The United Kingdom is a highly competitive market for both traditional and digital banking. The UK is the second-largest destination for Fintech investment after the United States, with innovation and technology driving efficiency among established players
and strengthening connections with financial centers around the world. The UK Fintech sector contributes an estimated $13.4 billion (£11 billion) and over 76,000 jobs to the UK economy. London is ranked the second most active city worldwide for Fintech; more
than 2,500 companies operate there. These firms are innovating to respond to changing demands, enabling them to take advantage of new opportunities at speed and scale.
The banking industry is undergoing intense competition. Next-generation banks using core banking software are targeting lucrative niches in the value chain, forcing incumbent banks to review their legacy platforms. According to Statista, the UK banking industry
spent around 491.86 million U.S. dollars on software in 2021. By 2024, its spend on software is projected to increase to 536.66 million U.S. dollars.
There are many options available for banks that want to modernize quickly and efficiently in the UK. We have gathered a list of top 5 banking software agencies based on their product functionality, customer reviews, and additional services.
Temenos is a leading provider of core banking software solutions. Founded in 1993, the company serves more than 500 million customers every day and has over 3,000 current clients, including 41 of the top 50 banks in the world. Temenos offers
T24, a robust platform for retail, corporate and private banks that helps them manage transactions, risk and enterprise credit.
Decta offers a complete range of digital payment services for merchants, banks and payment service providers. Used by more than 2,000 companies across 32 countries, Decta’s solutions include payment acquiring services, BIN sponsorship and
white label card issuing, white label payment gateway and issuer processing.
Finastra is an open platform for financial services, built to accelerate collaboration and innovation in the industry. The company provides its technology to 90 of the world's top 100 banks, including many of the largest in the US, Europe
and Asia. Finastra's platform integrates with a number of partners' technologies and supports a thriving ecosystem of innovators.
Velmie is a software company providing cloud-based solutions to banks and financial services companies globally. The company's platform is built with a modular architecture, which allows for modifications and integrations for each individual
client. This approach also brings greater scalability and makes the solutions future-proof. Velmie has a wide partner ecosystem and offers a wide range of integrations with banks and payments companies; white-label apps and customization services.
Pannovate is a Banking-as-a-Service platform and orchestration layer that empowers financial and non-financial organizations to deliver seamless digital experiences and embedded finance.
To wrap up, choosing a banking software company vastly depends on your specific requirements. However, we would highly recommend paying attention to customization, modular architecture and scalability. The vendor should also have a partner ecosystem, the
experience, and capability to handle all types of integrations with a bank’s’ systems.