The global core banking software market is booming, valued at USD 14.54 billion in 2023 and projected to reach USD 62.75 billion by 2032. This signifies a significant growth rate of 17.7% annually.
The core banking system is the beating heart of any financial institution. It manages everything from customer accounts and transactions to loans and investments. However, in today's rapidly evolving financial world, outdated legacy systems are holding many institutions back.
This is where Skaleet.com shines. Its cloud-based platform is designed to be adaptable and future-proof, catering to the specific needs of each financial institution without sacrificing the core functionalities essential for smooth operations.
Let's discover the salient features.
- Rapid Deployment: Gone are the days of multi-year implementation cycles. Skaleet's platform enables financial institutions to launch quickly, offering cutting-edge financial products and services to customers in a matter of weeks, not years.
- Open APIs: Seamless integration with other fintech solutions and third-party applications is a hallmark of Skaleet's platform. This empowers financial institutions to create personalized financial experiences that stand out in a crowded marketplace.
- Unparalleled Scalability: As financial institutions grow and expand their offerings, their core banking system needs to keep pace. Skaleet's platform effortlessly scales to accommodate this growth, ensuring that institutions can remain agile and responsive to changing market demands.
- Security and Compliance: Robust security features and industry-standard compliance ensure peace of mind.
Skaleet offers a modern solution: a cloud-based core banking platform designed to meet the specific needs of diverse financial institutions, including neobanks, fintechs, and traditional banks.
Let's understand how Skaleet caters to each:
Neobanks:
Neobanks are digital-first institutions known for their innovative products and services. They need a core banking system that can keep pace with their rapid growth and constant evolution. Skaleet's cloud-based platform delivers:
- Rapid Deployment: Neobanks can launch quickly, offering financial products and services to customers within weeks, not years.
- Open APIs: Seamless integration with other fintech solutions allows neobanks to create unique and personalized financial experiences.
- Scalability: As neobanks acquire more customers and expand their offerings, Skaleet's platform easily scales to accommodate their needs.
Fintechs:
Fintech companies often focus on specific areas like lending, payments, or wealth management. They need a core banking system that can handle their unique functionalities while integrating seamlessly with their existing infrastructure. Skaleet provides:
- Customization: Fintechs can tailor the platform to their specific needs, ensuring a perfect fit for their chosen financial niche.
- Open APIs: Integration with third-party applications and services allows fintechs to build innovative financial solutions for their customers.
- Security and Compliance: Skaleet ensures the highest levels of data security and regulatory compliance, which is essential for fintechs operating in a complex financial ecosystem.
Example: London-based Modulr, a payments fintech, uses Skaleet's platform to provide secure and scalable payment infrastructure for their clients, empowering them to offer faster and more efficient payment solutions.
Traditional Banks:
Traditional banks face the challenge of modernizing their ageing core banking systems without disrupting ongoing operations.
Skaleet offers a secure and reliable solution:
- Migration Flexibility: Skaleet allows for a phased migration, enabling banks to move their core operations to the cloud gradually, minimizing disruption.
- Security and Reliability: Skaleet's platform prioritizes robust security features and disaster recovery capabilities, ensuring business continuity and data protection.
- Enhanced Agility: Once migrated, banks gain the agility and scalability needed to compete effectively in the digital age, offering innovative products and services alongside their traditional offerings.
Proven Success: DBS Bank, a leading Southeast Asian bank, successfully migrated its core banking system to Skaleet, achieving significant improvements in operational efficiency and customer experience.
The Future of Core Banking
financial institutions need a core banking system that can keep pace. Skaleet's cloud-based platform is not just a modern solution; it's a strategic partner designed to empower institutions of all types to achieve their unique goals. No matter what kind of financial business you run, Skaleet can help.
Whether you're a new digital bank (neobank) looking to grow quickly, a tech company specializing in finance (fintech) needing smooth connections, or a traditional bank going digital, Skaleet offers the tools you need to succeed. It's fast, secure, and flexible, allowing you to adapt and grow in today's ever-changing financial world. With its commitment to innovation and its proven track record of success, Skaleet is poised to be a driving force in shaping the future of core banking systems.
