Top 7 Cloud Banking Software Providers 2024

Cloud technologies have recently become commonplace in day-to-day operations, not only in the banking sector but also in other areas of business. It can be said that cloud computing is taking on a leading role in the growth of IT businesses. A cloud bank is a banking infrastructure that exists in the cloud. 

The term Cloud Service Providers (CSP) is used for online data storage. Cloud companies provide cloud platforms for developing, administering and deploying applications remotely, providing server support. Microsoft, Google, Azure and other major Cloud Service Providers, manage the cloud infrastructure and allow banks to use it for a fee. Depending on a company's size and budget, a CSP may offer private, public, or hybrid clouds. 

In this article, we have selected the best offerings from cloud banking solution providers that are enjoying success in 2022 and will continue to evolve.

1. Oracle Flexcube

Oracle FLEXCUBE offers banking solutions that handle operational requirements online. The company upgrades a bank's core system to streamline operations and improve efficiency to become a well-connected and intuitive bank. The software enables digital transformation to ensure that the business retains a competitive edge and relevance. To provide the best advice to customers, the offering creates an instinctive experience for bank employees.

2. Finacle

Finacle is comprehensive financial management software. It caters to SMEs, small and medium-sized businesses, agencies and start-ups. The software has a simple interface and is easy to use. Finacle provides comprehensive solutions for Windows operating systems and is compatible with Desktop, it also helps with Core Banking, Digital Engagement Suite, Corporate Banking and Cash Management.

3. Velmie

Velmie's White-Label Cloud Banking Platform is a platform solution for unbanked and digitally-enabled banks, built using advanced technology and service-oriented architecture for best-in-class scalability and performance. Helping our customers build the next generation of cloud-based banking solutions. With ongoing support and guidance, they can stay focused on their business while keeping up with customer demands and quickly adapting to changing business needs.

4. TCS BaNCS

TCS BaNCS Cloud, delivered as a SaaS model, is a comprehensive set of solutions for banking and financial institutions of different types and sizes. The offering has built-in regulatory requirements for data retention, it is a universal SaaS-based cloud offering, ready to evolve technology for the future. Built on a digital core, TCS BaNCS Cloud leverages the cloud's built-in security and runtime deployment features, providing interoperable microservices where needed.

5. nCino

The nCino Bank Operating System provides employee and customer interaction that is seamless across all lines of business and departments, providing bankers with a single and efficient way to digitally manage their institution. Company provides cloud-based solutions and gives bank employees and executives a true view of the bank through an end-to-end solution that integrates customer relationship management (CRM), loan origination, document management, enterprise content management and instant reporting capabilities.

6. Corniche

The essence of Corniche is a flexible multi-currency ledger, which automatically accounts for currency positions as exchange rates change. Corniche comes with a ready-made online banking application for end-client use. It focuses on the typical needs of digitally-minded people who need easy access to view balances and make payments. Corniche also has a dedicated API for creating a new or connecting to an existing secure online banking app that limits end customer access according to your banking rules, branding and offerings.

7. Temenos

Temenos' open platform for composite banking exposes proven banking capabilities and APIs to banks and BaaS providers based on a highly scalable architecture. Temenos banking software provides comprehensive solutions for all businesses and industries. Temenos banking software helps with digital banking, core banking tasks, payment options and administration. It also helps in the development of artificial intelligence and multi-experience platforms. 

The future of banking is in the cloud, as a large number of technology giants are working with it. But before you implement a cloud banking solution, you need to examine the challenges, benefits and costs of the offering. To choose the best solution for your business with a wide range of features, compare all the banking software offerings on the market.