a complete, technologically advanced, and flexible applications platform that can cover a wide range of banking operations in retail banking, wholesale and corporate banking through all alternative channels available. Its architectural design is based on a flexible structure of modules that are p ... read more about bMASTER

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    100% in Banking Software
  • BANKTRON

    TAKING FINANCIAL INSTITUTIONS A STEP AHEAD
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    BANKTRON, an omnichannel digital-banking platform places you a step ahead in the FinTech world by enabling you to serve your clients seamlessly. PSD2 ready API for 3rd parties integration or client authentication for other bank solutions. BANKTRON’s multifactor authentication, advanced session management, and personalized protection guarantee the highest level of security. Our sophisticated digi ... read more about BANKTRON

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    100% in Banking Software
  • iMAL

    We combine industry know-how, state-of-the-art technologies and global reach
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    iMAL is the industry-leading digital Islamic core banking platform from Path Solutions, and the first and only AAOIFI-certified suite, confirming its compliance with AAOIFI's Sharia and financial accounting standards. It has been architected out of years of experience and offers several powerful and differentiating features making it one of the most comprehensive, flexible, and scalable Islamic so ... read more about iMAL

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    50% in Banking Software
  • Bansoft

    CORE CLOUD BANKING SYSTEM
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    Bansoft is a Core Cloud Banking Solution designed for online Licensed Banks and Financial Institutions which offer services such as Swift / Fedwire. Meeting the additional requirements of KYC/AML compliance with internal controls and through multiple partnered integrated service providers. ... read more about Bansoft

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    100% in Banking Software
  • Cyberbank

    Go Beyond Digital Banking
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    Manage every customer interaction and comply with regulations using our robust and secure Cyberbank platform. Leverage the flexibility of Cyberbank to adapt in real-time and create empathic digital banking products and services fast. with Cyberbank, our Digital Engagement accelerator, and Next-Gen Core banking platform. Designed to help you differentiate by adapting to changing consumer behaviors ... read more about Cyberbank

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    100% in Banking Software
  • mFino

    We Build Digital Banks & Fintech Solutions
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    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 institutions across the world with a highly flexible, secure, and scalable Cloud API Platform that delivers complex functionality quickly. With extreme agility and fl ... read more about mFino

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    100% in Banking Software
  • iBanking NBFC

    Core Banking software for NBFCs
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    iBanking Suite is the next-generation feature-rich retail core banking software built on an advanced technology platform. It enables complete automation for banking & non-banking financial institutions such as NBFC companies, Urban and Service Co-operative banks, Nidhi Companies, Moneylenders, Credit unions, and co-operative societies. It was developed from the ground up with close interaction wit ... read more about iBanking NBFC

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    100% in Banking Software
  • CGI Trade360

    An end-to-end global trade solution
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    CGI Trade360 delivers all of the software, infrastructure, and support resources necessary to power a bank’s global trade business. Delivered as a software as a service (SaaS), CGI Trade360 enables banks to provide the full range of traditional trade, payables, receivables, and cash management services to their customers anywhere, anytime on a single, integrated and global platform. The CGI Trad ... read more about CGI Trade360

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    100% in Banking Software
  • DigitalEdge

    Move Your Digital Strategy Forward.
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    Digital Edge is a digital banking platform that provides brand new possibilities in banking, thanks to its comprehensive set of touchpoint applications and ample digital engagement capabilities, all supported and connected with one hub. With this solution, banks will be able to offer smart and targeted customer experiences that flow seamlessly across their channels, and also to combine the simplic ... read more about DigitalEdge

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    100% in Banking Software
  • AccuAccount

    Imaging & Tracking Built for Your Core.
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    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 software. Provides a clear portrait of current and archived loan document activity. Comprehensive loan management software. ... read more about AccuAccount

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    50% in Banking Software
  • ICS BANKS

    generate new opportunities to enhance market advantage over competitors
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    ICS BANKS Universal Banking Software Suite, banks and financial institutions will be able to generate new opportunities to enhance market advantage over competitors and exploit the software’s utmost key benefits that are significant and reliable to generate a better customer experience ecosystem. Part of the benefits that will be noticeable by the bank’s customers are improvements in the bank ... read more about ICS BANKS

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    100% in Banking Software
  • Opium.eBanking

    PSD2 compliance & Open Banking
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    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 offer you more opportunities. Fully customizable interface(s), flexible management console, powerful data collection, and highly configurable integration w ... read more about Opium.eBanking

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    100% in Banking Software
  • Novopay

    Banking for a Billion!
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    Future-proof your banking journey with Novopay's state-of-the-art Banking Platform that is cloud-native, mobile-first, API enabled, and AI-driven. Whether it is digital lending, prepaid card and wallet, or payment solutions, Novopay's products can be licensed, subscribed, customized & run on the cloud with 24x7 managed services. Novopay prepaid card and wallet solution allows Banks, NBFCs, Retaile ... read more about Novopay

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    25% in Banking Software
  • Genesis Banking

    Say Goodbye to Paper Documents (Forever)
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    Genesis Banking is a simple, affordable bank imaging system designed specifically for small to mid-sized community banks. With affordable monthly plans and modules for every department, you’re sure to find a solution that works for you. Mix and match modules, including loans, deposits, trusts, human resources, contracts, accounts payable, and more! Get off of paper fast with the Genesis Banking ... read more about Genesis Banking

    $19 One-time
    30 Days
    100% in Banking Software
  • Tipalti

    Solve Manual Payables Today. Energize Tomorrow.
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    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 to manage their entire supplier payments operation. ... read more about Tipalti

    $149 Per Month
    N/A
    33% in Banking Software
  • Fraud.net

    The Future of Fraud Prevention
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    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 and digital commerce sectors. Our powerful SaaS solution combines AI & deep learning, collective intelligence, rules-based decision engines, and streaming analytics to d ... read more about Fraud.net

    Contact vendor
    30 Days
    50% in Banking Software
  • Quicken

    Get a head start on taxes by organizing your finance.
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    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, retirement, and credit card accounts - all in one place. Stay on top of your spending by tracking what’s left after the bills are paid. Make more informed money decisions by creating custom budgets yo ... read more about Quicken

    $35.99 Per Year
    30 Days
    33% in Banking Software
  • Moneyspire

    Take Control of Your Financial Life.
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    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, loans, bills, investments, and budgets. It is designed to inspire one to manage money, Moneyspire personal finance software is straightforward—yet still has all the tools one nee ... read more about Moneyspire

    $4.99 Per Month
    30 Days
    50% in Banking Software
  • Cyclos

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

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    50% in Banking Software
  • Mifos X

    An extended platform for delivering the complete range of financial services.
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    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; it’s extensible enough to support any organizational type or delivery channel, and flexible enough to support any product, service, or methodology. For any organization, big or small, it will provide the ... read more about Mifos X

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    100% in Banking Software
  • Jainam Software

    GST Billing Software works for every business.
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    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 cash flow and inventory ruleset's daily collection reports are customized as per user requirements. Reports like daily collection, daily due, total due as per date range help to get a quick summary ... read more about Jainam Software

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    33% in Banking Software
  • OpenCBS

    Web based core banking system.
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    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 our new user-centric interface.OpenCBS Cloud will progressively incorporate all the functionalities of the desktop version, as well as a wide range of other features that were reque ... read more about OpenCBS

    Free version
    Available
    50% in Banking Software
  • Open Bank Project

    The leading Open API middleware for banking.
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    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 the Open Bank Project, banks can tap into a global community of innovators who are keen to collaborate. See examples here. Our technology was built with fintech developers in mind, giving them a s ... read more about Open Bank Project

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    100% in Banking Software
  • Opium.PSD2

    Multi-channel, white-label and complete web banking platform
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    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 a robust channel for your open banking strategy. Robotic Process Automation (RPA), Business Process as a Service, eIDAS certificates. ... read more about Opium.PSD2

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    100% in Banking Software
  • FinnOne Neo

    End-to-End Loan Lifecycle Management
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    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 retail banking, corporate banking, cash management, internet banking, automotive finance & other business areas. A comprehensive product suite built to digitize the lending operatio ... read more about FinnOne Neo

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    33% in Banking Software
  • Imagyn.ai

    Don’t Let COVID 19 Hinder Your Business Rather Automate Your Testing From Anywhere
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    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 different modules Data Discovery, Data Optimizer, Customer 360, and Customer Intelligence each helping banks to understand more about the customer, supplier, or merchant and h ... read more about Imagyn.ai

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    50% in Banking Software
  • TrustQuay Online

    Fully scalable and integrated private banking, custody and investment management system
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    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, a customer centric view of account and investment relationships and the initiation of automated SWIFT payments. TrustQuay Online is the game-changing corpora ... read more about TrustQuay Online

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    100% in Banking Software
  • HyLo

    Business banking for SME.
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    Hylobiz is building a Global NeoBanking Platform for businesses, via mutual collaboration with Banks, Financial institutions across the borders. Riding on the Open Banking APIs, Hylobiz is building a “business-banking” marketplace, powering the businesses for – automating receivable and payable transactions, automating reconciliations and assist in digital account opening, linkage and aggreg ... read more about HyLo

    Free version
    Available
    50% in Banking Software
  • Symphony Financial Middleware

    Real-time financial message orchestrator
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    Reduce costs and automate your business processes with Symphony, ALSEGO's financial message middleware solution. Symphony converts, validates & transmits interbank financial messages. Speed up your business controls with real-time monitoring, always stay compliant with fault tolerant storage and focus on your business while Symphony orchestrates your transaction processing. Symphony is delivered a ... read more about Symphony Financial Middleware

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    100% in Banking Software
  • Abacus

    The new standard in banking software
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    Abacus provides a solution to financial institutions that is both comprehensive and easy to use. Abacus offers a cost-effective, modern, fully integrated, and scalable solution that will not only meet current operational requirements but also the challenges of advancing technology, market development, and product offerings. Fully multi-lingual design with no additional programming. Comprehensive c ... read more about Abacus

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    100% in Banking Software
  • AXXIOME DIGITAL

    A powerful digitization platform for small, mid-sized and big banks
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    An intelligent omnichannel solution for banks. It digitizes channels, offers over 500 end-2-end banking processes out-of-the-box, automates workflows, and integrates all these with legacy back-end systems. The result is that customers enjoy a personalized banking experience across channels, employees enjoy productive toolsets, while the banks' back-office becomes efficient and the IT landscape bec ... read more about AXXIOME DIGITAL

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    100% in Banking Software
  • B2

    a system of automation and optimization of banks
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    All-round banking automation solution that enables a broad spectrum of bank's business processes to be automated. B2 features: - Card Processing - Payment Systems - API - Payment & Settlement Center - Retail and Corporate Bank Products - General Ledger. Accounting Core - Managerial accounting. Cost control - HRM, Salary. Fixed assets - Analysis. Risk management - Information and other Systems - AP ... read more about B2

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    100% in Banking Software

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

What is Mobile Banking?

Mobile-led financial services are critical for inclusive economies. Smartphones have enabled a new paradigm in banking services, payment transactions, and personalized banking services. Banks are now delivering real-time financial services via mobile phones, which are often the primary source of big data and advanced analytics. Mobile banking satisfies customers’ creed for real-time transactions, cross-channel capabilities, and transparency. Customers can pay at various commercial units using their mobile devices. Banking software provides a cyber-ready, attack-proof, and user-friendly interface for seamless mobile banking. The software executes and documents merchant payments via mobile phones, a feature that leads to the growth of small businesses.

Which is the Best Core Banking Software?

The best banking software accelerates enterprise-wide workflows, rightsizes the core operations, and structures myriad financial activities of banks. The best banking software provides the right analytics rather than drowning managers in vast pools of data. It's an intelligent platform that leads the banks in making sound operational and strategic decisions. It brings cost optimization, scalability, and process upskilling to the table and equips banks to perform better. Some of the best core banking software listed by GoodFirms are EBANQ, TurnKey Lender, Fraud.net, Temenous Transact, Bankware, Cobis, etc. 

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.

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