Core Modernization for Building Future Banking Experiences

The day-to-day life has become a bit chaotic with managing everything on. In a family, it is already becoming hectic to manage the smooth progress of daily activities. Amongst all this, no one would want to go to the bank and stand in a queue to get the transactions done. In organizations, employees are in search of the most efficient way to get things done. With the ratio of demand and time highly lopsided, the customers want to manage life with a smartphone. The same applies to the banking sector. Customers want an easy-to-use modern banking solution to manage the day to day banking activities.

Over the past decade, the financial institution has struggled to meet the requirements of the ever-changing world and customer expectations. This has ultimately led to upgrading the core banking solution.

The banking institutions are on a speed transition into the future from offering banking as a product to the same as a lifestyle. The banks develop a holistic view of the ever-changing demands of the customer in providing products and services. The following are the methods practiced in modernizing core banking.

Core banking modernization options

The central position of core banking systems gives them the power as one of the most critical components in the banking sector. According to industry experts, core banking is the primary record for bank accounts. Therefore it forms a technological base on which the processes of the banks are based. Because of this, a decision to change the core banking and financial services can be difficult. While the financial benefits of changing core delivering an improved banking experience for customers may be real enough, the overwhelming response has always been around how well the risks of such a huge transformation are understood.

The decision to modernize the bank’s core is not a binary choice anymore, thanks to the rapid advances involved in the technology that comes in support of various solutions. The banks have different methods when it comes to making the modern core. Modernizing the digital core banking system helps in achieving the evolution of banking services.

Banking as a product

  • The banks in this module are viewed as the seller of various products such as loans, credit cards, money market accountants etc.
  • It focuses on creating an integrated view of the customer across various business units or product functions.
  • This is the current module that manages customer experience rather than the channels.

Banking-as-a-service

  • Possible by the adoption of API and shift to open banking helps the bank to be rendered as a plug-and-play service.
  • Offers as-a-service platform and helps in the seamless integration of back-office.

Long term effects- banking as a lifestyle

  • Cash-free banking, part of day-to-day life and ubiquitous
  • The banks will move a step forward and coordinate the entire ecosystem.

Core modernization doesn’t aim at the short-term benefits but helps in enhancing the long-term benefits.

Digitization is primarily to achieve the great flexibility and agility that modern-day banks require. 

  • Payment hub
  • API-led payments
  • Blockchain-based payments

FinCore

FinCore is completely web-based core banking software that enables it to lay a strong foundation to meet the current challenges in the banking sector at a reduced cost of operation and maintenance. This multi-pronged solution from Finacus helps in scaling the quality of your business operations.

• User-friendly interface

• Save time and cost of processing

• Better management of risk

• Customer retaining features

Bottom line

It is never late to incorporate the best core banking solution and cater to the needs of the customer. Get your hands on Finacus’s FinCore after a demo to understand its capabilities.

Two Factor Authentication Helps To Keep Hackers at Bay

As everything has become online nowadays, security is the most crucial factor to protect the data. With data online, the prevalence of digital crimes, identity theft, and security breaches has become more common. The importance of two-factor authentication to prevent increasing crimes is beyond comparison to any other measure of security. Most digital fraudulent activity and breaches are incorporated with password theft. This is where the two-factor authentication enters the scenario. The 2FA acts as an extra layer of security to protect your account and data online. You might have heard of 2FA solutions and might have turned a blind eye to it. Here is why two-factor authentications are important to keep hackers at bay.

The definition of Two-factor authentication

Two-Factor Authentication is a method of security that conceals the accounts online. Accounts with 2FA have two forms of identification to access it. The two-step verification blends your password and username of the phone and a security key such as your fingerprint or passcode. Normally, when you login into your account online, the site will ask for your username or password. This, where only the password is used is known as one-step verification. However, with two-step verification, your security gets upgraded and provides increased protection.

The first step of verification is your username and password. The second step of 2FA is the site will forward a text to your mobile with a six-digit code or a four-digit code. This four or six-digit code is known as an authenticator or a passcode code that has to be entered.

Why do you need two-factor authentication?

The days when you blindly trusted your password to protect your account are long gone. The breach can happen in the way you least imagined and let the way not be a password breach. The hackers can easily crack a password or anyone can easily memorize the password and use it to steal your data online. Your password can also be susceptible to various attack methods like credential stuffing and brute force. By installing two-factor authentication services you can prevent your data from falling into the wrong hands.

How 2FA benefit you?

  • Protection against phishing email
  • Enhanced security
  • Boost productivity with mobility
  • Protect against fraud
  • Lower help desk costs
  • Reduces security management costs

MultiFactor Authentication

The experts of Finacus have come up with the best solution to protect accounts and data online from hackers. The software is based on two factors

  • The knowledge factor which only the user knows
  • The possession factor which only the user has.

With our 2FA solution, you can minimize losses faced by financial institutions in terms of money and trust.

Notable features of Finacus MultiFactor Authentication system

  • Easy integration and installation
  • Strong Authentication methods to prevent Identity Theft and other activities
  • Regulatory Compliance
  • Comes with integration plugins
  • Multiple Form Factors
  • Encryption and Privacy
  • Simple Administration
  • Efficient Integration with Risk-Based Transaction Algorithm
  • Competitive Costs

The authentication methods

There are various authentications available with the software which are as follows

  • OneTouch 2FA or PUSH Notifications
  • Soft Token
  • USB Based Token
  • Hard Token

Bottom line

The 2FA is a crucial protective layer to keep the hackers at bay. If your account is open to external threats then it is time for you to consider 2FA service from Finacus after a demo.

4 Ways to Protect Your Financial Institution against Money Laundering

The weakness in a bank or a financial institution becomes the target of a fraudster. Banks and financial institutions can falter the fraudsters with the help of efficient anti-money laundering schemes. Any financial institution, large, medium or small can become a victim of the treacherous plan of a criminal. To prevent from falling into the traps of such criminals it is better to have some handy methods. This post lists 4 ways to protect your financial institution against money laundering.

Enhance searches

It is extremely tough to separate serious and potential threats from a plethora of false positives that turn during the search. There are a variety of alerts that have to be looked at to lay a net over the account in a financial institution. If the false positives are brought under control, the scope of accounts can be expanded for effective reporting. With help of AI-powered AML transaction monitoring software, constant searches can be done and the burden of false positives can be reduced.

Due diligence

You should investigate anyone who is involved with the transactions. For instance, if a stranger wants to offer you huge money, you haven’t hit the jackpot. It can most probably be a money-laundering scheme. Before accepting anything, conduct a thorough background check on the person. Look into whether the person has been involved in any crime. You should be aware of everyone involved in the case. Analyze the relationship of everyone who is involved in the transaction. If you are connecting with a potential client take a look at their record and how their company is registered.

Go for a formal AML policy

Even the smallest company can establish anti-money laundering software solutions. The policy should have the instructions that should be taken or avoided. You may have to incorporate the procedures for cash handling and accounting. Having a policy established helps in direct decision-making regarding the deals and partnerships with others.

Make use of data analytics

Data analytics is one of the most important ways to combat money laundering. There will be a multi-factored pattern that occurs in a particular geographic location concerning products or the customer involved. With AML solutions for banks, the pattern in the area can be recognized and can be used to come up with client models. The pattern recognized can also be employed for categorizing the potential risks and adapting new alerts. The AML can see if there is any relation between negative news and the characteristics of the account. It can be a location or any other similarity.

What is anti-money laundering?

You have seen that AML should be used to prevent money laundering but what exactly is AML? Anti-money laundering refers to a set of rules, regulations, laws and practices aimed to prevent fraudsters from disguising money obtained illegally as legitimate income.

FinAMLOR

FinAMLOR from Finacus is end-to-end AML software solutions that enable a risk-based approach to monitor the behavior of customers for any suspected criminal activity. The software offers the industrial-best practice to monitor, review and protect your business.

Features

  • Customer Due Diligence
  • Identification
  • Verification
  • Risk Scoring and Classification
  • Transaction Monitoring
  • Case Management

Bottom line

Finacus aims to technologically empower enterprises with a robust software solution. Keep fraudsters at bay with FinAMLOR. Experience its power with the help of a demo today.

Mobile Banking Trends in 2021

The mobile phone is becoming the most important channel not only in personal life but in the field of consumer banking. The days when people handled financial transactions at the local branch are the relics of the bygone age. The automated banking trends started with the multiplication of the ATMs and online banking while the trend has taken off with the development of mobile banking. Millions of people look towards their smartphones to satisfy their banking needs. Here are some mobile trends that financial institutions should keep an eye on in 2021.The unprecedented growth in mobile banking has affected a leading banks as they found it difficult to match the load on their mobile banking app.

What is mobile banking?

Mobile banking is the method of carrying out financial & non financial transactions on a mobile device which can be your phone or a tablet via an application offered by either a bank or financial institution. The mobile transactions include fund transfer through IMPS, RTGS, NEFT, opening & closing of FD/RD, account statements, download interest TDS certificate. Ask for new credit & debit cards, forex cards, and almost all transactions.

More Biometrics

Multi-factor authentication is growing to be the standard for security, especially in financial institutions. The power of smartphones to recognize biometric data such as fingerprint scans and facial recognition will rise to be more sophisticated for better protection against fraud. The biometric also makes mobile banking apps more intuitive and facile. Again, this trend may be led by a generational shift as 62% of Gen Z feels convenient using biometrics for identification. And, when taking into account that biometric data is highly reliable in verifying ID, coupled with mobile based OTP gives additional security/authenticity to become a mobile aspect in 2021 as well. 

Chatbot assistance and voice transaction

The QR code scanning feature has made in-store and online transactions facile and simple as the users needn’t do anything more than scanning the code on their banking app. In addition to this, the use of voice assistance is skyrocketing as it is seen as a simple way of connecting various devices and smartphones. Soon fund transfer may also happen with the help of voice assistants. A chatbot is another latest technology that has become an important part of the mobile banking apps. The Chatbot provided round the clock customer service without waiting for an executive. 

Machine Learning and Chatbots

As the population using mobile banking apps increases day by day, financial institutions and banks can gain more data about the usage of the services and use the collected information to enhance the overall customer experience. The ML algorithms can be used to boost bots that aid direct people to the services that will give a solution to their current needs. Paired with voice technology, ML is bound to make the future of mobile banking more responsive, user friendly, and consumer-focused.

Automation and Personalization

People have started paying bills online via apps, online investments in shares, mutual fund, ELSS, NPs & other investments, loan application & approvals. and some have started the use of automated features for automatic bill payments. One expects the automation trend to go beyond bill payments and be used for other services, such as helping customers to save money.

Mobile banking solution

Finacus is one of the leading mobile banking app solutions providers in India. We help the banks to retain & add new customers by providing innovative solutions focused on consumer needs. Our mobile payment transaction software FinMOBICONNECT, along with the mobile banking solution offers an interoperable facility for banks. The key benefits of our Mobile Banking Solution are

• Customer engagement

• Easy, Convenient, Secure

• Anywhere, Anytime access

Bottom line

The mobile banking solution is going to rule the banking sector in the near future, it is time for banks and financial institutions to shift to robust banking solutions from Finacus. Kindly contact us for a free demo.

Are Banking Software Solutions Future-ready

As we travel into an era where technology results in all differences, banking and financial institutions need to look into important aspects of putting together an ideal banking software solution. In short, banks should be prepared for the upcoming storms and also be well-equipped to override future challenges to offer convenience for the customers. But before introducing banking software solutions that are future-ready, financial institutions should focus on various important parameters that can have an impact on the futuristic solutions. Here is how to see if the banking software is future-ready? If not it is time for the banks to focus on enhancing the tech to support the millennial customers.

Channeling resource

How customers take a look at the banking transactions has evolved because of which the future will drive the financial institutions to uncover real-time and consistent data during all times. In essence, the ways and methods adopted by the banks and financial institutions to channel resources might go a long way and impact all banking solutions. As the foresight leads people to a stage where the banks would be conducting banking services through any channel, where the consumer can initiate a transaction in one channel and consummate in another, deep thoughts in various possibilities guide the financial institutions to introduce an ideal solution to focus on customer needs.

Risk tolerance

There is a significant increase in the way customers view risk tolerance. This is another significant factor that can affect the banking solutions on the whole. Needless to say, the financial institutions are in a position to go the extra mile to understand the requirements of the customers before introducing a banking software solution that caters to the needs of the customers.

Customer-driven innovation

Handling customer expectations and seeding trust are the main factors that can have a resounding effect on the way financial institutions could put their technology to good use with better investment. In simple words, the banks should introduce software that is customer-driven through the novel solution to be ahead of the future challenges and surpass the customer expectation at every stage.

Security and privacy

As technology is resulting in far-reaching changes with every day passing, the cashless world is not miles apart. Though the technology could support financial institutions to launch solutions that paves way for convenient banking, some factors require the bank’s attention. The banks and financial institutions should find an ideal answer regarding the privacy and security issues that arise due to the improvements made. The solutions that offer a proper concern for the issues will come in handy for the banks to face future challenges in an effective way. While there is a pressing necessity to introduce futuristic banking software solutions, the banks should take a look into the important parameters to bring out the novel solution which is in line with the customer needs.

Digital banking system 

FinCore a robust and complete web-based digital banking system helps banks and financial institutions to address the latest challenges and future challenges in the banking sector with a space for cost reduction and enhanced customer management.

Features of FinCore

• All-in-one banking solution with support for a wide array of banking operations

• A web-based application

• Completely integrated solutions for simple and quick implementation

• Easy management of large transactions

Benefits of the core banking solution

• Introduces the bank to seamless and efficient process

• The high-quality documentation flow

• Eradication of redundant process

• Transfer to centralized processing

Bottom line

It is time to enhance your banking solution with future-ready software from Finacus, the best banking software provider in the country. For further details and real-time experience through a demo, contact our executives.

What are the Benefits of Using AEPS Services as a Service Provider?

The Aadhaar enabled payments system is a type of payment system launched by the national payments corporation of India. The system is based on the unique identification number that is the Aadhaar number to make seamless transactions. The Aadhaar holders can conduct various types of financial transactions through the system. The Aadhaar enabled payment system was launched with a motto to connect all sections of society. As almost everyone in the country has Aadhaar, the system allows anyone to perform a financial transaction. Through AEPS you can transfer funds, make payments, deposit cash, withdraw cash, perform a balance enquiry. AEPS not only benefits the customer but also benefits the service provider. In this post let us see how it benefits the service provider.

How does AEPS work?

Before seeing how AEPS benefits a service provider, let us understand how the system works.

  • First, you should visit the nearby micro-ATM or a banking correspondent who provides AEPS service.
  • Now, give your Aadhaar number and the bank name that is linked to your Aadhaar number.
  • Once the service provider enters the Aadhaar number, choose the type of transaction that you want to perform.
  • Authenticate the transaction by verifying fingerprint or an iris scan.
  • The transaction will complete within no time and you can collect your receipt.

Benefits as a service provider

You can be a service provider and set up a micro ATM and provide the benefits of AEPS for customers. You can enjoy the following benefits as a service provider

  • If you are a shop owner, you can set up a mini banking service and offer AEPS service to the customers
  • You can offer various transaction facilities to the customer
  • You can attract a lot of customers by offering a single solution platform under one roof.
  • For every transaction you do via Aadhaar enabled payment system, you will earn commission
  • You customers can enjoy complete banking solutions nearby their homes.
  • The commission you earn will differ based on the type of transaction done.
  • On average, for every transaction done by the customer from your service, you will get a commission of 1.25 percent.

How to get the AEPS system

If you are an eligible candidate, you can get the AEPS service for your shop. If you are going to any financial firm there are some criteria for registration like you should be an Indian citizen, have full-time, part-time or work from home jobs. Also, you should have access to the internet and computers. You then have to provide some ID such as Pan Card and Aadhaar card along with a passport size photo. You can register and get the AEPS system for your shop or service providing centre.

FinAEPS

The FinAEPS is an online immediate Aadhaar based software that connects the AePS interface of a National payment corporation and supports Aadhaar based transactions. It is hosted as a switch of the bank’s financial transaction and connected to the core banking system. The FinAEPS can be used in a multitude of ways

• Regular ATMs

• Business Correspondent Model

• Agent Banking through Micro-ATMs or Tablets

Bottom line

The Aadhaar enabled payment system is one of India’s top payment solutions. Get AEPS service from the best financial solution provider Finacus. Call now for information and a demo from our executives.

Top 5 FinTech Trends to watch out for in 2021 – Finances

The year 2020 was a wake-up call for digital innovators. Though the year was on halt due to the pandemic, the online platform went booming increasing the need for innovative banking solutions to solve the fast-paced demands of the customer. This became especially true for financial technology or fintech. The fintech industry is booming with new technology and is on the lookout for enhanced solutions. With tons of people opting for an online financial transaction, it’s no surprise that Fintech has grown to the next level. After the growth seen in 2020, 2021 expects a lot of new trends that continue to grow related to customer demand. In this post let us take a look at 5 FinTech trends you can watch out for.

Digital-only banking

Though digital banking has been in use for the past decade, the pandemic spiked the popularity and demand of the online banking system. Research exhibits that more than 50 percent of customers used digital banking. 87 percent of people using digital banking plan to continue using online banking even after the pandemic. This shows that online banking has become a necessity. Along with online banking, mobile banking has also become the match-winner. Fintech is developing robust mobile banking and online banking system.

Biometric security systems

The mobile banking system and various digital finance solutions that have gained popularity are now at the fingertips of people. But with the spread of digital solutions, security-related issues arise. FinTech companies strive to find a solution that can be used to enhance security. Biometric security systems are one of the best ways to take security to the next level. Likewise, the market of a biometric system is expanding and is undergoing major changes. The biometric systems that need physical contact are said to drop while contactless biometric systems will rein the market.

Open banking

Open banking is another popular technology that brings together banks and financial technology and allows data networking. It allows the banks to make use of their data in a standardized and secure manner. The open banking system also helps to control the banking and clients’ financial data using a third-party app with AI and ML. The open banking systems are speculated to have a booming future. According to the reports, open banking is going to reach $43.15 billion by 2026. The systems offer a consolidated view of the customer financial accounts and help in better financial decisions.

RegTech

The regulatory technology or RegTech is expected to bring significant technological advancements. It is going to regulate the financial industry and transform the financial landscape. RegTech performs various functions such as monitoring, risk management, and compliance software. It helps banks and various other financial institutions to cut administrative overhead and provide stability for customers. The RegTech is exceptionally known for its speed, agility and analytical features.

Payment innovations

The payments innovation of FinTech includes various elements such as mobile payment, mobile wallets, AI and ML security, identity verification and more. The mobile banking payment is said to see huge growth in 2021 with more than 760 million users across the globe. Mobile wallets have become favourite for people as it promotes contactless payment. The apps also offer rewards, offers for the users making it most loved.

Bottom line

Get your FinTech solutions now and make your business advanced. We at Finacus offer a robust solution as the best financial service provider in the country.

Online Payment Solution: Leading to a Cashless World!

The main goal of the economy in today’s world is a cashless world. People tend to use cards and phones to make payments and transactions instead of cash. A few years back, using the card was what people aimed for and that is what the banks promoted. But using card required machines at commercial points. In case there are no machines people have to use cash. This is no longer the case with the advent of an online banking system. Online banking system allows the customer to perform various banking activities on the go or from the comfort of the home. To use an online banking system, all one needs is a smartphone and a bank account, which now can be opened online. Online banking eliminates the need for cash.

Advantages of online banking

There are various online banking methods and each has its benefit. However, the advantages of online banking on whole cannot be neglected.

PCI compliance

The online banking solution ensures safety for any financial transaction that you perform. The word PCI abbreviates as Payment Card industry. It has listed a few goals that have to be followed by all the banks that issue and deal with a credit card. The main goals include maintaining a secure network, protecting the data of cardholders and regularly monitoring every transaction.

SSL 128-bit data encryption

Most of the online management software adheres to the SSL 128-bit data encryption policy to shield the information that passes through the online banking system. The data encryption allows the online banking system in India to process all types of credit and debit cards, and gateway payments in a secured manner to prevent any fraudulent activity.

Optimized customer journey

The online banking solution allows the customer to make a purchase anywhere around the globe and any time of the day. Instant confirmation and convenience of instantaneous payment improve customer retention and gratification.

Reduced processing cost

To provide card transactions for the customer, one has to tie up with a card processor. The processor will offer a payment gateway to process the transaction and incur a charge for processing. Instead of this, if you use online payment software, the charges of the processor can be reduced.

Various method of payment acceptance

When you depend on the traditional brick and mortar stores, the payments are done usually through cash or card. But in an online setup, you have an endless possibility of payment. The banks have adopted this notion and offer various modes through which the customer can make a payment. Some of the most common online payment methods include e-wallets, mobile banking, and more.

Handle money with any tension

Every kind of business from event Management companies to local stores can find an online payment solution that is user-friendly and safe. With an online management system, money collected can easily be segregated and organized according to preference. Less human interference equals improved efficiency.

Altogether, internet banking services in addition to paving the way for a cashless world improves the efficiency of banks and standardizes operation.

FinCore

FinCore, a completely web-based solution for Core banking to improve the banking sector at a reduced price. The FinCore solution is a multi-pronged system that addresses various aspects of banking operations and financial management. Some noteworthy features include:

• Ease of access

• User-friendly interface

• Save time and cost of processing

• Better management of risk

• Customer retaining features

Bottom line

With online banking increasing at a stellar pace, get your online solution from Finacus. Experience the demo and take a step ahead for a cashless world.

Bharat Bill Payment – A Secure and Simple Mode of Payment

The Bharat bill payment system is developed by the Reserve bank of India and the National Payments Corporation of India. This one-stop bill payment promotes the goal of anywhere and anytime bill payment. It is also the best destination for all recurring payments. It is an all-in-one bill payment system for all your bills with features such as interoperability. The BBPS has employed several modes of bill collection including electricity, telecom, DTH, gas, water bills, etc. The Bharat bill payment interface can be used to pay recurring payments such as insurance premiums, mutual funds, school fees, institution fees, credit cards, housing society payments, etc. As the interface has an option for almost everything, it is one of the simplest modes of payment.

How to use BBPS?

Making a bill payment on the Bharat bill payment system is simple

  • Step 1: First link your mobile to any internet banking gateway or app of your respective bank or visit a bank or retail shop.
  • Step 2: Open the BBPS tab in the respective app
  • Step 3: Now you have to choose the type of bill or the biller and feed the details of the bill
  • Step 4: After you initiate the payment, confirmation has to be given, and get a message.

The ease of use makes Bharat bill pay system a simple mode of bill payment. 

Noteworthy features of BBPS

The BBPS online payment service provides plenty of features to increase efficiency and make bill payments as simple as ABC for people. Let us take a look at some of the noteworthy features of the BBPS system.

Interoperable: The BBPS interface connects the banks and the non-bank system in the business for aggregation of the bill. It also pulls together billers, service providers of payment, and retail bill outlets.

Accessible: It provides a bill payment option through any channel no matter whether it is digital and physical.

Complaint management: The standardized system to address the grievances of the customer for both ON-US and OFF-US transactions makes it most favorable for customers.

Clearing and settlement: It provides multiple clearing and guaranteed settlements between plenty of parties.

Benefits of Bharat bill payment system

·        Various payment channels: The customers make a transaction through various payment channels such as Internet Banking, Mobile-Banking, m-wallets, ATM, and agents.

·        Different modes of payment: The Bharat bill payment platform gives endless modes to process payment of a bill. Some of the common modes of payment available are Credit, Debit, and Prepaid cards, NEFT, Internet banking, UPI, Wallets, Aadhar enabled payments system, and cash.

· The processing of bill payment is cost-effective

· Connects banks and non-banks through interoperability of the BBPS 

· The Bharat bill pay online is simple and safe to use

· Owns a Standardized dispute management system

· Payment can be done either on physical or digital channels.

· Faster settlement of payments is possible.

FINACUS BBPS SOLUTION

Fincaus offers one of the BBPS software solutions that adhere to the standards set by NPCI. It encompasses an app for customer touchpoints set up and handling bill payment through various delivery channels. The delivery channels include self-service, Agent assisted electronic and offline modes. It offers a platform for you to pay various utility bills such as electricity, water, gas, telephone and direct-to-home (DTH) television service, etc.

Bottom line

BBPS service will leverage your market presence. For the same, give a call to Finacus and get a demo of BBPS.