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The global market for core banking solutions is being driven by the rising adoption of technology in the financial sector to streamline everyday operations such as monitoring transactions and solving customer queries. Core banking solution is software-driven and allows users to manage multiple branches of a bank account through a centralised system, which is significantly aiding the industry growth. In addition, small and medium enterprises are increasingly adopting core banking solutions to provide enhanced customer service and streamline their operations by providing a platform to securely manage their accounts. This is augmenting the growth of the industry. Furthermore, owing to the surging demand for mobile applications and digital banking services, banks and other financial institutes have adopted the latest technologies to assist customers in banking services with features like online KYC, internet banking, and online document verification, among others, hence contributing to the market growth.
Finastra Limited, a global leader in the market for core banking solutions, in January 2020 announced that TONIK, the first digitally licensed bank of South Asia, adopted Finastra’s Fusion Essence service for its end-to-end core banking capabilities. The core banking solution offered by Finastra Limited aided in TONIK”s retail deposit and customer loans services in the Philippines. Finastra’s Fusion Essence Cloud, driven by Microsoft Azure, is designed to provide agility in order to provide quick and efficient services. In addition to this, the modern, scalable and open capabilities of the solution, along with in-built analytics, aided in gaining consumer insights, which further helped TONIK to enhance customer relations. The low-cost installation, ease, and speed of deployment of Fusion Essence software further strengthened TONIK’s position in the Asia Pacific region, thus contributing to the overall market growth of core banking solutions. The market is further anticipated to be propelled by the expansion of market players like Fiserv, Inc. (NASDAQ: FISV) over the forecast period.
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The major players in the global core banking solutions market are Capital Banking Solutions, EdgeVerve Systems Limited, Finastra Limited, Fiserv, Inc., and Oracle Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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