Distributed in SaaS (Software as a Service) mode, Core Banking Platforms give financial institutions the power to evolve continuously. This model allows it to use external technological expertise to launch innovative financial services and respond to new customer habits. However, we must ask ourselves whether this approach suits all IT systems, particularly for universal banks that only sometimes rely on the most modern IT architectures. So, should you take the plunge and opt for SaaS? To what extent is this solution secure and compatible with the environment of universal banks? In a nutshell.

 

SaaS: a model that’s adapted to meet changing needs 🚀

Banks have been grappling with several difficulties associated with a sector undergoing radical change for several years. Driven by new technologies, customers have profoundly changed their consumption habits, and regulations have evolved. To meet these new challenges, universal banks must modernize and equip themselves with the most innovative tools.

In most cases, universal banks often need to be better equipped (Core Banking Systems) and find themselves needing more customization of their offerings or faced with large sums of money to make the slightest modification or update to their IT environment. Moreover, upgrading aging and complex systems requires high commitment from teams with no time to concentrate on high-value-added tasks!

In this context, opting for a SaaS solution offers several advantages. It allows basic, repetitive tasks such as maintenance, system updates, and compliance to be outsourced. By relying on a SaaS model, universal banks open access to innovative functionalities tailored to their customer's expectations, offering them increasingly fluid experiences corresponding to new market standards driven by fintech. However, this need for modernity raises several questions. Banks must understand how to make this technological transition while guaranteeing business continuity. Let's take a closer look at the advantages of the SaaS model and its compatibility with the practical needs of universal banks.

SaaS Core Banking Platform and Universal Banking: It's a match! 🔥

Core Banking Platforms are designed to develop the agility and flexibility of financial services. They can integrate into the complex IT architecture of universal banks and meet their needs for configurability and scalability to enhance their offerings. Core Banking Platforms enable the easy integration of new functionalities to respond rapidly to commercial opportunities. The modularity of new-generation platforms also allows universal banks to evolve sustainably by diversifying their products and developing them over time.

Universal banks generally work with various partners to meet these needs and use multiple functionalities. In response, Core Banking Platforms are designed to encourage interoperability and co-construction. In other words, their open architecture enables banks to connect easily to these different players via APIs. In this way, they facilitate data exchange and offer the possibility of customizing their environment according to customers' needs.

Of course, banks' IT systems must be perfectly secure, whether for customer safety or to maintain faultless compliance in a highly regulated environment. The SaaS model makes it possible to rely on a network of partners (KYC, AML-CFT) to ensure compliance with the strictest standards, carry out the necessary regular updates, and apply the most robust security mechanisms to protect users' sensitive banking data and manage access rights. In addition, regulators are demanding highly accurate regulatory reporting. Thanks to Core Banking Platforms, banks can now respond calmly to compliance challenges, relying on automated reports to save precious time.

In conclusion, the SaaS Core Banking Platform model ticks all the boxes to enable universal banks to make a controlled technological leap forward, optimize costs, and remain innovative in a highly competitive market.

Modernize your IT architecture with Skaleet! ✨

Skaleet's SaaS Core Banking Platform gives you the power to refresh your image and keep changing! The platform manages the technology while you focus on the essentials: personalizing the customer experience, creating new offers, and developing new market opportunities.

The Skaleet Core Banking Platform is scalable and API-first. It enables you to connect to a large ecosystem of Best-of-Breed partners to benefit from the best technological solutions. Its open architecture lets you quickly launch new features, aligning with your customers' unique needs. Skaleet will enable you to experiment and develop innovative new services with a time-to-market reduced to just a few months!

The Skaleet Core Banking Platform uses a "Secure by Design" approach at every stage. Everything is perfectly secure and compliant with ISO/IEC 27001 standards and PCI-DSS certification from production to deployment. In addition, Skaleet implements comprehensive disaster recovery processes: in the event of damage, your database remains intact and accessible. Skaleet's SaaS Core Banking Platform offers you 99.99% service availability. Thanks to the advantages of the cloud, Skaleet can provide you with a highly available and secure platform.

Finally, maintenance costs are non-existent thanks to Continuous Delivery: this approach guarantees a constantly updated platform packed with new features you can test every 2 months! In this way, you optimize your profitability while adapting to changes in your sector.

With Skaleet, don't be afraid of change! Benefit from a scalable system that allows you to capture today's and tomorrow’s market opportunities. Contact us