Industry Findings: Financial institutions continue modernizing legacy banking infrastructure to improve transaction processing, digital customer engagement, and regulatory compliance capabilities. Banks increasingly adopt cloud-enabled core banking systems to support real-time payments, open banking integration, and scalable digital financial services across retail and commercial operations. Demand has also accelerated as financial institutions seek operational agility and lower technology maintenance costs. During 2024, the Monetary Authority of Singapore continued advancing digital banking and financial infrastructure modernization initiatives supporting secure and interoperable banking ecosystems. Our assessment indicates that digital banking transformation and real-time financial service expectations continue driving long-term demand for advanced core banking platforms.
Industry Player Insights: Leading companies operating in the global core banking solutions market include Temenos AG, Infosys Finacle, Oracle Corporation, Tata Consultancy Services, and FIS Global. Temenos AG expanded cloud-native banking platform capabilities during 2023 through additional AI-enabled banking functionalities supporting digital-first financial institutions. Meanwhile, Infosys Finacle strengthened composable banking infrastructure solutions in 2024 to help banks accelerate modernization and improve customer-centric financial service delivery. These developments show how technology providers increasingly combine cloud architecture, artificial intelligence, and API-driven banking integration within modern core banking systems.