So let’s talk about FinCORE for starters. Since the name itself is self explanatory, it is the core of banking technology or the very base of this burj khalifa known to you as Finacus. Earlier in 1970’s people would have to wait for a day atleast after making any transaction or depositing money for it to be functional. This was because the different branches of banks weren’t connected on any online platform. It was almost tragic until core banking system came into existence..!!
FinCORE has enabled alot of banks to use this platform where transactions can be noted in just seconds. Thus helping them achieve economies of scale by data integration for various purposes such as cross selling, CRM, Regulatory Reporting and internal MIS. Surveys prove that 15% customers across branches constitute 80% business. So in these cases, softwares such as FinCORE could be seen as Superman which come to the bank’s rescue.
The few main features of FinCORE can be listed below:
1)The diverse functionality of the products encourages banks to constantly innovate and handle competition, compliance and customer demands fully.
2)It is a comprehensive end-to-end core banking solution assisting in a wide range of banking operations, highly scalable and capable of handling large volumes of transactions.
3)FinCORE is a highly flexible solution for retail and corporate banking institutions and can easily integrate with third party products for functionality.
4)FinCORE provides a comprehensive approach to security at all levels within the system, controlled centrally across the bank, assuring the Bank that it has a cutting-edge solution at its disposal which can grow with the needs of the bank.
A few advantages of using FinCORE:
1)Quality documentation of process flow.
2)Remove redundant intermediate processes.
3)Cost and time savings from better processes.
4)Better risk management by incorporating optimum checks and controls.
To sum up, FinCORE is a blessing to the Banking and Financial gamut.