Seven Must Have Features for your Next Generation Core Banking Solution

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Competition in the banking industry has risen quite significantly in the last decade. Neo banks and other challenger banks have constantly raised the bar, making it difficult for traditional banking platforms to keep up. Traditional banking systems also don't have the flexibility to adapt quickly to changing customer behavior and rigid ecosystems, among other issues.

Old banks need to replace traditional core banking solutions with next-generation core banking platforms. This will give them the flexibility they need to fulfil ever-changing customer needs. A CBS also allows banks to become an integral part of their customers’ lives through the best possible product offerings.

This blog looks at seven must have features of a core banking solution that can lead them towards digital transformation in banking:

Instant cheque processing

Clearance of bank cheques should not only be reliable, they should also save customers a lot of time. This is especially important for countries with a large population. Core banking solutions create a digital image of these cheques through an MICR band and send this to the bank. This eliminates the need for additional documentation. The real-time processing of cheques also allows banks to allocate funds to customers a lot faster.

Management of digital banking

Management of digital banking

With more customers using mobile banking solutions and internet banking to deal with their banking transactions, banks need to have a secure payment structure in place. Core banking solutions can help banks make their system more secure and seamless.

The management of digital banking includes digital onboarding services, virtual assistance, online documentation, and other incentives. Automation of customer onboarding will increase the speed and efficiency of the process, enhancing the overall customer experience.

Multi-currency features

A true Core banking solutions provider should be able to support the vision of inclusive banking. Here are a couple of features it should support:

Base currency- The first currency that appears in any currency pair quotation, followed by the quote currency or counter currency.

Multi-currency setup- Trading in multiple currencies, to make buying and selling internationally more convenient.

Single, unified sign-on

Core banking software providers of the future should support single sign-on to applications that are not supported by other core banking software providers. A few applications that need this single sign-on application support are:

  • Trade finance applications

  • CRM applications

  • Government business applications

  • Fixed asset management applications

  • Cheque truncation applications

Branchless banking

Branchless banking

A quality branchless banking solution should be able to address all major financial services, including savings, loans, transactions, and insurance. It should also be able to support additional payment interfaces such as biometric, PIN based and contactless payment interfaces.

Customer-centric features

Customer-centric features

The core banking solution user interface should be user-friendly so customers are able to use it on their own with minimal intervention. The following features are a must

Integration with mobile banking applications- Customers are increasingly going digital and want the same physical banking experience on their mobile phones. This makes it essential for core banking software to be tightly integrated with mobile banking as well.

Integration with social media

Customers access social media on a regular basis, either to appreciate or complain about the service. As a core banking platform, you need to integrate with the popular social media platforms such as Twitter and Facebook.

Personalized dashboard across channels

Customers expect to be given a personalized experience whenever they login. Your CBS solution should be able to provide a dashboard which is customized as per each individual customer's needs, to ensure a seamless experience. They should be able to access the same dashboard across different channels.

Self service interfaces

Customers would like to access their banking interface on their own, with minimal interventions. Your CBS should provide a 'do it yourself' interface, letting them seamlessly and effortlessly navigate all screens.

Remote banking facility for HNI customers

High net-worth individuals (HNI) are in high demand from banks and private wealth managers because of the potential revenue they bring to the table. Core Banking Solution providers should be able to offer a quality remote banking facility for these customers, offering increased and better benefits.

Internet banking with Widgets

Interactive widgets let the customer bank securely from anywhere, through the click of a button. Widgets make it much easier for customers to make any kind of transaction successfully, without having to spend more time navigating the screen.

Technology features

Technology features

Technology and digitization should always be at the heart of your core banking software. The core technology features customers expect from your CBS are:

End-to-end implementation of banking solutions

You need to provide end-to-end implementation and deployment of core banking solutions. CBS features will also have to be customized according to the specific needs of banks and customers.

Availability as a SaaS module

CBS should be made available on the cloud, by adopting the SaaS module. It should be made available across the public, private and hybrid cloud platforms.

The Inspirisys Core Banking Solution-Finacle

At Inspirisys, we are fully capable of developing core banking solutions through our Finacle Banking Software.The Finacle Core Banking Solution has contributed tremendously to the digital transformation of banks. With over 15 CBS implementations and 20 implementations across the globe, our service offerings include implementation, customization, upgradation, testing and training services.

ISL has strong interfacing capabilities with other sub-systems, including CBS. This helps banks integrate discrete banking operations. Get in touch with us to find out how you can digitally transform your banking experience with our next-generation CBS.

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