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Banking Software: SaaS vs. On-Premise

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New services, powerful integrations, and lower costs that come with modern software have transformed the banking industry. Vast technological improvements have turned rigid behemoth like core banking platforms into agile systems that can add and subtract functionality in days. 

Integrating core banking platforms also used to be a very complicated process. Lengthy set-up, demanding hardware infrastructure, and high operating costs have kept financial companies from entering the banking sector and banks from updating their existing software for decades.

Source: Next-gen Technology transformation in Financial Services, McKinsey

The recent alternative that allows financial organizations, both new and old, to roll out banking services in a fraction of the time is called SaaS banking software (software as a service). 

What is SaaS banking software?

SaaS banking software (Cloud banking software) does not require hardware infrastructure as that of a traditional banking software suite.

Google Workplace (formerly G Suite) and Microsoft Office 365 are two good examples of the SaaS model. The user receives the functionality they want by choosing a package with a corresponding fee – the same applies to SaaS banking.

SaaS banking platforms like SDK.finance help companies to roll out new banking products and services while reducing the physical infrastructure footprint. No unnecessary and unwanted features mean businesses can focus on seizing market opportunities instead of spending months configuring their infrastructure. 

Cloud banking platforms leverage automated processes, reporting, and compliance to enhance efficiency and reduce costs, vital aspects of any business. As a business tool, SaaS banking software enables companies to swiftly adapt to changing business environments and scale up or down depending on customer demand.

Predictable cost structure improves forecasting and prevents unexpected expenses in volatile business cycles. Data analysis tools provide deep insights for better operation control and security monitoring. SaaS banking platforms come with many integrations with leading third-party service providers that unlock new revenue streams, secured by the latest standards.

Cloud banking solutions offer the most efficient way to build a banking product at the beginning stage because it is difficult to manage systems and hardware in-house, all at once. SaaS banking platforms save time and money when it comes to setting up. If a company needs more functions than a service provider can offer and develop, it is worth considering on-premise banking. 

What is the difference between SaaS (Cloud banking) and on-premise banking?

Businesses can purchase a financial software license and implement a banking platform on-premise if they have a dedicated on-site IT team and hardware capabilities. On-premise solutions take longer to get to market in comparison to SaaS because companies spend time and resources to personalize their product and add new features. 

The capabilities and functionality of an on-premise banking solution are only limited by the talent working on it. Although some providers restrict the extent to which their products can be customized, it is usually possible to develop new modules and customize front and back-end as well as add new integrations. SaaS banking platforms come mostly ready out of the box, but service providers can add more features at the client’s request. 

It is worth noting that following multiple changes to an on-premise core banking system, the service provider won’t be able to update it to a new version. Although SaaS solutions are not as customizable, they are frequently updated by vendors to include the latest advancements and integrations. With time, a customized platform may become outdated when compared to the latest version of SaaS banking software.

Cloud banking solutions are hosted on cloud servers operated by the service provider. Established vendors invest significant resources to develop and maintain a secure and modern infrastructure because multiple clients rely on their services every day. 

As a result, cloud banking providers can provide a higher level of security than on-premise alternatives because they have to dedicate their time elsewhere. The level of security of an in-house solution depends solely on the company operating it and that includes all storage, maintenance, and other costs related to security. 

Both options have their pros and cons that need to be considered when planning a financial services business. Either option is already ahead of core banking systems used by most banks worldwide in terms of functionality, reliability, and cost-effectiveness. 

SDK.finance SaaS banking software or source code with a license. Choose the one you need

Core banking software provider SDK.finance provides different options to purchase the banking platform. You are able to choose the most suitable option for you. If you have a dedicated on-site IT team and hardware capabilities, you are able to implement the SDK.finance banking platform on-premise (source code with a license).  To get the quickest start and high flexibility SDK.finance cloud banking platform (SaaS banking solution) is the best way for you.

Contact the SDK.finance team directly to learn more about what type of banking software will be perfect for your business needs.

The list of SDK.finance solutions includes Digital Retail Bank, Microsoft Power BI payment dashboards, Voice Banking, Money Transfer, Currency exchange.

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Source: https://sdk.finance/banking-software-saas-vs-on-premise/

Fintech

HSBC Rolls Out Recycled Plastic Payment Cards

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We’ve seen a widening range of ways that fintechs and financial services companies are responding to the global crisis of climate change. Finovate Best of Show winner Meniga, as just one example, teamed up with Iceland’s Islandsbanki earlier this year to launch its carbon footprint tracking, green banking solution, Carbon Insight. In March, we looked at 25 different fintech companies that were “going green” with initiatives that ranged from leveraging customer deposits to fund “climate-positive projects” to helping investors build portfolios of low carbon companies.

Today we learned that HSBC is commemorating this year’s Earth Day with news that it plans to eliminate single-use PVC plastic payment cards by the end of 2026. Instead, the bank will use recycled PVC plastic (rPVC), a shift already underway in markets like Malaysia and Sri Lanka. The new cards, part of HSBC’s goal of reducing its carbon emissions and reaching net zero in both operations and supply chain by 2030, are expected to reach the U.K. by summer, with markets in South Asia and North America – including the U.S. – getting the new cards by the end of the year.

“This is another step as we move towards a net zero business, to help the bank and our customers make a positive impact on the environment,” HSBC group head of retail banking products Richard Harvey said.

An issuer of 23 million cards a year, the transition to the rPVC-based cards is expected to reduce CO2 emissions by 161 tons a year. The switch will also result in a significant reduction in plastic waste — by 73 tons a year.

Not all who heard HSBC’s Earth Day message were moved, unfortunately. A small group of climate change activists broke windows at the bank’s Canary Wharf headquarters as part of a protest against HSBC’s business with fossil fuel-based companies. Nine women were eventually arrested in the protest, which was planned by a group called Extinction Rebellion.

And while the incident likely took some of the shine away from the HSBC’s environment-positive messaging, when it comes to Earth Day activism, it could have been worse


Photo by Anete Lusina from Pexels

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Source: https://finovate.com/hsbc-rolls-out-recycled-plastic-payment-cards/

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Fintech

US, Canada lead in open banking adoption, with 16 million using API

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Sixteen million consumers in the United States and Canada are using the Financial Data Exchange’s (FDX) open banking and finance API, according to data reported by the nonprofit financial sector standards organization Wednesday. Open banking allows third-party vendors to access data collected by banks and financial institutions using software gateways, or APIs, and FDX works […]

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Source: https://bankautomationnews.com/allposts/infrastructure/us-canada-lead-in-open-banking-adoption-with-16-million-using-api/

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Fintech

FinovateSpring Digital 2021 Sneak Peek: FINBOA

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A look at the companies demoing at FinovateSpring Digital on May 10 through 13, 2021. Register today and save your spot.

FINBOA’s workplace automaton platform and workflow solutions, including Regulation E Dispute Tracking, transform compliance processing for banking institutions, increasing efficiency by 80-90%.

Features

  • Improve efficiency and customer experience with process automation
  • Reduce regulatory deficiencies and compliance risk with workflow solutions
  • Increase information access with centralized data management

Why it’s great
With impactful, easy to adopt, and quick to deploy process automation solutions, FINBOA helps banks and credit unions improve compliance, efficiency, and customer experience enterprise-wide.

Presenters

Dave Hunkele, Advisor to FINBOA
Hunkele advises FINBOA through his company, Kreativelabs Consulting, and works with fintechs, financial institutions, and industry associations helping organizations innovate, grow, and transform.
LinkedIn

Raj Singal, CEO & Founder
Singal is the CEO & Founder of FINBOA. He is a leading innovator in back-office process automation solutions for banks and credit unions.
LinkedIn

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Source: https://finovate.com/finovatespring-digital-2021-sneak-peek-finboa/

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Fintech

FinovateSpring Digital 2021 Sneak Peek: Quantum Metric

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A look at the companies demoing at FinovateSpring Digital on May 10 through 13, 2021. Register today and save your spot.

Quantum Metric helps organizations build better digital products faster. Our platform for Continuous Product Design gives business and IT teams a fast and quantified single version of truth.

Features

  • Enables real-time data driven decision making
  • Aligns siloed teams like business and IT
  • Centers the product design process around customer interactions

Why it’s great
Quantum Metric helps companies increase organizational alignment and digitally transform their customer experiences.

Presenters

Jake Canaan, Sales Engineering Manager
Canaan leads the Solutions Engineering teams in the Northeast and Great Lakes for Quantum Metric. He is based in Washington, DC.
LinkedIn

Trevor Pyle, Director of Product Marketing
Pyle is a Director of Product Marketing focused on the core Quantum Metric platform. He is based in beautiful Denver, Colorado.
LinkedIn

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Source: https://finovate.com/finovatespring-digital-2021-sneak-peek-quantum-metric/

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