Top 5 UK Banking Software Providers in 2023

The UK is a highly competitive market for both traditional and digital banking. The UK is the second largest destination for Fintech investment after the US, with innovation and technology driving efficiency among incumbents and strengthening links 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 as the second most active city worldwide for Fintech; more than 2,500 companies operate there. These firms innovate to respond to changing demands, enabling them to take advantage of new opportunities at speed and scale.

The banking industry is in strong competition. Next-generation banks using core banking software are targeting lucrative niches in the value chain, forcing incumbent banks to consider their legacy platforms. According to Statista, the UK banking industry spent around US$491.86 million on software in 2021. By 2024, the cost of software is projected to increase to US$536.66 million.

There are many options available to banks looking to modernize quickly and efficiently in the UK. We have compiled a list of top 5 banking software agencies based on their product functionality, customer reviews and additional services.

1. 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 customers, 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 corporate credit.

2. Decta offers a complete range of digital payment services for merchants, banks and payment service providers. Used by more than 2,000 companies in 32 countries, Decta’s solutions include payment acquisition services, BIN sponsorship and white label card issuance, white label payment gateway and issuer processing.

3. Finastra is an open platform for financial services, built to accelerate collaboration and innovation in the industry. The company supplies 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 range of partners’ technologies and supports a thriving ecosystem of innovators.

4. Velmie is a software company that delivers cloud-based solutions to banks and financial services globally. The company’s platform is built with a modular architecture, which allows for modifications and integrations for each individual client. This approach also provides greater scalability and makes the solutions future-proof. Velmie has a broad partner ecosystem and offers a wide range of integrations with banks and payment companies; white-labeled apps and customization services.

5. 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 conclude, your choice of banking software largely depends on your specific requirements. However, we would recommend taking customization, modular architecture and scalability into account. The supplier should also have a partner ecosystem, experience and ability to handle all types of integrations with a bank’s systems.