We outline the market outlook for cloud-based core banking in the financial services industry — from investment trends and leading companies to recommendations for the players in the space.
What is cloud-based core banking?
Cloud-based core banking markets include cloud-native and cloud-based software-as-a-service (SaaS) platforms that integrate with or replace banks’ existing core systems. These solutions can lower costs across the retail banking value chain, reduce silos in front- and back-end operations, help launch new products, and drive consumer experiences.
Features & capabilities
Cloud-based core banking provides banking leaders with several capabilities, including:
- Selective invoice discounting
- Real-time position-keeping platforms
- Banking-grade client data management systems
- Payment gateway modules
- SaaS and cloud-native core banking platforms
- Workflow management solutions
Benefits
Cloud-based core banking companies offer these substantial benefits to banking leaders:
- Reduced operating costs
- Enhanced customer experience
- Improved speed to market
- Increased productivity
- Reduced regulatory costs
- Increased revenue
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