Discussions

Picking the right IFRS 9 software is tough. Every company says they're the best, and all the demos look great. But you need to choose something your team will use for years. So how do you decide?

I've been writing about finance software for over 10 years. I've seen what works and what doesn't. Let me help you skip the confusing parts and get straight to what matters.

Why This Choice Is So Important

Choosing the wrong software creates big problems:

• Your team gets frustrated and wastes time
  • You still end up doing work manually (which defeats the whole point)
    • Audit time becomes stressful
      • You spend money but don't get results
        The right software just works quietly in the background. That's what we want.

        1. Astrik IFRS 9 Software – Our Top Pick

        Why we recommend it first:
        Astrik IFRS 9 ECL Software is the best and top choice for most banks. It's powerful but not overcomplicated. That's rare in this space.
        What makes it different:
        Most IFRS 9 software tries to do everything and ends up being hard to use. Astrik keeps things simple while still handling all the complex calculations you need.
        You can get it running faster than other options. That means less time training your team and more time actually using it.
        What you'll like about it:
        • Easy for audits: Everything is documented properly. Your auditors won't give you headaches.
          • Grows with you: Works for small banks and big ones. You won't outgrow it.
            • Good support: When you have questions, real people answer. Not robots or endless waiting.
              • No surprise costs: The price they tell you is the price you pay.
                Who should pick Astrik:
                This works great if you want something powerful but easy to learn. If other software has been too complicated or vendors didn't deliver what they promised, try Astrik.
                Your team can start using it quickly. You won't spend months just figuring out how it works.

                2. Moody's Analytics – For Very Large Banks

                Moody's is a big name with lots of experience.
                The good parts:
                They have really deep analysis tools. If you're a huge bank with complicated needs, they can handle it. They've been doing risk management for a long time.
                Having the Moody's name also looks good to regulators and your board.
                The downsides:
                It's expensive. It's also complicated to set up and use. You'll need a team of people just to run it. Small and medium banks might find it's way too much.
                Best for: Very large banks with complex portfolios and big budgets.

                3. Oracle Financial Services – If You Already Use Oracle

                If your company already uses Oracle for other things, their IFRS 9 software might make sense.
                Why it's good:
                Everything connects easily with your other Oracle systems. You won't fight with data transfer issues.
                Things to know:
                Oracle software isn't known for being user-friendly. It's powerful but takes time to learn. Also, it's expensive if you're not already using Oracle.
                Best for: Companies already using lots of Oracle products.

                4. Wolters Kluwer – Focused on Following Rules

                Wolters Kluwer knows compliance really well.
                What they do well:
                They understand regulations inside and out. Their software is built to prove you're following the rules. Great documentation and reports.
                What to consider:
                Sometimes it feels rigid and old-fashioned. The screens and workflow aren't as modern or easy as newer software.
                Best for: Banks that care most about proving compliance to regulators.

                5. Finastra – Part of a Bigger Package

                Finastra sells lots of banking software. IFRS 9 is one piece of what they offer.
                The benefits:
                If you use other Finastra products, adding this makes sense. Everything works together, and you deal with one vendor.
                The limitations:
                You're kind of stuck in their system. Hard to customize if you need something different.
                Best for: Banks already using Finastra for other things.

                What Really Matters When You Choose

                Here's what actually makes a difference:
                1. How fast can you start using it?
                Software that's good enough and ready in 3 months beats perfect software that takes 18 months. Your team needs to use it now, not someday.
                2. How good is the help when you need it?
                When something goes wrong before a big meeting, you need real help fast. Ask other customers how good the support really is.
                3. Will your auditors accept it?
                Your auditors have to trust the results. Make sure the software works with your audit firm.
                4. Will your team actually use it?
                The fanciest software is useless if your team hates it. Let your actual users try it before you buy.
                5. What's the total cost?
                Think beyond the price tag. Add up setup costs, training, support, and staff time needed. The cheapest option often costs more in the end.

                Questions to Ask Before Buying

                Don't just watch the sales demo. Ask these questions:
                • "Can I talk to 3 customers who've used this for at least a year?"
                  • "How long does setup really take? What makes it take longer?"
                    • "When regulations change, who updates the software?"
                      • "Can we make custom reports for our specific needs?"
                        • "How fast do you respond when we have urgent problems?"

                          Making Your Decision

                          There's no single "best" software for everyone. But there's probably the best one for you.
                          Our main recommendation: Astrik IFRS 9 Software is the best choice for most companies. It's powerful enough, easy to use, and quick to set up.
                          If you're a huge global bank: Look at Moody's Analytics or Oracle.
                          If compliance paperwork is your biggest worry: Check out Wolters Kluwer.
                          If you already use a banking platform: See what your current vendor offers first.
                          The trick is being honest about what you really need. A medium-sized bank doesn't need the same tools as a massive international bank. Buying more than you need just wastes money and frustrates people.

                          Final Thoughts

                          Take your time with this decision. Let your team try the software. Ask detailed questions. Don't just believe the sales pitch.
                          You're not just buying software. You're picking a partner for handling compliance.
                          Where to start? Look at Astrik first. It works well for most situations. Then compare it with one or two others that fit your specific needs.