Customer Due Diligence Checklist – 5 Steps to Improve Your CDD

Customer due diligence is one of the most essential elements of client management. The financial institutions must ensure that they follow a systematic CDD process to identify if their clients are not involved in any financial crime or fraudulent activities.  However, due to the advancement of technology and availability of several tools the finance service landscapes are witnessing great difficulties in identification and verification.

The AML software solutions focus on the requirements and requisites of banks and financial institutions. It allows one to assess the client information and regulate risk monitoring. They can play a vital role in enhancing the Customer due diligence system and bringing stability to it. 

Furthermore, CDD is a wide term, it involves lots of intricacies and technical elements. Sound knowledge of the field, technology and hands-on experience in customer management is a must to master it. 

Here Are 5 Steps To Improve Your CDD

  • Step 1: Verify Customer Identities: One of the most important steps of CDD is the verification of customer identity. This can enable the financial institution to cross-check the identity details provided by the client. The AML solutions for banks make it simple and easy to verify customer identity. The AI-based ID verification method is a secured and most convenient method for verification. 

The increasing scope of digitalization has made it imperative for financial institutions and banks to verify customer identity. It allows one to get information about the client and secure regulatory compliance too. The customer identity verification can enable client executives to develop powerful diligence for client business relationships and transition monitoring too. 

  • Step 2: Assess Third-Party Information Sources: Many financial institutions and banks rely on third parties for customer due diligence. It is imperative to assess third party information sources and ensure that their practices and business policies align with the banking/institution. The AML software solutions facilitate better compliance by providing accurate information about third party sources for optimum assessment.
  • Step 3: Secure Your Information: The AML transaction monitoring software is crucial. It allows one to secure the information of the client. Moreover, the monitoring software provides incredible insights about the client and enables one to classify the risk category accordingly. The comprehensive and secure data and information processing, collecting and documenting whilst mitigating any potential risk.
  • Step 4: Take Any Necessary Additional Measures: Enhanced Due Diligence is a major part of CDD. It enables you to regularly monitor the client. EDD is necessary for accounts with high transaction values. EDD using AML software solutions helps one take any necessary additional measures. 
  • Step 5: Ensure You’re Audit-Ready: The data and details of all CDD and EDD processes are significant. It can be used for any future regulatory obligations. The AML software solutions store the ongoing CDD ensures the utmost security of remote verification and decreasing risk. It can considerably improve the performance of financial intelligence and streamline the CDD process. It makes one audit-ready with its systematic and efficient compliance program. 

The Bottom Line

Effective CDD can help you to better manage the client information, identify potential risks and promote vigilance. It can create a transparent, standardized and strong system. Therefore, enhance your CDD process and establish values and procedures that compliments regulatory obligations with AML software solutions. Connect for the AML software demo now!

How Digital Banking Services Make Your Life Easy?

The banking industry has undergone a dramatic transformation during the previous decade. With the advent of digital banking came the worlds of online bill payments, phone banking, digital check deposits, person-to-person transactions, electronic wallet, and other services. These online banking solutions are all designed to make your life easier.

The Rise Of Digital Banking

Online banking solutions, believe this or not, dates back to the early 1980s, albeit the technology’s efforts during that period were at best basic. But it was not until the 1990s that so many banks began offering online banking services to their clients, and it wasn’t until the 2000s that the introduction of mobile phones with online banking software truly became a practical choice for many people. Throughout this timeframe, online banking has grown in terms of service offerings. 

Users, for example, have successfully been able to log in to their bank accounts, examine numbers, transfer funds between accounts, and arrange invoice or credit card transactions. Additional services, such as remote payments, have just recently become possible with the introduction of cell phones (and phone cameras).

Online banking isn’t technically the “norm”—at least, it wasn’t before COVID-19—but it’s well on its way towards becoming such. Almost all banking solutions now not only have portals designed to make internet banking simple and intuitive but also phone applications that put the majority of those services right on their clients’ mobiles in a secure manner, no less.

The Benefits Of Online Banking

The advantages of online banking software are the same whether you term their internet banking, phone banking, or online banking. Among the many advantages are:

  • An online banking solution system enables you to assess financial accounts with a few mouse clicks or keyboard inputs, which is significantly more efficient than checking your local bank services.
  • When opposed to the commitment of travelling to the bank, standing in a queue, and having a banker perform the transfer for you, digital and mobile banking makes transferring money between financial accounts a matter of seconds.
  • Mobile banking applications include a tool that helps you to deposit checks into your wallet using only your phone’s camera, sparing you a trip to the bank and offering you a speedier option to have your checks deposited so you can retrieve your cash.
  • Digital banking makes it simple to view old transactions, which streamlines expense management, cheque book balancing, and monitoring for questionable or fraudulent bills.

The Digital Banking Options

Internet And Mobile Banking: internet banking refers to getting some banking facilities like transferring money and accounts opening and closing online.

Immediate Payment Service (IMPS): Immediate Payment Service is an instant payment interbank electronic funds transfer system. The payment service allows inter-bank electronic fund transfer service on mobile phones. IMPS is available 24×7 365 days including bank holidays.

Unified Payments Interface (UPI): At the moment, UPI is the most popular kind of online banking. UPI employs a digital payment address to allow users to send and receive money without inputting their bank account information or IFSC code.

Mobile Wallets: Mobile wallets have completely removed the need to memorize four-digit card passwords, submit CVV information, or carry loose money.

Conclusion

In today’s world, your cell phone serves as your virtual front door to the world of finance. Bankers are now attempting to move away from traditional concrete block systems by spending heavily on financial innovation.

Digital banking services imply personalised interfaces, heightened security, superior and broader range of services; this is fantastic for customer relations.

While fintech companies and banks investigate the possibilities of AI in the financial sector, online banking systems may deliver more comprehensive services in the future.

Why Has Multi-Factor Authentication has become An Important Factor in banking?

Data protection privacy concept. GDPR. EU. Cyber security network. Business man protecting data personal information on tablet and virtual interface. Padlock icon and internet technology networking connection on digital

Data breaches and ransomware attacks are now a usual phenomenon. Every day we read about them. Security of personal data, company data is at a major risk. It is imperative to ensure that the data access is secured and protected at all times. 

Multi-factor authentication is one of the best ways to protect company data, consumer data or private data. It is an extra layer of security. In Multifactor authentication, the identity of the user is confirmed. MFA includes various elements such as One Time Password, security code, email confirmation etc. 

Here Are Some Reasons That Justify Why Multi-Factor Authentication Has Become An Important Factor:

The Risks:  

The information and data are of prime importance. A loophole in the data security system can lead to a data breach. A cyber security breach can prove to be costly for any business. It may not only affect its internal systems but can also lead to heavy losses in the business. Hence, it is essential to alleviate the risk of a data leak, and unauthenticated access with two-factor authentication service and multi factor authentication. This authentication works by sending the code on the email or by text message. However, there are chances that a phone gets stolen or someone tactfully gets access to an email account. In this case, MFA can be of great help. 

How can MFA help?

MFA uses more than one way to authenticate the personal identity of the user. The added layer of security uses three options to verify a user. 1. A user is asked to submit a password or PIN. 2. Use your security card or token. 3. Fingerprint or voice recognition. MFA can be executed by combining any two-authentication options.

How to set up MFA?

Setting up multifactor authentication is one of the most complex and intricate tasks. It requires considerable technical knowledge to make sure the authentication is done optimally. For MFA, one can take the help of professional 2FA service providers. These companies are the experts in the field and offer expert two-factor authentication services. 

Here Are Some Tips To Set Up MFA

Diversify Your Authentication Steps:

You can ask your 2FA service providers to diversify the authentication process by including security questions or security tokens/cards. One can also opt for push-based authentication to verify the login without much hassle. Push authentication is one of the most secured authentication solutions. 

MFA Need Not Be A Pain For IT (Or Users):

Use a simple process for MFA. It should not be burdensome for the user or the IT personnel. You can use professional Multi Factor authentication software for smooth and secured access. Incorporating taking time, synchronized device connections etc can make the authentication job easier for the user. 

Educate Your customers About Security:

Awareness is the key. Train and teach your customer on how to use multifactor authentication, what is the importance of it, how to recognize phishing signs, encourage your customers to use finger locks and voice recognition to access their device/system/phones.  

Conclusion

MFA is one of the easiest and most convenient methods to upgrade the security of the data. It allows one to protect vital information and reduce cyber security risks. Investing in a Two-factor authentication service or Multifactor authentication is worthwhile and highly advantageous.

UPI Payments For Banks: A Guide

Woman successfully transferred money online via electronic internet banking application on smartphone – financial technology or fintech concept

Before delving into the core of the topic, let us understand what this UPI is.

We have been listening to UPI, net banking, mobile banking, and many such FinTech innovative words in little less than one decade. Well, it has all become possible because of the rapid digital transformation. This has not only brought every purchase under one click but also under one umbrella. UPI that stands for Unified Payments Interface is a system where multiple bank accounts can be accessed in a single mobile application. The system has merged all the banking facilities, merchant payments, fund routing in one interface. The best part of this UPI payment system is its “Peer to Peer” request to collect which can be scheduled as and when required. Since its launch in the year 2016, banks have been uploading their UPI payment gateway-enabled application on Google Play Store or iStore.

UPI Payment System Is Unique In More Than One Way

UPI system is considered as one of the greatest offerings to the people when it is about offering a fully integrated, seamless, round-the-clock banking solution. It’s anywhere and anytime banking makes it more than an app. It is actually a bank in the pocket where all the services can be availed with ease.

The following are some of the uniqueness associated with the UPI payment system—

  • Unlike traditional banking where a person had to wait for the next morning for the bank to open, with UPI payment gateway, it’s 24*7 and 365 days banking. No matter at what time your closed one needs money, you can transfer the required amount with ease and in a single click.
  • If you have multiple accounts in the same bank or different accounts with two or more than two banks, then with this UPI system, you can easily keep track of all accounts. It is actually a single application offering access to different bank accounts.
  • Single Click 2 Factor Authentication makes the UPI payment interface not only reliable but also secured.
  • UPI system has brought ATM to pocket. Well, ironically, a person needs not walk with hard cash or look for ATMs for cash withdrawal. Transactions could be done easily by tendering the exact amount.
  • UPI solution providers are not only about money transfer- anytime and anywhere- using IFSC code but also can be used to make payments through Scan and Pay (QR code), bill payments, counter payments, collections, and donations, etc.

Banks And UPI Payment Solution Provider

For banks, it was not an easy task to adapt to the rapidly changing digital transformations. But they had to. UPI solution providers made sure that the banks stayed relevant with the evolving market. It was an ecosystem that the banks could not afford to give a miss because it would have put a question mark on their existence. With a highly secured encryption format, two-factor authentication method, etc, UPI payment is not at all easy to tamper with and thus making it highly secured. In addition to this, since different service providers like eCommerce websites and food delivery applications participate in UPI, banks had to switch to it proving their loyalty to their customers. This cloud technology has been beneficial in several ways.

The use of the UPI payment system has offered long-term benefits like flexibility, agility, scale, performance that outweigh the costs. This cloud-based approach has helped keep the cost down by enabling quicker de-provisioning and provisioning of systems. The UPI solution providers have left no stone unturned when it comes to developing a scalable architecture. It is not only about reliable, simplified payment and transfer options but also about interoperability in different retail payment systems. This UPI payment system is more than a digital wallet. Banks with this UPI payment gateway can redefine a different banking service for their customers- from brick banking to click banking without any hassles.

Conclusion

Banking services have changed a lot. Financial institutions are looking forward to applications that could ease and cater to a wide range of services to their customers. Finacus brings in a 360⁰ financial solution- from transferring money to facilitating bill payments just in one click. Call for a demo.

Apply These Secret Techniques To Improve Mobile Banking For Your Users

Ever since smartphones were introduced, they have become an almost default option as far as being a service delivery channel or mode of communication is concerned. Banking is an important activity – one that also takes quite a lot of time to be completed. This is why the shift to mobile banking services has been welcomed to such an extent. This in turn has also increased the importance that mobile banking app providers have in this day and age. Brands such as Finacus are playing a major role in this regard by helping banks make the most of such customer behavior. 

They are developing innovative solutions that are providing a lot of delight to the customers. At the same time, these systems are made in keeping with the rules and regulations in this regard. This is why they are also regarded as one of the top mobile banking solution providers out there. Finacus offers you the complete banking solutions that you could need. When you use FinnMOBICONNECT, the mobile payment transaction switch there is so much that you stand to gain from the same. This way, you can gain an interoperable infrastructure that would enable you to offer your customers the facility of real-time money transfers. 

Thanks to the mobile banking app solutions providers such as these, the process of receiving and sending money becomes instantaneous, usable, accessible, and transferable. Such technology also helps the banks offer a wide range of associated services. They may be enumerated as below:

  • account-related services such as balance enquiry, generating OTP (one-time password), mini statement, and changing OTP
  • location-based services such as ATM (automated teller machine) locator and branch locator
  • card-related services such as requests for credit and debit cards and replacing & blocking requests 

All these services make sure that your customers have a great experience of banking with you.

What Are The Benefits Of Such Mobile Banking Systems?

As we have said already, when you use the services of these mobile banking app providers there are so many ways in which you stand to gain. It helps you improve your customer engagement, provide easy and safe services to your customers, and they can bank anywhere and at any time that they want to. The thing with mobile devices is that they are highly personal. This is why mobile banking allows a customer to personalize the banking services that they are offering to their customers. 

This also helps the customers stay in constant touch with the bank. These days, smartphones are hogging all the limelight there is so much that banks can do by providing their users an enriched interface. The same also goes for the likes of contactless technologies and location-based services. When your customers can just tap or click a few buttons to perform some transactions the process becomes a lot better for them in every sense of the term. This includes tasks such as bill payments, closing or opening service, and generating statements.

Last, But Not Least

This can save a whole lot of effort and time for a customer. Convenience and ease are indeed the luring factors over here but security happens to be the most decisive factor over here. With the help of the services provided by the mobile banking app solutions providers, you can also let your customers bank anywhere they like and at any time that they want. These days, banking on the move has become the new mantra of sorts. The way that customers want to do their banking work has changed a lot. No longer do they want to visit the branch to perform basic transactions, let alone stand in a queue.      

UPI Payment – Industry Insight- Finacus

Gone are the days when payments were made in cash, and one had to wait in long queues before he or she could withdraw some. UPI payment has brought about a revolution in the payment industry. It has helped enable seamless transactions across the globe from one bank to the other. Ever since the introduction of UPI, there was no looking back, and its success story continues to be a characteristic example. People are trying to explore the benefits of payments made through UPI and are spreading a good word about how it changed the way they made transactions. 

The Growth 

Of the numerous digital modes of payment available in the payment industry, UPI has become the most preferred payment method. More and more people are relying on it for making online transactions. Eventually, the number of transactions being made through cards has declined instantly over the last few years. Not just this, many customers switched from Cash, Cards, Prepaid Payment Instruments to UPI and are already experiencing its best benefits. Given that, there is no doubt in the fact that there is a surge in the number of UPI transactions being made on a regular basis. The growth of this payment method is pretty visible and continues two-fold with each passing day. 

Breaking Records 

The UPI solution providers have tasted success and are climbing high on the ladder ever since they have introduced UPI. The payment method continues to break records and achieve greater milestones. As each day is passing, the payment method is crossing unexpected figures and a majority of the people are now relying on this method for making transactions. The value of transactions made through the UPI method within a month is already in trillions. Furthermore, a plethora of banks are now a part of UPI, and the numbers seem to increase every month. 

The Role Of Regulators 

While certain factors are governing the growth of UPI, the role of regulators is the most crucial amongst them all. The regulators are contributing to the growth of UPI adoption by expanding the acceptance of the UPI payment system. The regulators are not only promoting the adoption of this method but also introducing the same to new payment areas. It is removing fees on UPI transactions and helping in the easy adoption of this method. To simply put, the regulators are the drivers of UPI adoption and have paved the way for the acceptance of this method by all. 

Increased Transaction Limits 

While there is a low transaction limit for the traditional methods, these limits have been doubled per day by the National Payments Corporation of India for all the verified merchants. UPI allows users to not only pay credit card bills but also the payments for brokerage, loan installments, and mutual funds. The increased transaction limits ensure that the users can pay the required amount for their loan or bills in one go without any hassles. 

The Features 

The UPI payment gateway has made payments easy for customers without a doubt but the bonus of security assurance while making transactions is what makes this method a preferable choice. One can make payments through UPI with the click of a button and within seconds. This payment gateway is safe & secure while allowing users to even request money. You can make payments at any time and file complaints as well in case of any trouble. One cannot ignore the added advantage of paying bills through reminders that the users get. 

  • Round the clock money transfer on all days of the year
  • Simplified merchant payments through a single device 
  • Easy bill sharing option 
  • Handling multiple bank accounts through single application 
  • Raising a complaint for your issue is easy 
  • The VPA or the virtual payment address is the only requirement. 

Final Thoughts 

There is a lot of scope of UPI shortly and it is already paving way for digital platforms of the next generation. The gateway is providing better information and any bank interested in the same may request a demo of FinUPI to wisely take the decision. 

How Mobility is Transforming Financial Services?

Financial organizations have come a long way over the decades from providing traditional banking services to becoming mobile banking solution providers. In the primitive days when there were no gadgets like mobile phones, the financial industry operated in a completely different manner. Financial institutions faced many hardships in building a strong bond with their consumers. Ultimately, they also found it difficult to get feedback from them. The customers of these financial institutions could only obtain the information regarding their transactions upon meeting the executives. This resulted in a communication gap and ultimately affects the financial savings of the customers of these financial institutions. 

Mobility Solutions 

The financial sector reaped rich benefits from the introduction of mobility solutions as it helped eliminate the traditional working methods. The style of working changed for the industry and financial institutions operated seamlessly with the help of these solutions. The mobility solutions have not only increased the speed of the entire process but also helped banks stay connected to their customers. Banks are now able to fulfill the expectations of their customers and experience a boost in productivity through automation instead of manual tasks. This helped financial organizations to offer mobile services to their customers and operate in the comfort of their homes. Increased mobile and internet penetration in the country has also provided a boost for mobility solutions in the banking industry.

Transforming Ideas 

Financial organizations have turned to mobile banking app providers as mobility transforms ideas. Banks are loving the idea of crowdsourcing or crowdfunding platforms that help raise funds for startups as well as real estate investments. Blockchain technology is further bringing about an evolution in transforming the payment industry across the globe through real-time transactions. People are relying more on banks for affordable financial services globally as borderless connectivity has made everything easy. One can easily access advanced tech-powered solutions nowadays. All these elements of ideas are the latest technological developments that are paving the way for future financial services. 

Connected Mobile Technology 

Another factor that shapes the concept of mobility for the financial industry is mobile technology. Mobility of technology has a crucial role in determining the way people will make use of mobile banking services or products or consume relevant information. One can choose the time, place, and manner of connecting with the people through his or her mobile device. Consequently, one will remain updated regarding the momentary developments and will be able to perform multiple tasks in the touch of a few clicks according to his or her comfort. Furthermore, mobile technology has allowed banks to reach out to their customers at any point in time and through the gateways that their customers prefer. 

Digital Payments 

Mobile banking has emerged as one of the promising developments in the financial industry within the last few years. One can now make digital payments on-the-go as banks continue to offer digital banking services or products to their customers. This has transformed the behavior of customers largely along with their habits. People are gradually adopting new ways of payment that are giving rise to the need for new marketing strategies. These services are safe, secure and help banks gain the confidence & trust of their customers. The cross-border payments through these services are not only efficient but also proving low-cost. Moreover, the customers of each of the banks utilizing these digital banking products, apps, or services can obtain any relevant information regarding their digital transactions through this method. 

To Conclude 

The world is moving ahead and so is financial technology, at a greater pace. Banks need to consider the benefits of products like FinMOBICONNECT that not only help boost productivity but also enhance customer satisfaction. One may request a demo of the product to get an insight before making the final call. 

5 Ways to Improve Security of Mobile Banking Apps

The development of applications has come in handy for people. Now, they do not have to carry hard cash while going out. Unlike a decade ago where social crimes like snatching and looting a person of his/her money were prevalent, people have now taken a sigh of relief. In addition to this, there are several other advantages of using mobile banking services. The technology has offered quick and easy access to all the different kinds of banking services- right from over-the-counter payment with the help of QR code or UPI code to checking and transferring money from one account to another.

If you are a regular user of mobile banking, then you would perhaps know that this platform is more than just payment and money transfer. The various present mobile banking app providers have ensured that the users get a 360⁰ financial solution with these apps. Therefore, they have included almost everything- bill payment to booking- just at the reach of a fingertip.

Matter of Concern

Despite being loaded with so many features and facilities, mobile banking services are used by less than 66% of the people in the country. Experts and various mobile banking solution providers have raised their brows on the poor adoption rate. On thorough research, it was found that people do not feel this application to be safe. They feel that through these applications, they might be robbed or cheated of their hard-earned money. But the matter of fact is, with every pro there would be a con.

According to one of the professionals who are into the research and development of mobile banking applications, every application is safe until the user shows a lackadaisical behaviour. Every coin has two facets. In the same way, technology too has. The following are some of the ways by which mobile banking apps can be used safely and securely.

Few Ways to Improve Security of Mobile Banking Apps

  1. Switch to Multi-factor Authentication

This is considered as one of the best and must activate features to ensure security to the mobile banking applications. The mobile banking app providers have included this feature to enable users to cross verify the authenticity of the login. This is a two-step authentication feature where you would have to enter not only OTP but also verify biometrically that ‘it is you’. Failing to do either of these would not allow entry into the dashboard.

  1. NFC-embedded SIM Cards

If you are sceptical about carrying cards with you, then you can opt for an NFC-embedded SIM card. This card allows the user to download all information, securely, to his/her Near Field Communication (NFC) SIM card. This feature lessens the chances of financial details and card information getting compromised.

  1. End-to-End Encryption

You might have come across this term on various social chatting platforms. This is equally valid in mobile banking platforms as well. In this particular technology hack, the information sent from the sender is codified and is decoded only at the receiver’s end. Hence, the chances of information getting leaked are less.

  1. Enabling Real-Time Notifications

If you have noticed, then you would perhaps know that the bank sends a notification alert SMS to your registered mobile number even if ₹1 is debited from your account. Ensure that this feature is activated on your phone and from the bank’s side. This will help you get instant notification of any transaction- suspicious or genuine.

  1. Change Password Frequently

According to the mobile banking solution providers, people ignore the importance of changing passwords after a certain period. In addition to this, in order to make sure that they do not forget the password, they refrain themselves from setting up tough passwords. However, it is recommended to change password every 3 month and should have a combination of special characters, alphabets, and numbers- minimum 10 characters long. Stronger the password, lesser are the chances of getting things traced.

Conclusion

As a user of these mobile banking services and applications, it is our duty to be aware and alert to these circumstances. We must not forget that if we use things cautiously, no information will be leaked. Ask for the professionals or concerned authority to know more about safeguarding your vital information. Please call Finacus for a quick demo. 

What are the benefits of a core banking system?

The advent of technological advancements and internet networking services have made a remarkable transformation in the way banking systems were used to operate. With the inception of the latest technological innovations, the traditional banking methods diminished and paved the way for modern yet sophisticated banking systems. Banks no more need to rely on tedious manual work and can now work with the click of a button. While the banking sector continues to be the core of the financial system, it functions smoothly by using these innovative technologies like the top core banking software. When banks use such solutions in their working processes, they surely make the best benefit of the technology available before them. 

Eliminates errors 

The traditional banking functions relied upon the manual work of the bank employees that ultimately resulted in more errors. This often causes delays as manual work and correcting the errors is a time-consuming & tedious task. However, with the introduction of a digital core banking software, human intervention was reduced. This largely helped in the elimination of errors as the software was responsible for performing all the tasks. When computer technology is employed for the work processes, there are barely any chances of errors as there is minimal human intervention. 

Increased customer loyalty 

It is because of these core banking systems that the banks can provide their customers with exceptional services. These systems have made it pretty easy for the customers to operate their bank accounts at any time of the day and from anywhere in the world as all the branches are interconnected through this system. Customers won’t only get to make transactions easily but also experience transparency in online banking. Banks can offer products and services that are customer-centric with the help of these banking systems. This results in healthy and long-term relationships between the banks & their customers. 

Reduced operational costs 

With the core banking software solutions, customers can efficiently handle a large volume of their customers daily. This helps in reducing operational and infrastructural costs for the banks to a greater extent. Moreover, these solutions eliminate the need for manual processing of transactions as mobile banking and internet banking are available. Banks can definitely manage all the work at an efficient rate and come up with new offerings of financial products for their customers. Operational effectiveness is easy with faster settlement, clearing, and reconciliation. 

Increased productivity 

When a core banking system is used for all kinds of banking tasks, there will not only be error-free operations but also require comparatively very little time for performing these tasks. Ultimately, this will provide the much-needed boost to employee efficiency and the banks will experience increased productivity. These banking solutions make it simple for the employees of the banks to assess, manage and compile the data on the computer. Moreover, the employees will have easy and quick access to any information that they might be looking for at any point in time. With increased productivity, the banks will be able to retain their customers while also attracting new customers for themselves in the long run. 

Lowered IT maintenance 

The latest banking systems have been designed in a way to optimize the IT maintenance costs. The shared services platform allows the banks to cut down on these maintenance costs and witness progress in back-end efficiency. Furthermore, there won’t be any loss of information and banks won’t have to compromise when it comes to securing the customer data. 

Conclusion 

These are some of the incredible benefits of core banking solutions for banks that are provided by Finacus. The company has transformed the way the banking industry worked and made banking smarter. One may request Finacus for a demo of a core banking software that is streamlining operations and helping raise market shares.