Imagine what banks looked like before 1970. Long queues and particularly long waiting period for just about any transaction was normal. People were customers of a branch and not really a parent bank. All transactions could be performed at your particular branch only. Any entry only reflected after more than 24 hours as information went to data centers in batches at the end of the working day. However, over the next 40 years most banks chose to create a Centralized Online Real-time Exchange or Environment (CORE) to manage their operations, thus giving rise to Core Banking. In India alone, the number of public sector bank branches with core banking implementation went from 79.4% in March 2009 to 90% in March 2010. All over the world, the numbers are closing in on cent per cent.
According to US-based research and advisory firm Gartner, core banking system (CBS) is basically a back-end system that performs banking transactions on a daily basis and updates accounts and financial records. It is essentially a bank’s nervous system that if affected can change the bank’s operations drastically. CBS is a common point of connection for the entire gamut of products and services that banks today provide under one umbrella.
Centralized data centers have been formed and all banking applications can be accessed here. Data of any bank as a whole is stored in a central server that branches, regional offices and head office can lay hands on. All types of banking operations like recording all types of transactions, loan and mortgages as well as interest calculations, deposits, money transfer, payment balance, customer information and such other operations have become fully automated using a core banking solution. Such a solution makes use of the internet or other forms of connectivity to automate the operations with an appropriate software. This core banking software is then applied across all the branches thus bringing them all on a single platform.
According to IMARC Group’s latest report, titled “Core Banking Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The global core banking software market exhibited strong growth during 2015-2020.
It also aids in servicing loans, floating new accounts, calculating interests, processing deposits and withdrawals and managing customer relationships.
Core banking software reduces operational costs, minimizes human errors, facilitates the decision-making process, ensures lesser workforce requirements for execution and enables greater accountability of the customers.Request for a PDF sample of this report: https://www.imarcgroup.com/core-banking-software-market/requestsampleA significant rise in the market growth can be attributed to the numerous advantages offered by core banking software, such as process standardization, transaction accuracy, improved management of documentation and records, and ease in the submission of regulatory reports.
Furthermore, the growing shift towards online banking solutions due to hectic work schedules of the consumers is also augmenting the market growth.
Additionally, core banking software helps in receiving e-payments instantly and transferring funds remotely, thereby providing a positive outlook to the market.
Looking forward, IMARC Group expects the global core banking software market to grow at a CAGR of around 9% during the forecast period (2021-2026).As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.Competitive Landscape with Key Players:CapgeminiFidelity Information Services Inc.FinastraFiserv Inc.HCL Technologies LimitedInfosys LimitedJack Henry & Associates Inc.Oracle CorporationSAP SETata Consultancy Services LimitedTemenos AGUnisys Corporation.Core Banking Software Market Segmentation:Breakup by Solution:DepositsLoansEnterprise Customer SolutionsOthersBreakup by Service:Professional ServiceManaged ServiceBreakup by Deployment:Cloud-basedOn-premiseBreakup by End Use:BanksFinancial InstitutionsOthersBreakup by Region:North America (United States, Canada)Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)Latin America (Brazil, Mexico, Others)Middle East and Africa.Ask Analyst for Customization and Explore full report with TOC & List of Figures: https://www.imarcgroup.com/core-banking-software-marketIf you want latest primary and secondary data (2021-2026) with Cost Module, Business Strategy, Distribution Channel, etc.
