Sunday, June 23, 2024

Leading Banking Technology Firms: Finastra, IBM, Sopra in 2024

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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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