The European banking sector is changing rapidly as institutions move away from legacy systems and adopt flexible, cloud-based platforms for retail and corporate banking needs. This core banking transformation is essential to meet shifting customer demands and keep pace with technological advancements. NextGen platforms are leading this change, allowing banks to innovate, improve operational efficiency, and provide exceptional customer experiences in corporate banking services.
The Need for Transformation in Corporate Banking
Outdated core banking systems, often monolithic in design, have hampered innovation in corporate banking products and delayed progress in corporate banking digital transformation. These rigid systems prevent banks from rapidly creating tailored corporate banking solutions and seamlessly connecting with cutting-edge technologies. This inflexibility jeopardizes their competitive edge in a digital-first world.
Maveric Systems understands these specific corporate banking hurdles as a specialist banking technology partner. Their dedication to the 3Cs Advantage (Contextualization, Competence, and Commitment) allows Maveric to help banks navigate NextGen’s core banking systems and craft strategies that generate lasting value for their corporate customers.
Leaders in the European Market
Let’s delve into some of the NextGen core banking transformation platforms shaping the European landscape:
Temenos:
Temenos’ Transact platform is a composable, cloud-native solution with a strong reputation in the industry. It emphasizes open APIs and ease of integration, making it a good choice for banks seeking to modernize their tech stacks and digital corporate banking solutions.
Tuum:
This Estonian platform boasts a modular and highly adaptable architecture, allowing banks to customize solutions to meet their specific needs for corporate banking products. Its microservices-based design promotes rapid iteration and flexibility.
Thought Machine:
Thought Machine’s Vault platform is a cloud-native core banking engine known for its “smart contracts” functionality. This feature enhances automation and adaptability for unique corporate banking service development.
Oradian:
Designed to serve emerging markets, Oradian’s cloud-native platform supports various financial institutions with corporate banking needs, from microfinance to community banks.
Mambu:
Mambu’s SaaS-based platform has gained traction due to its fast implementation and user-friendly interface. This solution allows banks to introduce innovative corporate banking products and streamline operations quickly.
Benefits of Corporate Banking
For European banks, the shift to these NextGen platforms provides a host of benefits in the corporate banking arena:
Agility:
Modular designs and cloud-native capabilities empower banks to react more quickly to market changes, release new corporate banking products, and scale digital corporate banking solutions.
Enhanced Customer Experience:
Open API architectures connect with fintech solutions and third-party services, helping banks deliver smooth, personalized corporate banking experiences.
Reduced Costs:
Cloud-based deployment and SaaS-delivery models can minimize infrastructure and maintenance costs, improving operational efficiency in corporate banking services.
Scalability:
Next-generation solutions are built to scale alongside a bank’s growth, which is especially important for financial institutions focused on expanded corporate banking services across regions and market segments.
Trends Pointing Toward Progress
The momentum behind the core banking transformation in Europe is undeniable. A recent study by McKinsey found that nearly 60% of European banks are either actively migrating to NextGen platforms to improve their digital corporate banking solutions or have detailed plans to do so within the next two years.
Strategic Ways Forward
Here’s what European banks should consider when embarking on this core banking transformation:
Define Your Goals: Clearly outline the business objectives and customer experience targets you aim to realize through transformation.
Evaluate Thoroughly: Consider a platform’s suitability, technological compatibility, security, scalability, and vendor support models.
Embrace Change Management. Successful transformation goes beyond technical upgrades. It requires process re-engineering and a commitment to a digitally native mindset.
Conclusion
Next-generation core banking transformation platforms fuel innovation and exceptional service in the competitive European banking landscape, including the often-complex corporate banking world. By wisely selecting platforms and partnering with expert specialists like Maveric Systems, banks can ensure a smooth transition, maximize ROI, and open new growth possibilities.
About Maveric Sytsems
Established in 2000, Maveric Systems is a niche, domain-led, BankTech specialist, transforming retail, corporate, and wealth management digital ecosystems. Our 2600+ specialists use proven solutions and frameworks to address formidable CXO challenges across regulatory compliance, customer experience, wealth management and CloudDevSecOps.
Our services and competencies across data, digital, core banking and quality engineering helps global and regional banking leaders as well as Fintechs solve next-gen business challenges through emerging technology. Our global presence spans across 3 continents with regional delivery capabilities in Amsterdam, Bengaluru, Chennai, Dallas, Dubai, London, New Jersey, Pune, Riyadh, Singapore and Warsaw. Our inherent banking domain expertise, a customer-intimacy-led delivery model, and differentiated talent with layered competency – deep domain and tech leadership, supported by a culture of ownership, energy, and commitment to customer success, make us the technology partner of choice for our customers.
