The Leading Banking Technology Firms in 2024

Leading banking technology firms in 2024
We run through the leading technology platforms serving financial institutions and banks today, and look at what has taken them to the top

Today, banks and financial institutions are undergoing major transformational changes. 

A recent survey by Deloitte reveals four key trends dominating banking evolution today, including: 

. Core revival: The modernisation of legacy enterprise systems, and partly migrating them to the cloud. 

. MLOps - industrialised AI: ML analytics are radically transforming data analytics with near real-time data processing. 

. Machine data revolution: Taking data out of its siloes thanks to cloud, AI and ML technologies to make it easily available across all banking divisions. 

. Zero Trust: Scaling cybersecurity capabilities to counter the threat of increasingly technologically enabled fraudsters. 

Here, we run through a few of the leading companies delivering fintech solutions to banks today – Finastra, IBM and Sopra Banking Software. 

Finastra

Finastra is a global provider of financial software applications and marketplaces that serves institutions of all sizes, with solutions across lending, payments, treasury and capital markets. 

Finastra’s solutions include Fusion Essence, it's a core solution designed for retail and commercial banking. Essence provides capabilities for account management, deposits, loans and customer engagement. 

Finastra’s Fusion Pheonix software provides banks with an open AI-enabled core banking solution, enabling them to quickly integrate best-of-breed products and leverage new trends and opportunities. 

Elsewhere, FusionFabric.cloud provides an open platform for innovation that allow banks to develop and integrate fintech applications, while Fusion Treasury offers solutions for managing liquidity, funding and risk. 

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IBM

As one of the world’s leading technology companies, IBM provides a range of solutions tailored to the banking industry – which leverage its experience in delivering cloud computing, AI and data analytics.

Leading solutions IBM offers to banks include IBM Cloud for Financial Services – the platform that delivers secure, compliant cloud infrastructure and services for various banking applications.

This is alongside IBM Cloud Consulting, the technology leader’s consulting service that helps banks with their modernisation applications, and the adoption of hybrid cloud. 

IBM also supports banks with Conversational AI and Intelligent Workflows, while also offering Trusteer Solutions for fraud detection and cybersecurity tools to protect against digital banking threats. 

Its data and AI solutions help banks govern and analyse data from disparate sources, while encryption and key management support banks in their efforts to protect sensitive data on the cloud. 

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Sopra Banking Software 

Sopra Banking Software (SBS) offers banks solutions for core, digital, payments, lending & financing, risk & compliance, wealth management, analytics and business intelligence.

SBS’ core banking platform provides banks with a range of capabilities from accounts and payments to lending and compliance – providing omnichannel banking services across mobile, web and  in-person branches. 

Elsewhere, its digital banking solutions enable personalised banking experiences across multiple channels, while its open banking solutions deliver access to data from over 3,400 financial institutions.

Its transaction banking tools provide solutions for cash management, trade finance and treasury operations while the Sopra Financing Platform offers specialised services for automotive, equipment and asset finance providers globally.

SBS tailors its services to ready banks for widespread open banking adoption, which its recent report in conjunction with Sopra Steria suggests 75% are not yet ready for. 

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