Juniper Reveals 5 Core Banking Vendors Leveling the Playing Field for Incumbents

Juniper Reveals 5 Core Banking Vendors Leveling the Playing Field for Incumbents

by June 10, 2024

Temenos, FIS, Mambu, Finastra, and Tata Consultancy Services have been identified as the top five core banking system vendors poised to help incumbent banks compete with challenger banks, according to a recent study by Juniper Research.

The study evaluated 18 vendors, focusing on those excelling in user support through services like 24-hour customer service and personalised product recommendations.

The findings are detailed in the newly released report, “Global Core Banking Systems Market 2024”.

The competitor leaderboard, based on rigorous scoring, ranked the top vendors on criteria such as geographical reach, strategic partnerships, and future business prospects.

Temenos, FIS, Mambu, Finastra, and Tata Consultancy Services were noted for their advanced banking capabilities, particularly in leveraging cloud-based solutions tailored for retail, corporate, and wealth management sectors.

The report underscores the importance of future-proof solutions that allow banks to scale rapidly in response to the increasing demand for 24/7 banking services.

Daniel Bedford

Daniel Bedford

Research author Daniel Bedford explained,

“API integration and Open Banking support are vital to vendors’ longevity. API-enabled services can readily integrate with existing core banking systems; modernising banks’ infrastructure without needing to replace existing systems.

 

This drives competition, as banks can integrate new services to compete with challenger banks.”

The report also highlighted that leading vendors scored high in offering comprehensive banking capabilities. However, to remain competitive, vendors must develop solutions that allow banks to scale quickly with the growing demand for constant banking access.

The core banking systems market is evolving with technological innovations like cloud infrastructure, machine learning, AI, blockchain, smart contracts, and microservices architecture.

These advancements drive the sector forward, ensuring that core banking systems continue to provide seamless customer experiences and maintain compliance with regulations.

 

Featured image credit: Edited from Freepik