The banking industry is experiencing a massive shift in its dynamics due to shifting customer trends, new technologies, more stringent regulatory requirements, and new entrants in the form of fintech companies.
As a result, the use of cloud-based software solutions under the Software-as-a-Service (SaaS) model is becoming increasingly popular among banks.
With SaaS cloud banking solutions, banks get more flexibility, scalability, and a faster time to market when introducing new innovations.
Why Banks Are Adopting SaaS
Here are some of the key reasons banks are moving to SaaS cloud solutions:
- Cost Efficiencies: SaaS does not require organizations to invest in physical hardware infrastructure and human resources to manage systems. However, banks make monthly payments according to the amount of usage made on the ATM. This changes the spending from a capital expenditure to an operating expenditure mode. This shifts spending from a CAPEX to an OPEX model.
- Scalability: Cloud platforms provide flexibility for the banks to expand or contract depending on the current needs. This is especially important as banks introduce new digital products into the market.
- Speed of Innovation: SaaS banking platforms must be updated often so that banks can have the most current version of the software without having to purchase expensive upgrades; this enables banks to launch new products more quickly.
- Enhanced Security: The leading SaaS providers implement high-level security measures that are unattainable for individual banks. Cloud platforms are also known to be updated often with security patches.
According to Deloitte, 90% of companies believe a cloud-first strategy enables faster innovation. SaaS solutions provide the foundation banks need to meet changing consumer expectations.
Top 11 SaaS Cloud Banking Solutions
Many solutions help banks migrate to the cloud. Here are ten leading options with unique capabilities banks can leverage:
1. Unblu
Unblu helps businesses enhance digital customer interactions with AI-powered engagement solutions designed for seamless communication. Trusted by financial institutions and enterprises, Unblu offers a complete suite of tools, including co-browsing software, live chat, secure messaging, and video calls, ensuring real-time, personalized support.
With a strong focus on security and compliance, Unblu integrates smoothly into existing digital platforms, making it easier for teams to guide customers, resolve issues, and drive meaningful interactions. AI-driven automation reduces response times, improves efficiency, and streamlines communication.
By bridging the gap between self-service and human support, Unblu helps businesses build trust, increase conversions, and deliver exceptional customer experiences—all while maintaining a secure and intuitive digital environment.
2. Temenos Banking Cloud
Temenos provides the most complete end-to-end SaaS solution for retail, corporate, wealth, payments, and core banking. With over 3,000 banking implementations, Temenos SaaS offers banks deployment flexibility between the Microsoft Azure, AWS, and Google Cloud platforms.
As the #1 banking software provider, Temenos partner brings extensive financial services expertise combined with continuous cloud-native innovation. Temenos handles cloud infrastructure and application maintenance and supports regulated cloud data residency needs.
Temenos Banking Cloud allows banks to leverage AI, analytics, and API-first connectivity to optimize operations, create differentiated customer experiences, and enable accessible banking.
3. Mambu
Mambu is aimed at core banking processes and is offered as an API-first, cloud-native SaaS. They focus innovation around product such as account and lending origination rather than deposit and loan processing.
Mambu empowers FIs to create banking products, and it takes care of back-office operations and connections. This makes it easier for banks to align lending and deposit products with other applications. It also offers the freedom to switch products without relying on a vendor.
Mambu is hosted on AWS and Microsoft Azure to cater the needs of every type of bank globally. Among their more than 200 and rapidly growing clients, they have many neobanks and fintech companies.
4. nCino
While many platforms focus on core banking functions, nCino provides a Bank Operating System to digitize lending, account opening, and portfolio analytics.
With nCino, financial institutions can introduce new loan products up to 80% faster and onboard new clients in minutes versus weeks. Embedded analytics and AI also help banks make faster underwriting decisions and monitor portfolio risk.
Globally, over 1,300 financial institutions use the nCino SaaS platform to enhance productivity and deepen customer relationships.
5. Finastra Fusion Essence Cloud
For mid-sized banks, Finastra Fusion Essence offers an affordable cloud-enabled core banking solution. Built on Microsoft Azure, it delivers essential banking capabilities from the back to the front office.
Fusion Essence centralizes mission-critical functions like deposits, lending, payments, and treasury management. This simplifies operations, provides data-driven insights, and allows faster product innovation.
As a pure SaaS solution, Fusion Essence provides a foundation for growth without the need for on-premise servers. It serves banks in Africa, Asia Pacific, Europe, Latin America, and North America.
6. Fiserv DNA
Fiserv provides one of the most mature SaaS production implementations with DNA running core banking functions for over 450 bank clients.
The DNA platform standardizes disparate systems to help banks innovate at scale. Users gain real-time data analysis, automated decision-making, and omni-channel experiences.
Banks can choose between a private cloud or public cloud delivery model to meet security, performance, and regulatory needs thanks to a partnership with Google Cloud.
7. Kony DBX
As a complete digital banking platform, Kony DBX enables banks to innovate and unify siloed data rapidly. Modern APIs easily connect legacy systems, helping banks save money, reduce IT complexity, and gain real-time insights across channels.
Banks can introduce differentiated digital experiences using pre-built components for account opening, payments, self-service, and NFC-enabled card controls.
With strong authentication and data security, Kony helps banks innovate quickly to deepen customer engagement.
8. Backbase
Backbase focuses less on bank processing functions and more on creating state-of-the-art customer experiences wrapped around existing systems.
Their self-service-oriented architecture saves time by automating manual processes. Backbase also captures actionable data that banks can monetize to launch targeted cross-sells promoting financial well-being.
With Backbase, banks create digital experiences equal to those of digitally born competitors, using tools to measure emotion and micro-interactions during account and loan origination.
9. EdgeVerve AssistEdge
As a subsidiary of Infosys, EdgeVerve built its cloud-native AssistEdge platform to help banks compete digitally. Via microservices architecture, banks gain agility to rapidly test and deploy new apps, features, and channels.
AssistEdge components enhance productivity by covering areas like customer service, wealth management, credit underwriting, and risk monitoring. Integration with data providers gives decision-makers information to respond quickly to market demands.
By combining their domain expertise with the scale of AWS cloud, EdgeVerve simplifies digital transformation initiatives.
10. Alkami Platform
The Alkami Platform digitally streamlines both retail and business banking functions through a single login. Their solution assembles siloed systems behind a unified cloud infrastructure reducing IT headaches for banks.
With pre-built integrations, banks deploy mobile and online solutions (254 clients) up to 70% faster. Alkami handles over 10 million logins, representing 5 million active bank users daily.
Along with digital account opening and loan origination, Alkami provides personalized financial management tools promoting customer engagement.
11. Thought Machine
Thought Machine provides next-generation cloud-native core banking that is able to compete technologically with leading fintech disruptors.
With an emphasis on extreme flexibility, Thought Machine gives banks modular components to radically simplify their technology estates. Banks enhance agility by eliminating fragmented legacy systems through Thought Machine’s SaaS BankingCloud platform.
Thought Machine also enables banks to embed customer interactions directly into other everyday apps through easily integrated APIs.
Early Thought Machine adopters like Lloyds Banking Group, SEB, and Standard Chartered confirm the value of the platform.
Key Takeaways
This review just scratches the surface of available SaaS cloud banking solutions. While capabilities differ, collectively, these platforms enable banks to:
- Quickly launch new products addressing consumer and small business needs
- Provide data visibility connecting front-to-back-office teams
- Automate manual processes with machine learning and AI
- Gain infrastructure flexibility between public cloud, private cloud, hybrid cloud, and on-premise systems
- Digitize lending origination, including decisions and document collection
- Accelerate customer onboarding from weeks to minutes
- Offer advisors and customers modern digital experience equaling competitors
- Monitor portfolio risk dynamics using real-time analytics
- Facilitate integration between in-house platforms and third-party fintech solutions
- Meet security, data privacy, and compliance requirements across global jurisdictions
The platforms featured here represent leading options trusted by innovative financial institutions. Cloud-based SaaS solutions provide the capabilities banks need to effectively compete at a time of massive change. With the right foundation, banks can transform challenges into new opportunities.
