Top 5 Companies Dominating the Global Core Banking Solutions Market Landscape

The global core banking solutions market reached a value of about USD 16.69 billion in 2023. The market is projected to grow at a CAGR of 14.56% in the forecast period of 2024-2032 to reach around USD 56.74 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by increasing incorporation of technologies and expansion of SMEs.

Core banking solutions are software-driven and allow users to manage multiple branches of a bank account through a centralised system. The expansion of SMEs increases their adoption to enhance the customer experience and streamline their operations. According to research, by 2030, SMEs are anticipated to create 600 million jobs globally.

The market is also being fuelled by the growing demand for mobile applications and digital banking services. Banks and other financial institutions have adopted the latest technologies to assist customers in banking services with features like online KYC, internet banking, and online document verification.

The integration of real-time processing and incorporation of the latest technologies such as artificial intelligence (AI), machine learning (ML), and blockchain development further expand the market by providing remote access to various banking services.

In January 2024, La Congolaise de Banque (BOA Group) partnered with Capital Banking Solutions to offer comprehensive, flexible, and innovative solutions, including core banking for optimal banking management, as well as digital banking, payment, internal control, and connectivity solutions to their customers.

Top 5 Core Banking Solutions Companies in the World:

Capital Banking Solutions

Capital Banking Solutions (CBS) is a prominent market leader that provides integrated banking software for retail, corporate, and private banks, as well as financial institutions. The company’s core banking solutions comply with 60+ country localisations globally. The company's core banking solutions provide advantages such as real-time activity monitoring, state-of-the art functionalities, and a secure cloud solution.

EdgeVerve Systems Limited

EdgeVerve, a fully owned subsidiary of Infosys, offers enterprise software platforms and solutions on Robotic Process Automation (RPA), cloud RPA and others. Digital platforms provided by the company, which are fundamentally based on security and scalability and driven by native AI and automation capabilities, assist businesses in finding and automating processes, digitising and organising unstructured data, and harnessing the power of the network through enterprise integration.

Finastra Limited

Finastra is one of the largest core banking solutions providers and offers the widest range of solutions for financial institutions of all kinds. The company provides an open, agile core for long-term flexibility and innovation and a multi-channel, consistent digital user experience to develop products and services based on consumer and business needs. Its banking solution model consists of three main cores, including Fusion Phoenix, Fusion Digital Banking Consumer, and Fusion Digital Banking Business. These solutions allow businesses to take advantage of business trends, provide personalised banking across channels, and build futures with a cloud-based, streamlined digital business solution, respectively.

Fiserv, Inc.

Fiserv is a global fintech and payments company with solutions for banks, financial institutions, and fintechs. The company has more than 6 million merchant locations globally and nearly 10,000 financial institution clients. The company’s core banking solutions include enterprise premium payments, card issuing, account processing, reporting, risk management, and fraud management.

Oracle Corporation

Oracle is a leading cloud technology company that provides organisations with computing infrastructure and software to help them innovate and increase their efficiency. The company is ranked as the world's largest database management company, with USD 100 million in sales and 4,500 end users in 55 countries. Oracle offers a comprehensive and fully integrated stack of cloud applications and cloud platform services across different industries, such as healthcare, automotive, energy, retail, construction and engineering, and others.