What Are the Benefits of a Cloud-Based Core Banking Solution?

How many of us have ever thought of what buttresses the banks’ operations? Well, not so many. We all walk in the bank, do our transactions or whatever has brought us and leave. No question and not even a clue on how banks do manage to handle millions of people’s money, help us with their services and maintain financial records. A core banking solution is the center of all banking processes. It processes daily transactions while updating the accounts on the financial transactions of the day. Basically, the core system acts as the back-end for all banking activities. The cloud-based core banking solution is becoming the preferred option for many new start-up banks and old ones as well.

The benefits of core banking solutions in India by Finacus include:

  1. Cost-effectiveness

Cloud-based makes it easy for the bank to concentrate on what really matters. No more additional expenses on hardware and software. Instead, the banks can concentrate on the required resources needed.

  1. Flexibility and mobility

Smartphones, tablets, laptops, and other electronic devices have occupied our day to day activities. We want to get all our information on these technologies. Be it news or banking information. Cloud brings the banks right to us. We are able to get all the information we want regarding our transactions while on the move.

  1. Efficiency

When it comes to clients, they are the controlling hand of any business. And when you have services that clients find efficient, you are on the safer side. With this core banking system, the client’s transactions are smoother and easier.

  1. Business continuity/Disaster recovery

Cloud has the capability to store information even when disaster, fire or cyber attack occurs. Banks can recover their data and recover faster with the disaster recovery solution and a risk-tolerant system from this core solution.

  1. Green computing

Environmental sustainability is an important aspect to all. Cloud-based is virtual and so there is a reduction in carbon footprints, minimization of operational costs, and energy efficiency.

  1. Security

Banks hold all of our important aspects, and sometimes we worry that they might get lost or stolen. Cloud, however, assures the safety of your cash and documents. Some years back, information stored on hardware could get infected by malware causing all the data to disappear. But with Cloud, banks can store all their data with no worries of such issues as it offers great security backups advantage and malware protection.

  1. Scalability

Cloud has the potential to handle more data and information added. We all know how banks can get messy if they processed all their information on hardware. The cashier could take time before finding the information needed. But luckily, Cloud has simplified things. Banks can store any amount of information without fear of lack of space.

Yes, the cloud-based core is the perfect banking solution because of its many benefits. But even with its convenient features, it might have its cons, but benefits will always exceed the challenges. Cloud computing is still growing and is becoming preferable to many banks all over the world.

 

 

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