Banking platforms: Comparing and understanding the leaders

There have been some tremendous changes in banking over the years. Technology has changed the way many of us do our banking, taking the traditional services we have become accustomed to and replacing (or adding to) them with digital banking solutions. Banking platforms have become the safe and secure way for banks and credit unions to appeal to the more than 78% of Americans that prefer banking digitally — giving more traditional banks a leg up in the game to compete with neo-banks and fintech companies. Here’s everything you need to know about banking platforms and how your core banking system can benefit.

What Is Fintech Software?

Fintech software is an umbrella term referring to all the financial technology — software, mobile applications, etc. — designed to automate and enhance traditional financing. Customers and businesses alike have come to prefer these digital technologies and products because they make banking easier and more accessible. In fact, 90% of Americans report that they currently use fintech, up from just 88% in 2021 and 58% in 2020.

It’s important to note that financial technology software is not limited to online banking. Its cloud-computing abilities also cover the following:

• Lending and mortgage
• Security

 

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