Is Now the Right Time to Switch?

Core banking systems are the new-age digital tools that can systematically hold the records of transactions, financial data, account information, loans, deposits, and other documents. The core banking system makes it easy to store, track, record, and retrieve information as and when required. Core banking services can significantly improve the banking experience of a customer as well as financial institutions. 

Core banking systems can be a progressive milestone for banks and financial institutions. It can enable them to leverage the technology and improve their services thoroughly.

Here are some points that state why it is the right time to switch to the core banking systems:

1. Cloud infrastructure: Well, digitalisation and the growth of cloud-based core banking are growing tremendously. It is changing the face of banking and financial institutions. Cloud-based banking platforms are witnessing a significant number of engagements and interactions. Switching to core banking systems will allow banks to embrace the technology and systematically store/organise the data. Moreover, cloud-based core banking systems provide an advantage of accessibility too. It enables one to have authorised access and retrieve the data when required.

2. Secured networks: The safety and security of data are vital. Banks and financial institutions are taking security seriously and, as a matter of concern, avoid any kind of fraud. Cloud-based core banking systems are well-integrated with safety and security features. Modern authorisation methods such as two-factor/three-factor authorisation ensure limited and authorised access. Banks and financial institutions can also relocate their IT resources and modern CRM tools. Core banking services can help banks and financial institutions create secure networks and protect crucial data.

3. Scalability: core banking services and systems enable financial institutions to scale their efficiencies to the fullest. It makes them more agile and acceptive of automation. Core banking services and designs make it easy for banks to adapt to changing technology. This process encourages banks to be innovators and focus on core customer experience and banking needs.

4. Innovative fintech solutions: Banks and financial institutions can provide custom digital banking solutions with the aid of core banking systems. The essential banking needs such as transactions, mobile banking, fund transfer, withdrawals, and payments can be easily made using core banking services. The API-enabled data support of core banking systems ensures that the user gets the desired IT support on time. The innovative fintech solutions address the changing needs of the customers and their account management requirements. 

The bottom line

Is it not the right time to switch to a core banking system? Not switching to the core banking system may obstruct the growth of the banking and financial institutions. It can also restrict them from offering their clients e best in class baking services. However, upgrading to a core banking system can prove highly lucrative. It can boost the engagement level of the account holders and enable banks to offer an elating banking experience. The possibilities of the Core banking system are infinite, and they can be strategically planned and customised to provide seamless and integrated banking services.

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. 

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.

5 Reasons to Use Core Banking Software

The growth dynamics of online banking are fast-paced. The traditional banking system cannot meet the needs of modern-day society. This is where the core banking system plays a huge role in providing a wide array of financial services to the customer under an umbrella. The core banking system has been around the corner for years and many banks are adapting them only as the demand has increased. However, some banks are still hesitant to implement a core banking system because of the daunting task and increased cost of maintenance. The core banking systems not only streamlines daily operations but also defines new capabilities, innovation, and growth of the financial institution. If you are still not convinced, here are some reasons to use the Core banking system.

What is a core banking system?

The word “CORE” expands as Centralized Online Real-time Exchange. According to the Wikipedia definition, Core banking is a service provided by a group of networked branches of bank that allows the customer to access their bank account and perform basic financial transactions from any of the member branch offices. In simple words, the core banking systems allow the customer to carry out basic financial transactions from anywhere in the world.

Why should banks use “CORE”?

Standardized banking process

A few decades back, a whole day will be gone for a transaction to reflect into an account as the data from the local branch are sent to the data center only by the end of the day. However, with core banking, most of the transactions can be done within few minutes. Here are some important ways in which the CORE banking system improves your bank’s market reach.

Improves employee efficiency

The CORE banking software solutions automate plenty of banking processes and reduce the work on the front-end employees. The employees get more time focusing on more important tasks such as improving the marketing of new products and customer satisfaction. It also allows employees of different branches to communicate faster and in a seamless manner through a centralized communication system.

Reduces operation cost

The Core banking system can bring together multiple stand-alone apps and minimizes the cost of operation and maintenance. The bank can upgrade to a shared service platform and cut down on the expenses required to maintain the systems. Providing location independence opens the gate for more customers without spending much on infrastructure and support. The centralized backup and printing minimize the cost as there is no need for separate systems at each branch.

Convenience to the customers

With a digital core banking system, the customers can now experience a superior banking system without visiting the branch. The core banking system offers banking services through various channels such as internet banking, mobile banking, ATMs, and more.

Increases customer retention rate

Satisfying the customer is the ultimate goal of any business and banking is not an exception. With a core banking system, customer queries are addressed immediately and effectively. The best customer support increases retention.

FinCore

FinCore, a completely web-based core banking solution helps you lay the platform to meet existing challenges in the banking sector at a minimized price of operation and maintenance. This robust solution from Finacus helps in leveraging the quality of your business operations. The FinCore solution is multi-pronged addressing various aspects of banking operations and financial management. Some noteworthy features of the best core banking software include:

• Ease of access

• User-friendly interface

• Save time and cost of processing

• Better management of risk

• Customer retaining features

Bottom line

Times have changed and the Core banking system leverages the operation and improves your efficiency. For core banking solutions from one of the best providers of software solutions, Finacus, give a call now and get a demo.

Know, How Core Banking Solutions Can Increase Your Company’s Revenue

Core banking solutions have become quite a buzzword in recent years with the advent of computer technology and the concept of digital banking. The core banking system is a perfect example of the word revolution. Over the past few decades, different phases of transformation have taken the banking sector to the next level. The days when people had to wait in queues to make trivial banking operations are in the past. On the move banking with comfort and convenience is on the rise. Also, with cashless movements, banks are not just a place to deposit and withdraw money. Instead, banks have become a pivotal part of a country’s economy and growth. It doesn’t come as a surprise that core banking software along with growth of the country, improves business too.

What is the Core banking system?

CORE is the nickname for “Centralized Online Real-time Exchange.” As the name says it all, Core banking is a centralized network for a bank and its respective branches. The Core banking system allows your customers to access their account and manage it along with performing basic transaction functions at any of their respective branches. In simple words, a core banking system is like a data control center for all branches of a bank.

Historically, the core banking systems were associated with the retail sector of the bank. However, over the years, the surge of corporate clients has widened the scope for the CORE system paving way for something more than retail. Widening the platform has resulted in a boost of revenue for banks. Let us throw some light on how the core banking system monetizes the clients by offering the best.

Increased customer engagement

The secret behind phenomenal revenue generation is efficient customer engagement. Core banking systems have increased customer engagement with minimal effort. An endless list of features such as anytime anywhere banking, online opening of accounts, balance inquiry, and viewing transactions has pulled customers to the best core banking software. As more people come to your bank for convenience, high revenue generation is achieved with minimal effort and a robust solution.

Increased productivity

The prime function of a Core banking system is to reduce management loads on banking. It has taken the edge off doing mind-numbing and redundant tasks manually. It has made assessing, managing, and upgrading data a lot more facile. This reflects improved employee efficiency and productivity. Along with improving efficiency, it has minimized human errors. Reduced errors mean increased customer engagement and retention.

Easy and safe management 

Core banking has laid a platform for economical information system management and also facilitates timely decisions. Top core banking systems are built based on safe and well-developed programs to create a safe environment. This ultimately falls in the good books of the customer and increases revenue.

FinCore

FinCore, a completely web-based solution for Core banking lays the platform to meet existing challenges in the banking sector at a reduced price. This robust solution by Finacus helps streamline your business operations. The FinCore solution is multi-faceted addressing 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

Our stellar Core banking solution addresses each desideratum of financial management and lays the road for increased revenue generation. As an explicable provider of banking solutions, we offer demo and information for you.

Essential Features of New-Age Digital Core Banking Solution

The banking sector has been going through technological advancements over the past decade. Digital Core Banking Solutions are replacing traditional Core Banking Solutions in banks and other financial institutions. The reason for this change is that use of a digital core banking system has eased the way banking transactions are being done. The traditional core banking systems were not able to cope up with the changes in customer demands and new-age digital technology. To meet customer’s needs a revolution in core banking systems was necessary. 

Need for Digital Core Banking System

A customer’s needs in the banking sector are constantly changing and there is an urgent requirement to adapt to technological transformation for enhanced customer experience. There is a growing need for a core banking solution that can not only result in the growth of the bank but also reduce operational costs.

Delivering customized products to the customer

In order to increase the productivity of the banks, they need a solution that can enable them to provide the necessary functionality to their customers. A digital core banking solution helps banks to develop customized products that will cater to the needs of their customers such as online new account opening or bill payments directly from the bank’s portal. This increases productivity, reduces operational effort and time and gives a bank the ability to serve its customer faster. 

Provides security at every juncture

Data security is an important part of any good digital banking solution. Security is provided at every juncture right from the user authentication to banking transactions to debit card pin change requests. It also addresses the various legal aspects that will ensure security and provide safety to third-party clients. The best core banking systems do not compromise when it comes to the data security of their customers. 

A cost-effective alternative to traditional core banking

A good digital core banking solution can help reduce their operational costs for banks and financial institutions. Adapting a digital core banking greatly reduces the work force expenses, as automation of many processes has enabled financial institutions to perform at an optimum level.

Aligns easily with the external system

A digital core banking enables a bank to make every transaction and every service possible entirely via the internet. Customers do not have to rely on traditional branch based banking to access all their bank’s services. 

These are some of the features that highlight the fact that the automation of various banking procedures through a digital core banking solution has benefited a bank but has also actually benefited the consumer. 

Internet Banking- Banking Services at Your Fingertips

Internet Banking has literally made life easier by facilitating anytime, anywhere banking on the click of a button. Now, you have all banking services at your fingertips. Whether you need to withdraw cash, transfer funds, deposit cheques, generate bank statements, open fixed deposits, or pay insurance premiums, you can avail all banking services from the comfort of your office or home. Banking services are accessible online at any time from anywhere. Here is a list of banking services facilitated by internet banking solutions:

Easy Bill Payment

Currently, most of the financial institutions have tie-ups with utility companies and service providers. For this reason, you can easily pay your electricity and telephone bills online through your credit/debit cards. Further, you can automatically pay your recurring bills through your bank account. Now, you do not have to miss out on a bill payment due to a shortage of time. You can easily pay your bills with internet banking without any additional charges.

Instant Funds Transfer

With internet banking, you can instantly transfer funds to another account in the same or different bank. You can send instant money almost anywhere in India. All you need to do is to login into your account and add payee details regarding account number, bank, and branch. While money transfer through traditional method takes around three to four working days, money transfer through internet banking is executed with 24 hours.

Credit Card Management

You can effectively manage your credit cards with Internet banking. You can pay your credit card bills online and also apply for a loan on your credit card. Furthermore, you can request an increase in your credit line or apply for an additional card. In case you lose a credit card, you can instantly report about the lost card online.

Investment Management

Now you can easily open a fixed deposit account or FD using internet banking facilities. You can use an interlinked Demat account for trading in the stock market. You can directly purchase mutual funds through the online banking system. Manage all your investment with internet banking on the click of a button.

Mobile Phone Recharge

Is your phone balance running out? No need to rush to your nearby vendor for prepaid phone recharge. Simply login into your internet banking and top-up your balance with prepaid mobile cards. Select your operator’s name, enter your mobile number and select the recharge amount and get your phone back to working within a few minutes.

Easy Shopping At The Comfort Of Your Home

Leading financial institutions have tie-ups with maximum shopping websites. You can shop online, purchase all kinds of products, and conveniently make the payment through internet banking. Furthermore, you can purchase the railway and air tickets using internet banking facilities.

The Convenience of Banking Apps and Why Should You Use It

The banking industry is becoming more technology savvy with the progressive increase of smartphone users. More and more people are using banking apps these days. The reasons are quite obvious. Banking apps provide consumers with the convenience of using banking facilities without actually visiting banks. They ensure secure ease of access. Here are some advantages offered by the Banking Apps to the banking industry:

Reduced Expenses

Mobile transactions through Banking Apps increase overall efficiency by saving on operational costs. They help banks go paperless and save huge cost on printing and delivery. Mobile transactions are cheaper than ATM transactions and eliminate the need of hiring additional workers.

Increased Return on Investment (ROI)

Mobile banking through Banking Apps can significantly influence ROI through improved customer engagement. Statistics reveal a steady increase in the adoption of mobile banking over the past few years. It has been observed that mobile banking customers show better engagement to the financial institutions in comparison to branch-only customers. Mobile banking customers hold more products and use more banking services. Furthermore, mobile banking customers stay connected for longer with the financial institutions, thereby decreasing the attrition rate by almost 15% over the past years.

Another research suggests that instant access to financial information through Banking Apps can influence additional transactions. For this reason, mobile banking services generate better average revenue in comparison to non-mobile banking services.

Improved Customer Experience

Mobile banking solutions have significantly contributed to ensuring a positive customer experience which is paramount for successful banking services. Mobile banking apps ensure 24/7 availability. Hence, customers are not limited by fixed working hours or particular branch locations. Mobile banking apps provide round-the-clock services, thereby allowing the customers to access their accounts any time and from anywhere.

Mobile banking puts all banking services at the fingertips of their customers. An instant gratification makes customers more loyal to their banks. Furthermore, banking apps provide a personalized customer experience further increasing their credibility. Customers usually have complete control over their finances through banking apps. They can instantly transfer funds, check their deposits, monitor their balances, and get notifications.

Improved Security

Banking apps are further secured by additional hardware security making them highly reliable. Mobile banking apps use an added layer of security like biometric data and gesture patterns along with traditional two-factor authentication through passwords. Furthermore, financial institutions employ encryption to provide complete privacy of financial information, thereby ensuring worry-free mobile banking.

Use of Artificial Intelligence

Many mobile banking apps use Artificial Intelligence or AI to automate responses to generic customer queries. This further ensures speed, efficiency, and security. AI can be used to improve customer services through personalized notifications. Financial institutions can notify their customers about new services and send personalized offers according to their location, preferences, and buying history. AI services can help in detecting patterns or fraudulent behavior in real time. AI-powered mobile transactions ensure security at multiple layers.

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.

Core Banking Solution Provider

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.

Core Banking Solutions: Seamless Approach to Serve Your Clients

Everyone is always looking for ways to ensure that they are able to provide an unmatched experience to their customers, be it online or offline. And financial institutions aren’t behind in this, as they are constantly upgrading their systems and methodologies to provide the best services to their clients. Continue reading