Core banking systems -

Core banking systems

What we offer

You can get various core banking services: design, development, deployment, optimization, upgrade, and support of any core banking tool or functional module. Often, we work with legacy platforms that banks want to update or change. These outdated systems lead to exorbitant IT spending related to manual, inefficient processing, poor time to market, lack of personalization and integrations.

Modern digital tools can solve these challenges. Get your old app replaced with a universal solution for automated processing, efficient data storing, analysis, high-level customer support, and omnichannel delivery. As well, new core banking and financial services provide 360-degree client views, regulatory compliance, and reliable IT security measures.

10% of all banked people in the world have FLEXCUBE-powered accounts. This software is modular and interoperable. It focuses on truly digital core banking experience that evolves depending on the local financial requirements. The system has various core banking services, including machine learning, open-source development, APIs, multiple environments and ecosystems.

Being one of the most experienced teams, Temenos provides core banking and financial services to many major banks. It helps microfinance, community, private, corporate, and retail institutions with a digital core, front-office, and management solutions. Temenos also empowers Islamic banking thanks to the modules and rules tailored to this financial landscape.

Mobile banking app development is crucial for financial institutions. As customers become more dynamic, they prefer to access core services through apps. Even websites are becoming less demanded because people focus on the smooth native experience. When your clients can check balances, send money, pay bills, or find ATMs in a few clicks, they appreciate your effort. Hence, the mobile banking software is one of the best investments you can make right now.

Core banking services

What impacts your project duration

The average project time depends on the size (number of accounts in your bank) and scope (number and complexity of modules or interfaces required). For new implementations, this timeline varies from 6 months to 3 years. Migration and upgrade projects also depend on the number of accounts, products such as loans or deposits, as well as infrastructure readiness. Depending on the chosen approach, these projects also can take from 6 to 36 months.

What affects your project costs

The total cost usually depends on the costs of software and services. The first aspect varies from vendor to vendor. For instance, Oracle, Finastra, and Temenos have different software fees. The availability of vendor support matters a lot, too. Services depend on size, scope, and schedule. The most essential factors include the complexity of integrations, localization requirements, local central bank requirements, migration strategy, the readiness of third-party services, EOD/EOM procedures, IT support, and change requests.

What we need from your side

Usually, banks have strong IT services. They understand what’s needed for an automated banking system implementation, migration, or upgrade. Business users also know project acceptance criteria based on the scope and other parameters. To provide the most tailored services, we will need some info from your side: available business and tech documents, access to Jira/Confluence, description of current models, SLAs and OLAs, examples of issues and audit logs, target goals.