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.”