Core banking modernization companies compared
| Company | Published project | Shortlist for |
|---|---|---|
| Accenture | Commonwealth Bank of Australia | SAP core modernization on AWS |
| IBM Consulting | The Co-operative Bank | Migration of core and related applications |
| Mphasis | Unnamed US regional bank | Core integration and data synchronization |
| GFT Technologies | Unnamed global financial institution | Legacy code and batch modernization |
| Publicis Sapient | OSB Group | Building a new core alongside existing systems |
| Infosys Finacle | Zand Bank | Platform-led core migration |
| Tata Consultancy Services | State Bank of India | Merger-driven core consolidation |
| Wipro | Lakshmi Vilas Bank | Core upgrade and digital integration |
| Thought Machine | Intesa Sanpaolo’s isybank | A new digital bank on a programmable core |
| Mambu | GoTyme Bank in South Africa | Deposit and daily banking migration |
| Deloitte | West Brom Building Society | Integration across the core and channels |
How Fintyle selected these companies
This global shortlist uses public project references to identify work on core upgrades, migrations, integrations, and new platforms built as part of a bank’s modernization strategy. The entries include software vendors and delivery partners. Fit labels reflect the documented project scope. Confirm the proposed team’s recent experience, contract responsibilities, and availability in your market.
11 core banking modernization partners to evaluate
1. Accenture
Accenture describes working with Commonwealth Bank of Australia to modernize its SAP-based core banking foundation on AWS. Consider this reference when the bank wants to change how its existing core runs while preserving the products and services customers depend on. Ask the proposed team to show which components would move first, what happens to overnight processing, and how it would decide whether to proceed after a rehearsal.
2. IBM Consulting
IBM Consulting helped The Co-operative Bank design its transformation roadmap and migrate applications including core banking, treasury, and finance systems. This is a useful reference for a program where related applications have to move in a coordinated sequence. Ask the team to map dependencies between systems, identify services that need to move together, and demonstrate how it would recover if one system failed after cutover.
IBM Consulting project reference
3. Mphasis
Mphasis describes building an API abstraction layer and data synchronization for a US bank modernizing its core. Consider it if internal applications need a stable interface while the bank changes the system underneath. Ask how the team would handle a payment that posts to the core before the reporting store updates. Verify which system supplies the authoritative balance and how delayed records are detected and reconciled.
4. GFT Technologies
GFT describes using deterministic COBOL-to-Java conversion and AI-assisted documentation and testing as part of a core modernization program. This is relevant when important product rules are embedded in old programs. Ask the team to replay historical transactions against both versions and compare fees, interest, reversals, and end-of-day totals. Include unusual cases so validation covers more than the transactions that appear most often.
GFT Technologies project reference
5. Publicis Sapient
Publicis Sapient describes helping OSB Group build a new banking foundation around a cloud-native stack that included Mambu, nCino, Salesforce, and Azure. The example fits an institution considering a new platform for a proposition while other systems remain in use. Ask how the team would assign ownership of customer records, account servicing, and incident resolution when a request crosses several vendors.
Publicis Sapient project reference
6. Infosys Finacle
Finacle’s Zand Bank case study describes migrating a digital-first bank’s core banking capabilities to Finacle. Evaluate this reference when selecting both the platform and the migration approach. Ask which product rules can be configured, how exceptions in historical account data are handled, and what evidence the bank receives to confirm that balances and servicing behavior match before and after conversion.
Infosys Finacle project reference
7. Tata Consultancy Services
TCS reports migrating product and customer data from six core banking platforms onto State Bank of India’s TCS BaNCS platform as part of a merger. This historical case is relevant when consolidation involves multiple source systems. Ask how duplicate customer records, conflicting product definitions, and outstanding transactions would be resolved. Request a recent reference with similar migration complexity for the team you are evaluating.
Tata Consultancy Services project reference
8. Wipro
Wipro’s Lakshmi Vilas Bank case describes a modernization program involving a FLEXCUBE upgrade and integration work for digital services. Consider it when the bank needs to improve how channels and partners connect while upgrading a platform it already uses. Ask for an inventory of interfaces affected by the release and a test plan that covers branch activity, digital channels, and downstream reporting.
9. Thought Machine
Thought Machine describes supplying core technology for Intesa Sanpaolo’s digital bank, isybank. The project is relevant if you want to launch a distinct digital proposition on a programmable core. Ask who would own product-rule changes after launch. Test a change that should apply to newly opened accounts while preserving the terms of accounts already on the platform.
Thought Machine project reference
10. Mambu
Mambu describes GoTyme Bank, formerly TymeBank, moving its deposit and daily banking portfolio to Mambu’s cloud core. Consider this case if your first migration phase centers on retail accounts. Ask how the proposed team would validate accrued interest, pending items, and customer-facing transaction history. Have it explain how the bank would identify issues in the first customer cohort before moving more accounts.
11. Deloitte
10x Banking’s West Brom case identifies Deloitte as systems integrator and delivery partner for mobile and web channels. The reference fits a bank that has selected a core and needs several suppliers to deliver one working service. Ask for a responsibility map covering data migration, channel integration, reconciliation, and incident management. Check who leads the cutover rehearsal and who can call a halt.
How to choose a core banking modernization partner
- Define the first change. Decide whether to upgrade the current core, replace one product domain, or move a customer cohort to a new platform. Identify where accounts, transactions, and product rules will be managed during each phase.
- Require a reconciliation rehearsal. Include opening balances, accrued interest, pending items, fees, and reversals. Compare customer statements and general ledger totals. Agree on who investigates differences and which exceptions block cutover.
- Test recovery after new transactions arrive. Ask what happens if customers transact on the new core and the bank then needs to reverse the cutover. Establish how postings are preserved and which system owns each balance during recovery.
- Compare the full program cost. Separate software fees, implementation, integrations, testing, and support. Include the cost of running both systems during migration and keeping historical records accessible after the old core is retired.
For a broader view of architecture, integration, and delivery planning, see Fintyle’s fintech product development guide.
Frequently asked questions
Does core banking modernization always require replacing the core?
No. A bank can upgrade the existing platform, improve how other systems connect to it, or replace selected capabilities first. The choice depends on where the constraints are and how long the current core can continue supporting the bank’s products and operating model.
Can one company provide the core and lead the migration?
Some platform providers offer implementation services, while other programs use a separate systems integrator. In either model, assign responsibility for data quality, integration testing, reconciliation, cutover approval, and post-launch support before contracts are signed.
