bankingciooutlook
Mastercard Vyze: Offering Best Fit Financing at Checkout

Top 10 Tech Solution Companies for Retail Banking – 2020

Reengineering the business continuity plans, resetting the revenue outlook, shifting to an asset-lite model are all some of the approaches that organizations are looking to adopt in order to thrive in the post-COVID era. On that front, retail banks are also increasingly looking out for strategic partnerships and novel ways to personalize their offerings to support organizations in their growth endeavors. And cutting-edge technologies and techniques, such as big data, AI, data analysis, and several other technologies will play a mounting role in making this paradigm shift possible.

Notably, AI has enormous potential to transform the sector on its own. AI is extensively leveraged today to enhance the in-branch experience for retail banking customers and lessen the burden on existing staff. Also, the industry is increasingly leaning toward AI-driven predictive banking. With AI, banks can observe, analyze, interpret, and catalog the actions of their customers. With a fundamental shift expected in customer behavior, it will allow banks to design and deliver rich and personalized experiences that will help to build customer loyalty in the post-COVID world.

And with the soaring expectations and needs of the customers, banking institutions will also move toward open banking or banking-as-a-service strategies to provide compelling end-user experiences. It would enable the banks to deliver their services in broad value chains by leveraging fintech, startups, and software solution providers in concert.

At this juncture, there is a variety of tech solution providers available in the market that cater to the different needs of the retail banks. To help them choose the tech solution that best fits their requirement, Banking CIO Outlook has compiled a list of the top 10 tech solution providers for retail banking. The enlisted solution providers are the frontrunners in the market that provide a wide span of features. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.

We present to you Banking CIO Outlook’s, “Top 10 Tech Solution Providers for Retail Banking – 2020.”

Top Tech Solution Companies for Retail Banking

As a renowned brand in the payments sector that is quite ahead of its time, Mastercard solves the challenges around financing for consumers, lenders, and merchants via its unique platform—Mastercard Vyze. Mastercard Vyze connects merchants with lenders to provide consumers with best fit financing where and when they need it. As an omnichannel solution, Mastercard Vyze makes financing possible online, through mobile apps, in-store at the POS, or even through call centers. The platform brings different lenders and a wide range of lending products together and delivers a solution that offers the right lending product to the consumer and a myriad of choices to merchants.

vyze.com

Capital Banking Solutions

Capital Banking Solutions

Capital Banking Solutions provides end-to-end, integrated banking software for businesses across Africa, Europe, the Middle East, and the Americas. The company delivers a suite of integrated and modular products for corporate, retail, and private banks and also financial institutions. Capital Banking Solutions has witnessed double-digit growth helping more than 200 customers worldwide, including Bank of Africa, Banco Sabadell, Bank Audi, Credit Suisse, Rothschild, Al-Khaliji Bank, Iraqi Middle East Investment Bank, and Aruba Bank to manage all of their front office as well as back-office IT requires, expand to new markets, local compliance and regulations

DefenseStorm

DefenseStorm

DefenseStorm empowers banks with a specialized cybersecurity and cyber compliance platform, DefenseStorm GRID. The platform is designed as a bundled offering that comprises software and services. Enabled with cutting-edge cybersecurity and automated cyber compliance features, the cloud-based platform is offered to banks in a co-managed security service model. The platform ingests a huge amount of data, both from critical and non-critical systems, in the cloud for analytics. The insights generated help banks make informed decisions to address cyber risks. With DefenseStorm, banks no longer need to go in search of cybersecurity experts. The company’s TRAC team acts as a force multiplier for their clients, acting as an extension of their team to combat this dynamic

Kore.ai

Kore.ai

Kore.ai offers platforms and solutions to allow enterprises to automate and improve digital interactions with their employees, customers, and partners. Kore.ai delivers a Conversational AI-based no/low code enterprise platform to create virtual assistants with conversational and digital user experiences. Kore.ai also offers domain trained pre-built virtual assistants for Insurance, Banking, HR, and IT Support. Apart from that, the company provides cloud-based call automation as well as a digital deflection service called Deflect.ai.

nCino

nCino

NCino provides a cloud-based bank operating system created by bankers for bankers. The system helps increase profitability, regulatory compliance, productivity gains, as well as operational transparency at all organizational levels as well as across all lines of business. Following a process structure that is similar to a bank’s loan accounting system, the bank operating system provides combined services through its business process management, business intelligence, loan lifecycle, and document management solutions. The company is headquartered in East Coast, Southern US

Strands

Strands

Strands is a financial technology partner that develops digital money management solutions that help banks empower people in business and life. The company specializes in AI, Big Data, as well as Machine Learning since 2004. It builds custom digital money management software for financial institutions and enables people to be smarter with money. Strands' mission is to empower banks to predict customer requirements, and proactively suggest actions to increase long term value for customers. The company is headquartered in Greater Miami Area, East Coast, Southern US

Temenos

Temenos

Temenos Group AG is the provider of banking software systems to retail, universal, corporate, Islamic, private, and microfinance & community banks. Headquartered in Geneva with 68 offices globally, Temenos serves more than 1,000 financial institutions in over 125 countries across the world. Temenos was established in 1993 in Geneva, Switzerland. The company has invested over USD1bn in developing great banking solutions. It has developed its product set from core banking to payments, business analytics, and channels, wealth management, providing a comprehensive solution set to meet the industry’s requirements

Vee24

Vee24

Vee24, a live customer engagement platform provider, takes a multi-pronged approach to help financial institutions serve their customers any time and on any engagement channel. By leveraging AI and deep learning capabilities, Vee24 offers omnichannel engagement modules that integrate with NudgeBOTs to initiate conversations with customers and transition seamlessly between your virtual and human agents. Vee24’s Customer Assist BOTs can handle heavy chat traffic by quickly and efficiently answering customer questions, co-browsing, and setting appointments with financial specialist, or hot transferring to a customer service rep

VeriPark

VeriPark

VeriPark is a worldwide provider of financial CRM, multi-channel delivery, and lending solutions for financial institutions. Its main offices are located in the United Kingdom, Canada, Europe, Africa, United States, Asia, and the Middle East. VeriPark is empowering financial institutions to retain and cross-sell capabilities by providing proven, enhance customer acquisition, secure and scalable Customer Omni-Channel Delivery, Relationship Management, Branch Automation, and Loan Origination, Next Best Action solutions. VeriPark works very collaboratively with clients to develop innovative technology strategies as well as solutions

Zafin

Zafin

Zafin is an enterprise banking software company with its exceptional miRevenue technology platform that spans across global retail as well as commercial banks managing dynamic products, billing, loyalty, pricing, and revenue optimization. Zafin is determined to continue its US Expansion with the recent addition of its increasing customer base to include Sun Trust, Bank of the West, and others. It is headquartered in Great Lakes