Core Banking Development Services
Next-gen Core Banking Systems for the Digital Economy
To keep pace with evolving customer expectations, digital models, and Open Banking trends, financial institutions must modernize their core banking systems.Â
By adopting a modern core upgrade, FI’s are able to deliver services that are faster, more intelligent, and more cost-effective through the adoption of robust and scalable cloud infrastructure, microservices, event-driven architecture, and an ecosystem approach to reduce development timelines.Â
Blanc Labs offers the expertise, technologies, and capabilities to revitalize core banking systems, prioritizing customer-centricity and unlocking untapped value in bank operations.
Digital Banking Solutions Overview
Many banks and financial institutions are challenged by legacy technology and tech debt that stymies their ability to keep up with change and evolve their service offering. Blanc Labs will work with you to understand and evaluate options for selecting a new core banking system, migrating to a new core, or in some cases, developing a multi-core approach to allow your technology infrastructure to meet the evolving needs of the business.
Modern banking experiences and back office operations are characterized by increased data flow between systems. Blanc Labs are experts at developing integration architectures and APIs to allow disparate systems to securely pass data. We assist in creating and implementing microservices architecture, enabling scalability, stability, reusability, and agility for your organization.
While mobile banking has been around for almost 15 years in North America, there is a big opportunity to deliver compelling, intuitive banking experiences across an ever-growing number of channels. FI’s will increasingly deliver services to customers using voice commands, powered by next-gen AI conversational chatbots, using wearable tech and in the metaverse.
Building the Business Case for a Modern Core Banking Strategy
The Benefits of Core Banking Modernization
Reduce Tech Debt and Accelerate Your Product Roadmap
Business agility – the speed at which an organization can capitalize on new opportunities is a key characteristic of leading FI’s. Many organizations are limited by technical debt and reliance on legacy technology that hinders their ability to move at the speed the market demands. Our expertise is working with clients to develop a modernization strategy that is crafted around your business objectives while minimizing the risk associated with major platform migrations.
The Future of Banking is Integrated
Leading FI’s are finding new and creative ways to deliver products and services to their customers. Integrating, partnering, and embedding services are all viable strategies to create value for customers and maximize the potential of a customer relationship. We believe FI’s that embrace a MACH approach (Microservices, API First, Cloud Native, and Headless Architecture) to their core platform strategy will outcompete their peers.
Reduce and Better Manage Risks
The Financial Services industry is highly regulated, and FI’s commit significant resources to ensure regulatory compliance. A modern core and tech stack provides significant benefits because data is much more accessible and, therefore, actionable vs. old systems where data is segregated and siloed. With a high level of integration available, modern cores are more effective at safeguarding against money laundering, fraud, and financial crime using predictive analytics-based solutions.
The solution we created with Blanc Labs was an early adopter of our cloud-only, digital platform architecture. The platform approach provided capabilities for the team to incrementally build the solution using agile techniques while also providing consistent security and operational resilience.
What Blanc Labs has delivered us is something extremely customizable to our process, is very integrated with our other systems and is well-liked by our users. This speaks to the value that Blanc Labs brings.
How We Get Involved
High-touch, high-value engagements to align stakeholders and define strategic priorities
Partner with internal technology and financial software development teams to develop a phased implementation approach focused on ROI
Leadership, training, and access to top-shelf talent to accelerate the product development cycle and build digital capabilities
Deploy highly specialized teams to execute against the product roadmap
Augment in-house teams with specialized expertise
Frequently Asked Questions
What are core banking services?
Core banking services encompass the essential functions required for daily banking transactions and efficient account management. These services ensure smooth operations, including deposit and withdrawal handling, fund transfers, loan management, interest calculations, and account reconciliation.
What are the examples of core banking?
Examples of core banking services include deposit and withdrawal handling, account opening and management, transaction processing, loan and credit management, interest calculation, fund transfers, check clearing, electronic bill payment, ATM services, and account reconciliation. These services form the backbone of a bank’s operations, providing essential financial functionalities to customers.
What are the different types of core banking solutions?
Types of core banking solutions include on-premises solutions, cloud-based solutions, and hybrid solutions that combine both on-premises and cloud elements. Additionally, there are comprehensive core banking systems that cover a wide range of functionalities and modular solutions that offer flexibility for banks to choose specific modules as needed for their operations.