Top 20 Banking Technology Solution Companies - 2019

New technologies in the financial sector are set to transform the traditional banking landscape in the near future. Safety features, such as advanced cryptography and biometrics, have the potential to protect banks against scams while remote applications have made it easier for customers to conduct their banking transactions without visiting a branch in person. From a technology perspective, banks and credit unions are trying to catch up to exponentially increasing customer expectations. Siloed systems that have been traditionally used for processing transactions, savings, investments, and loan accounts are unsuitable for the level of agility and scalability demanded by the current digital age. As a result, banks and credit unions have responded with an array of digitalization and innovative initiatives using technologies such as cloud, analytics, and blockchain to name a few in an attempt to meet customer expectations.

As opposed to technology taking a secondary position, newer technologies are more customer-centric and efficient. Cloud computing has become mainstream in banking, and most institutions are in the search for an optimal selection of traditional IT, public, and private cloud technology. More and more banks are moving to an enterprise-wide hybrid cloud strategy due to its benefits, which include lesser costs, increased operational efficiency, and enhanced innovation. Across financial services, robotic process automation (RPA) has enabled financial institutions to reduce the cost of administrative and regulatory processes, while at the same time improving quality and speed. RPA in banking simplifies by maintaining a detailed log of automated processes and generating reports for an auditor to examine, thus eliminating human error. In addition, RPA processes can be easily modified to fit new or updated regulations or protocol.

Blockchain technology shows potential to transform banking and financial services fundamentally. It has the ability to decentralize financial management from a centralized institution to a widespread network of computers. Blockchain breaks down financial transactions into encrypted packets of data which are then encrypted to enhance security. As blockchain can improve several facets of banking, it is no longer a question of if blockchain will change the banking industry, but when. Coupled with blockchain, artificial intelligence (AI) has garnered heightened interest. This is due to the exponential growth of structured and unstructured data, rising pressure brought on by customer demands, and increasing regulations from government authorities. The benefits of AI in banks and credit unions are extensive ranging from back-office operations, compliance, customer experience, product delivery, marketing, and risk management, among others. New technologies will transform banking as we know it, providing financial institutions with both opportunities and challenges.

In the last few months, we have analyzed hundreds of banking technology solution providers and shortlisted companies that are at the forefront of tackling challenges in the banking arena. A distinguished panel comprising of CEOs, CIOs, VC, and analysts along with the CIOReview’s editorial board has selected the final list. The organizations featured in this issue through their business knowledge and industry prowess have established their eminence in the banking solutions sector.

We present to you CIOReview’s “20 Most Promising Banking Technology Solution Providers – 2019.” 

Top Banking Technology Companies

Alkami Technology Inc. is a leading provider of cloud-based digital banking solutions that redefines the industry by bringing forward-thinking technology and providing customized solutions to make them more efficient, strategic, and successful in an increasingly competitive market. Alkami develops and delivers robust cloud-based digital banking solutions for credit unions and banks to provide a convenient way for their users to manage their banking operations. The company’s range of banking solutions include consumer and small business user onboarding, engagement, and account servicing, and can be enhanced with an enterprise business banking solution as well as a complete suite of upgrades. With Alkami’s Platform, financial institutions have a level of control and customization, enabling them to provide a seamless experience to their users

Bayshore Solutions is a leading growth agency providing web development and digital marketing solutions. Being a leading digital marketing and website agency, Bayshore Solutions has expertise in creating websites and marketing campaigns and delivering integrated solutions that drive results. The company has been a constant force for its clients in strengthening their standard or e-commerce business with web development, digital marketing, creative services, brand storytelling, analytics and measurement, and cloud-based hosting. Bayshore Solutions is committed to assisting the financial services institutions on their websites in tackling various challenges from the compliance, security, and content perspective

BIO-key is recognized as a leading developer of fingerprint biometric authentication and security solutions. The company constantly strives to identify new use cases for their fingerprint biometric technology. BIO-key's solutions turn fingerprints into an authentication key, providing secure and convenient sign-in to websites, files, and applications. BIO-key’s core software engine is built on a fingerprint authentication platform that supports other traditional forms of authentication including, passwords, PINs, tokens, proximity cards, and knowledge-based challenge response questions. BIO-key's software operates on multiple platforms and supports their compact fingerprint scanners and many of the most popular fingerprint scanners in the market today

A Spanish-based antifraud solutions company, buguroo, provides an effective online fraud detection solution that helps the financial institutions secure their business by exposing the attacker. buguroo has recently pioneered a new functionality, included in their antifraud solution, called Fraudster Hunter—a visual, interactive smart tool—to identify the fraudsters already in your bank and investigate how they operate in your digital channels. As opposed to other anti-fraud detection solutions, buguroo takes a ‘greylisting approach,’ where it averts false positives and false negatives to detect even the most sophisticated threats

cyan provides easy-to-use mobile security solutions to its direct banking customers. The solutions are network-integrated, scalable, device and OS independent and can be used by end customers without any installation, activations, settings or maintenance. The company’s different products are based on a globally unique technology consisting of 23 complex algorithms and several patents that can filter and analyse data according to a wide variety of criteria. Every day cyan’s systems evaluate billions of data items. This creates a solid, always up-to-date basis for identifying dangers and reliably calculating risks

The company enables banks to focus on the core business issues by applying cutting edge expertise and technology in bridging the gap on key banking business issues such as customer 360, Fraud, data visualization, audit based entitlement resolution and machine learning. By applying expertise and technology in connected data visualization, storage, entitlement resolution and machine learning, Expero is able to provide deep insights as well as identify risks and opportunities that may otherwise go unnoticed. As a custom software development company, Expero uses new graph technologies and analytics to connect a bank’s data in a much more meaningful and repeatable way

Good Money is the world's first digital banking platform where every customer is made an owner to allocate 50% of the profits to social and environmental impact. Founded in 2018, the company provides a good share to its customers. The banking platform of Good Money rules all the following features. No minimum balance, 4% cash yield, 50% of profits power global impact, and all accounts are FDIC insured, no overdraft, free account creation, help you break up with your old bank, no ATM fees (at 35,000 locations), and do Good with every debit card swipe

InvestEdge provides an investment management platform with solutions and tools for managing, measuring, and reporting on all aspects of wealth management. The company is uniquely positioned to address the evolving pain points associated with regulatory compliance of investment management firms and financial institutions through its proprietary compliance solution. InvestEdge offers integrated solutions span all aspects of wealth management including portfolio management, trading and rebalancing, performance measurement, reporting, and data aggregation. Additionally, the firm provides a newly enhanced Compliance solution, Compliance MiddleOffice Management (CMOM), focuses on the distribution of compliance activities across a firm’s entire operations

In today's experience-driven economy, customers expect intuitive and instant business interactions, so Lightico simplifies complex customer processes. The special features of the company include call center, call agents, digital signatures, payment processing, PCI compliance, phone sales, customer support, Financial Services, eSignatures, FinTech, Banking, Auto Finance, Telecommunications, and Customer Onboarding. Their products eSignatures, eForms, ID verification, visual cart, secure payments, document collection, digital consents & approvals remove friction from every customer interaction. Lightico easily connects to the CRM, Agent Toolbars, Self-Service, and other Business tools, so collaboration with customers becomes an easy job

Banking tech is constantly changing the prevailing concepts this sector. In such a scenario, OutSystems, leveraging 17 years of experience in low-code application development understands the importance of breaking down channel silos from both a team and a technology perspective and empowers developers to design omnichannel enterprise applications without entering deep into the alleys of traditional coding language

AI Foundry

AI Foundry is revolutionizing the way loan data is processed, and working to improving accuracy and overall customer experience. AI Foundry is a business unit of Kodak Alaris. The company changes transform the organizations into a future-ready business, by automating manual processes, classifying and extracting data, and increasing the productivity of the team. Agile mortgages, Agile lending, Agile banking, and agile automation are the solutions of the company. AI Foundry's Agile Solutions bring together the front and back office, creating a digital one office to streamline processes across the entire organization

Akana

Founded in 2001, Akana is used to securing, design, and manage the APIs to reach full digital potential while minimizing risk. Akana API Platform and SOLA Mainframe are the two main products of Akana. The company serves the customers with the following solutions API Management, API Security, Digital Transformation, Financial Services, Microservices, Integrations, and Governance. Akana is securely extending their reach across multiple channels – mobile, cloud, and Internet of Things. The customers of the company are Global Financial Services Company, Multinational Banking Corporation, Large Healthcare Company, Fortune 500 Company, Multinational Retailer, North American Bank, Health Insurance Provider, and many more

Arachnys

Arachnys is the creator of Customer Risk Intelligence (CRI) for KYC, AML, Client Onboarding, and other investigative activities. Arachnays is preffered by the customers because it provides all the data you need in one place, and streamlined, fast and automated process to reduce friction and cost. It is an information service industry which is specialized in KYC, AML, Due Diligence Solutions, EDD, Compliance, and Onboarding. It enhances the speed, accuracy, and re-use of information for KYC/Onboarding; it also improves the customer experience with streamlined compliance efforts. On the other hand, it transforms investigative "know-how" into an institutional asset

Computer Services, Inc.

Headquartered in Paducah, the company delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, and regulatory and compliance solutions to financial institutions and corporate customers across the nation. Computer Services' provide a complete suite of technology solutions and organizational compliance software. The solutions provided are Bank core processing system, electronic and print distribution, digital banking, treasury management, regulatory compliance, payments solution, and treasury management. The company serves several industries like health insurance, logistic management, money service businesses, life insurance, financial institutions, casino and gaming, non-profit organizations, real estate companies, and others

Echoworx

The firm deals with Desktop/ Cloud Email Security Solutions, Information Protection, Data Leakage Prevention, PCI Compliance, Secure Digital Messaging, Encryption, Legacy System Optimization, SSO/SAML/OAuth, Email Encryption, Secure Communications, Digital Transformation, Data Privacy, and Data Protection. Headquartered in North America and with offices in the US and UK. Echoworx Hermosa Beach supports geographic jurisdictional security and is available on AWS Cloud in 13 countries. Making our infrastructure hyper scalable with point-and-click global deployments. Significant offerings are OneWorld, it supports PGP, S/MIME, and TLS, in addition to encrypted PDF attachments and a secure web portal

Fiserv

Fiserv is a global payment and Fintech company serving clients in more than 100 countries. Thirty-five years ago, two regional processing companies joined forces to make it easier for financial institutions to run more efficiently and serve customers more effectively. The solution provided by the company is Customer & Channel Management, Insights & Optimization, Payments, Processing Services, and Risk & Compliance. Fiserv deals with Banks, business banking, healthcare, insurance, institutional asset management, corporate services, telecommunications, wealth management, retail &commence, thrifts, government, and many more. Fiserv enables the movement and control of money for millions of consumers every day

Jack Henry & Associates

Established in 1976, Jack Henry & Associates has now evolved with more than 9,000 customers and approximately 6,400 associates. The company has one common goal to bring excellence in financial services. Jack Henry & Associates, is one of the best provider of technology solutions and payment processing services primarily for the financial services industry. The three brands – Jack Henry Banking, Symitar, and ProfitStars support financial institutions of all sizes, diverse businesses outside the financial sector, and other technology providers. The company is serving several industries such as Insurance, manufacturing & processing, public sector, non-profit associations, healthcare, and many more

Sapiens DECISION

Sapiens DECISION is majority-owned by Sapiens International Corporation. The company operates exclusively within the financial services sector, working with global organizations across the Insurance, capital market, corporate, and retail banking sectors. Sapiens DECISION empowers the translation of fully validated business change in a format that accelerates your IT implementation and operational deployment. The products offered are Sapiens DECISION Manager, Deployment Adapters, DECISION Execution, DECISION InfoHub, DECISION Analytics, and Sapiens DECISION STEP. Implementing DECISION will reduce deployment time and resource requirements by up to 70%, and deliver up to 80% in cost savings, while significantly reducing your risk

SmartStream Technologies

More than 1,500 clients, including more than 70 of the world's top 100 banks, 8 of the top 10 asset managers, and 8 of the top 10 custodians rely on SmartStream. SmartStream delivers greater efficiency, automation, and control to critical post-trade operations including Collateral Management, Client Money Segregation, Cash & Liquidity Management, Confirmations Management, Corporate Actions Processing, Exception Management, and Transaction Fees Invoice Management. Digital transformation, flexible delivery models and utilities, responding to the regulators, artificial intelligence, machine learning and blockchain, transaction lifecycle management platform are the solutions offered by the company

Technisys

Technisys helps financial institutions differentiate through enhanced customer experiences, create platforms for innovation, increase sales, and engage with fintech ecosystems through Open AP Is. The company deals with banking technologies, financial services, digital banking, omnichannel banking, digital transformation, core banking, open banking, e-banking, mobile banking, fintech, neo banks, and challenger banks. Technisys is working to enhance people's lives through the best digital experience in financial services. The strategic partners of the company are Oracle, Microsoft, IBM, and Atos. The investors of Technisys include Alta Ventures, Endeavor Catalyst, Kaszek Ventures, and Oria Capital; they support and boost the technology's impact