Skaleet: Core Banking SaaS For Bank
by Arnab Dey Banking 18 March 2024
Skaleet is a SaaS Core Banking Platform designed to enable financial institutions to evolve and launch innovative financial services continuously.
The platform is cloud-native, modular, and 100% API. These features allow financial institutions to focus on their customers.
Skaleet connects to a large ecosystem of products. Moreover, their technological and regulatory partners provide resilience, high-security standards, and the ability to manage day-to-day operations while launching new offerings quickly.
Founded in 2016, Skaleet primarily serves regulated financial institutions and was formerly known as TagPay.
Through the platform, it can leverage outside technological know-how to introduce cutting-edge financial services and adapt to changing consumer behavior.
However, it is important to consider whether this approach suits all IT systems, particularly universal banks that may only rely on modern architectures.
What Is Core Banking?
Core banking is a centralized system that enables customers or businesses to operate without a bank branch. Its main goal is to provide tailored services to customers at their convenience based on the customer base.
CBS involves networking different bank branches, allowing customers to access various banking facilities from multiple locations. The banking application is based on a centralized server and can be accessed online.
Core banking solutions include transactions, payments, loans, and more. Moreover, they include Internet banking, ATMs, phone banking, remote fund transfers, and interest computation on loans and deposits.
Financial institutions benefit from these solutions by reducing the time and resources used for repetitive business activities.
Key features of core banking solutions include the following functions:
- Transaction management.
- Customer relationship management.
- Accounts.
- Customer onboarding.
- Deposits.
- Withdrawal management.
- Loans.
- Disbursal management.
Understanding The Potential Of SaaS Solutions In FinTech
Financial institutions increasingly use saas for banks within the public cloud, such as database-as-a-service (DBaaS) and data warehousing.
This marks a significant milestone in the industry’s shift towards a more cloud-centric infrastructure.
However, while cutting back on IT spending in their data centers, more than half of CIOs in the banking and investment services industry intend to boost cloud investments.
Additionally, financial institutions are drawn to SaaS applications due to their agility, scalability, advanced data analytics capabilities, and global reach.
SaaS strategy will be crucial in determining how the cloud modernization sector develops in the future.
Notably, many fintech start-ups have successfully used SaaS applications to grow their businesses and compete for market share.
How Does Skaleet Perform?
Skaleet’s Core Banking Platform is a state-of-the-art technology solution that provides a modular approach to banking systems.
It allows for seamless integration with market systems and facilitates the orchestration of best-of-breed products and services through a comprehensive API catalog.
This innovative approach helps enhance performance and scalability and accelerate the launch of new products. Therefore, it caters to a broader range of markets, clients, and experiences. By breaking away from the traditional and rigid paradigm of Core Banking,
Moreover, Skaleet’s platform enables customization to meet specific needs.
The modular design of the platform offers flexibility through a plug-and-play configuration. This configuration allows you to build your solution by selecting from a wide range of options.
Also, you can connect your chosen modules to your existing solution using a hybrid construction logic.
Related: SaaS Design: Top Best Trends And Practices In 2024
Benefits Of Integrating Skaleet Into Your Banking System
Given below are some of the major benefits of integrating Skaleet into your core banking system—
1. High Market Adaptability
To keep up with the ever-changing demands of your target audience, you must launch financial services. Moreover, these services must provide highly customizable features tailored to their needs.
Skaleet’s expert team can help you achieve this goal. Their swift and efficient service allows you to launch fully functional and personalized financial services in just 4 to 6 months.
Moreover, this assistance helps you gain a competitive edge in the market. It ensures that your customers always receive the exceptional service they deserve.
2. Cost-Effective Solution
Our innovative “Pay-as-you-Go” model is designed to help you boost your profitability by adapting to your usage of resources.
Comparing it to traditional or internal Core Banking systems, it is a much more affordable solution that can lower Total Cost of Ownership (TCO) and operating expenses by up to ten times.
Therefore, you can enjoy greater flexibility, scalability, and affordability without compromising on the quality of your services.
3. Wide Range Of Products
Skaleet offers a dedicated catalog that can help you minimize your product development time and effort.
The best part is that 95% of the products launched by their clients do not require additional development, which means you can save time and resources.
With Skaleet, you can design your products and functionality without any limits.
Therefore, if you want to streamline your product development process and achieve faster time-to-market, Skaleet’s dedicated catalog can be a great solution.
4. Agility To Stay Current
With Continuous Delivery, you can enhance your technology continuously and seamlessly.
Every 60 days, you will receive an updated platform fortified with the latest features and functionalities.
This approach ensures that you always stay ahead of the competition, offering your customers the best possible experience.
5. Completely Secured
We understand the importance of keeping your information safe and secure. That’s why Skaleet has implemented comprehensive, rigorous security measures. This helps them ensure the high-security standards meet your expectations.
Their state-of-the-art security features include permanent replication of databases on three separate sites:
- Encryption at rest and in transit.
- Systematic code analysis.
- Continuous remediation to identify and address any potential vulnerabilities.
As a result, you can rest assured that your sensitive information is always protected from external threats.
Skaleet’s Projected Clients
Skaleet provides innovative technological solutions that enable its clients to understand and fulfill the constantly evolving needs of users.
With Skaleet’s cutting-edge technology, financial institutions can create and deliver high-value-added products with speed and agility. Therefore, Skaleet is a valuable partner for any financial institution looking to optimize its financial services.
Skaleet’s solutions are versatile and tailored to serve many clients, including Universal Banks and Regulated Fintechs.
Whether you are a traditional bank or a fintech startup, Skaleet’s technology can help you reach your goals and stay ahead of the competition.
Help The Finance Industry Grow!
In today’s rapidly evolving banking industry, adopting cloud-based core banking solutions is becoming increasingly critical for financial institutions.
These solutions offer a modern and efficient way to replace legacy systems and offer customers personalized products and services.
Moreover, the market for such solutions is highly competitive, with numerous vendors offering cloud-native solutions that are secure, scalable, and cost-effective.
This allows financial institutions to optimize operations and stay ahead of the competition.
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