Banking is one of the key drivers of economies worldwide. Core banking typically includes deposit and loan and credit processing capabilities with interfaces to general ledger systems and reporting tools. The global core banking software market size is expected to reach $15.7 billion by 2026.
In recent years, core banking has transformed exceptionally from on-premises centralized batch processing systems to cloud-based, decoupled-but-integrated real-time systems. The need for cost-effective solutions, a single customer view, and the ability to launch and scale quickly is augmenting the growth of the core banking solutions market.
Core Banking Is Shifting from Transactional to Experiential Banking
New entrants to the FinTech space have disrupted the core banking space with their focus on customer experience, digital interaction, and pushing banks to evolve into platform-based models. Software-as-a-service (SaaS) and cloud-based services are becoming part of bank infrastructure. Challenger banks and neobanks have almost 39 million users worldwide. They provide low-cost, hyper-personalized, and customer-friendly offerings through their branchless business models and plug and play open platform APIs. Digital stacks that …