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 baking 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 market reach. For core banking solutions from one of the best providers of digital 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

Impact Of Core Banking Solutions.

An important challenge for any bank is to maximize its revenue while increasing profit, Banks take considerable efforts to achieve the same by reducing the cost of operation. Organizations can reduce cost only till a point where further reduction will affect the efficiency of their operations. In such case a transformative initiative helps banks to balance cost and increase business to result in increased profit.

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