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.
- 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 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
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.