Why Is A Loan Monitoring System Pivotal To A Lender’s Success?

Financial Institution such as Banks play a very important role is wealth creation. Lending is one of the Prime functions of a Financial Institution. A complete Loan Monitoring System helps Banks to keep track of all their lending and keep Bad Loans at the minimum.

Banking and financial institutions widely use loan monitoring systems and loan management systems to keep track of their Loan Portfolio. The advanced features of loan management services provide accessibility and ease to the lender. It offers instant access to the loan handling process right from the application to disbursement. Everything can be tracked very easily in order to reduce the TAT (Turn Around Time) from sanctioning to post-sanction follow up.

The loan management services allow banks and other financial institutions to systematise and verify their customer data. It provides valuable insights for lenders and helps banks manage their loan offerings accordingly as well as helps in making a considered decision on lending.

Here’s Why A Loan Monitoring System Pivotal To A Lender’s Success

Credit Risk management Software’s Key Features

  • Loan Origination

When a client applies for a loan with the bank, a definite procedure must be followed. This includes getting the documents from the clients, viewing their credit scores, employment data, and much more. A Loan management service helps Banks gather the client’s data comprehensively. The information is collected in one place. Thus, the lender can take the lending decision swiftly by viewing the data in an integrated system.

Loan Management System helps bank to standardise the product offerings for various loans such as Education Loans, Home Loans, Vehicle Loans, Personal Loans, Business loans etc. which includes Amount of Loan, Rate of Interest, Charegs, Loan Tennure etc.

Loan management system helps Banks to easily track each loan and make strategic decisions such as revision in product details.

  • Loan Serving

When a loan is sanctioned and disbursed to the customer proper documentation of the same needs to be done. Loan Management System helps Banks standardise their documentation process which eliminates risk of documents being questioned on their legal standings. Similarly Loan Management System helps Banks to speed up the process of documentation and disbursals as training to staff becomes easy with a standardised environment.

  • Debt Collection

The Loan Management system helps Banks keep track of the repayments which reduces the chances of default in recovery of Loans. The Module consists of various tools such as Track Repayment of a Loan, Issuing Letters, SMSs, Emails to the customer informing them about their instalments due / overdue etc.

Thus, the loan management services allow banks to track the status of the loan payment on a real-time basis and check the debtor’s payment history and also helps them make necessary changes in the product offerings in coming days.

  • Reports and Analytics

Loan Management System helps generate regular reports and analysis regarding  Number of Loans disbursed, Amount of repayment received, Amount Defaulted, Action taken against such defaulters. These reports help the Management take decisions which will help the Banks and the Financial Institutions to optimise their earnings.

How Loan Management System Software Enables You Get a Better Loan

The loan management system refines the borrowing experience. Loan management systems are automated and follow a systematic process. Thus, it becomes easy for a borrower to apply for a loan from his convenient locations also. Loan Management system being parameterised it helps Banks take decisions faster and quality customers can be served with least possible time and convenience.

Benefits of Loan Management System to Banks and other Financial Institutions.

Loan management systems organizes the lending process. It speeds up loan processing and allows banks to embrace technology. Loan Management System reduce the possibility of errors as compared to Contemporary loan management tools and features. It also promotes paperless loan processing. Moreover, the Loan Management system can also play a significant role in (preventing delays) reducing defaults with the aid of the notification feature in recovery of loans. It makes it easy for banks and financial institutions to re-assess their credibility and manage high-volume loans.

How Does Bank Loan Management Software Helps Lending Decisions?

The Loan Management system makes it easy for banks to handle and process loan origination and disbursement processes. It keeps the bank informed about  every step of the lending process. It prevents ambiguity and encourages streamlined loan management. These systems speed up loan processing with minimal operational costs. It automates the loan management process and reduces lending risks, and enables banks to get the required competitive edge in the lending spectrum. 

Establishing Digital Banking Software for Banks

The digitalization and advancements in technology have led to a boom in the banking sector. Digital banking is the latest trend. The banks adopt online banking channels to provide the best services to the customers which can be used easily and as per the convenience of Customer. It is not only providing more accessibility but also eliminates the need to visit the banks personally. The online banking software is embedded with advanced features to cover all banking requirements.

Let us have a quick look at Establishing Online Banking Software for banks

  • A deep overview of digital banking

Digital Banking help customers to transact from anywhere anytime through Gadgets such as mobile phones, laptops etc. The 21st century is witnessing the fastest growth ever. The convenience and accessibility are of prime concern. The accelerating digital transformation has polished almost all sectors, including banks. The banks have made available digital channels through their Banking Software to match the pace of the new cult.

Digital banking solutions are enhancing the banking experience of customers. It allows banks and financial institutions to come out of the closet and embrace technology to the fullest. Today, most banks have commenced the digital transition and established online banking software to make their distinct mark in the banking world.

  • How to establish a Bank with all digital channels

Now a days Banks are inclined to offer complete digital platform to their customers as it reduces per transaction cost significantly. For the same Banks should identify a vendor who can offer all the digital channels. Banks can offer A Platter of Various Banking Products with the help of digitalised products which are fast, accurate and can be accessed from the convenient locations of Customers. Comprehensive research on trending online bank software and its advantages will help one make an informed choice.

  • Trends in Banking and Strategic role of BAAS & SAAS in the same.

Banking has evolved tremendously. It is no more about just executing a transaction and providing information to the customers. The banks have moved beyond banking transactions and are now focusing on service and operations at the doorstep of customers. Banks use SAAS models to enable them to stay ahead in this competitive world. This has led to developments in the banking delivery channels on a continuous basis. The SAAS solutions enable banks to optimize customer service. The APIs and technology integration in SAAS helps maintaining constant communication with the customers.

BAAS (Banking as a service) in tandem with SAAS has helped Banking industry to optimise their resources and focus more on business development as SAAS is taking care of maximum Banking Operations.

  • Increasing the speed of digital transition.

Adoption of SAAS technology through vendors helps Banks to process the  transactions digitally in an accelerated manner. It enables banking institutions to overcome traditional barriers and leverage technology to the fullest. Integration of digital platform can manage various banking tasks, functions, and financial operations. It drives success and promotes transparency. Thus, to speed up the digital transition, it is essential to establish a comprehensive network of BAAS outlets with the help of robust SAAS support by collaborating with leading  Digital Banking Software Vendors.

What Are The Various Function Of Core Banking Systems?

The introduction of technology and the latest innovation in the banking sector has led to immense growth and development. The best core banking solutions are an integral part of banking systems. They aim to provide a relaxing and comfortable banking experience to customers. The core banking services break the age-old barriers and bring accessibility with convenience. 

Let us unveil various functions and characteristics of core banking systems.

  • What is the Core Banking System?

Core banking systems take care of the bank’s routine and day-to-day activities. The best core banking solutions are objective-oriented and tailor-made to suit customers’ varied needs. Core banking solutions are account management services. It includes both front-end and back-end processes. 

The top core banking systems emphasise core banking solutions to streamline their operations and offer a comprehensive banking service to their customers. It creates a centralized approach to take care of all the banking services such as fund transfer, managing and accessing bank accounts, performing various bank transactions and much more. 

  • Origins of Core Banking

The history of core banking is elaborated. The banking sector has witnessed tremendous growth and development lately. The technological advancements, liberalisation and fast development in the IT sector have accelerated the progress of the banking industry. The core banking solutions emerged post the computerisation of banks in the 1980s. Initially, computerisation and advancements were a big challenge for central banks. They would find it difficult to adapt and keep pace with new systems. However, things changed drastically in the post-1990s. The banking sector’s innovative ideas and modern tools made the transition easy for the banks. Soon, the top core banking systems were introduced, and centralisation of the data came into existence. 

  • Impact of core banking solutions

The core banking system of various banks has drastically changed the outlook of the modern Indian banking system. It has not only streamlined banking operations but also has drastically improved customer satisfaction. The competent services have maximized customer satisfaction whilst adding more convenience to banking transactions. The core banking services have made banking services more easily accessible and reachable. It has also substantially reduced the need to physically visit the bank. Moreover, core banking services have set the paperless and branchless cult in the Indian banking sector by efficiently restructuring the banking systems.

  • Strategies of Core Banking System

Core banking systems are strategic. They are based on the analytics and requirements of the customers. Banks seek professional assistance to develop the best core banking solutions and software to meet and exceed the customer’s expectations. The core banking system is embedded with an advanced and straightforward interface. They are loaded with advanced features and aim to automate the banking process.

  • Characteristics of Core Banking Systems

A core banking system is an operating system or software that introduces one to the primary and essential features of the bank. Using core banking solutions, one can retrieve necessary bank account information and initiate transactions such as fund transfers. The best core banking solutions are tailored and bespoke as per the bank’s requirements. 

Some significant features of the top core banking system include:

  1. Opening new accounts in the bank
  2. Cheque clearance
  3. Managing customer information
  4. Maintaining customer relationship
  5. Calculating and managing interest rate
  6. Assists in developing new banking products
  7. Banking analytics
  8. Calculating loan interest
  9. Working Loans & related Activities
  10. Processing money deposits/ cash withdrawal
  11. Manage RDs, FDS etc
  12. Access to banking products like internet banking, mobile banking, ATM etc.

What Are The Different Core Banking Service Requirements And Benefits?

Core banking is an umbrella term that refers to all the services of a network of bank branches. Core banking deals with banking accounting systems and services. It systematically keeps records of all the vital elements of the banking business like customer data, transaction data, banking transaction logs and much more. 

Core banking services smartly integrate digital channels to access the bank network. It streamlines the banking operations and improves the overall functionality of a bank. Core banking services have a considerable impact on the bank’s functioning, administration and client management.

What is Core Banking Services (CBS)?

Customer can use their accounts from any part of the world and get core banking services from any branch of the CBS network. This is based on the idea that the customer is not a branch customer but a bank. Those things that help banks meet their most basic needs are called core-banking solutions.

Benefits of Core Banking

With the help of technology, banking transactions have become safer, faster, and more accessible. People can do banking from any part of the world and at any time with the core banking services, which makes it even better. It has also cut down on operational costs primarily because they don’t need to hire people to do them when customers do their transactions. Core banking has many advantages, such as these:

Benefits for Customers

  • Quicker service at the bank counters for cash deposits and withdrawals, passbooks, statements of accounts, demand drafts, etc.
  • Banking can be done from anywhere.
  • Banking services can be provided.24 Hours a Day
  • Internet banking and mobile banking can be used to make payments quickly.
  • ATMs can be used to do banking at all times.
  • All branches use applications from a central server or data centre, so deposits made in any addition show up right away. The customer can withdraw money from any component anywhere in the world.
  • Because CBS is so important to those in rural areas, it is a good thing. People who grow food can get e-payments for subsidies and other items directly into their bank accounts. People in cities and villages will be able to quickly move money from one place to the other.

Benefits for Banks

  • Process standardisation in the bank and its branches.
  • Better customer service keeps customers coming back.
  • Accuracy in transactions and a low risk of mistakes.
  • Improved documentation management and records – centralized databases make it easy to get data and MIS report quickly.
  • The government and regulatory boards like the RBI will be able to get their hands on more reports with ease.
  • Having an account, processing cash, servicing loans, calculating interest, making policy changes like changing interest rates, etc.

A well-designed core banking system will make a difference in your business. Your customers will love how easy the plan is to use and flexible. Your group will enjoy having more streamlined procedures and a single structure in the long run. You can get a unique banking solution when working with the right banking software development partner.

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.

Banking Software System – Top 4 Features to Look For

Digital innovations have transformed various industries in the past. One such industry that underwent a huge transformation is the banking sector. To meet the changing demands of the customers, banks had to adapt to transformations swiftly. The banking sector made it a priority to provide customer-first digital service and it paved the way for digital core banking initiatives. If you are planning to up your game today with the best digital software system it is time for you to adopt one with the best features. Here are 4 features that you must look for in a banking services system.

A banking software system will offer a myriad of features and applications. This list is to help you pick out the best based on its features:

Advanced security integration

The banking solution should allow advanced security integration. As banking activities tend to become more and more online, money mismanagement and fraudulent transactions are highly likely to occur at any time. One of the key features that you must focus on in a core banking system is high-priority safety features across all verticals of the banking sector. Options like dual authentication processes and digital identity management make sure tight security is on spot from both the bank and customer sides. The banking software should comply with the latest banking rules and regulations of RBI, NPCI, UIDAI, and IDRBT and support banking at different levels. 

Digital management of cash

Day-to-day activities such as deposits, withdrawals, and transfers can be processed digitally without any in-person contact. This makes the regular manual activities highly safe and efficient. As banking activities tend to become more and more online, money mismanagement and fraudulent transactions are something that may occur occasionally. With continuous upgradation of the hardware, the software should extend its support for changes in the future. 

Customer onboarding

In the traditional banking system, onboarding is one of the highly complicated tasks considering the factors such as compliance with regulations, making most of the talent etc. with the Video – KYC & Centralised KYC application, you can make customer onboarding less cumbersome and seamless. The software helps in easy verification of the customers right from the processing of applications. The customer onboarding features helps you escape the hassle of endless paperwork and verifications. Customer onboarding feature curbs operation costs spent on customer visits & time spent. The entire process of taking a new customer becomes possible with only a few clicks.

Other features

The banking software systems must also support other processes conducted throughout the day.

  • Loan management
  • Customer relationship management (CRM)
  • Integration with new financial products
  • Record maintenance
  • Best safety practices like firewall and DCDR against common software attacks. 

These modules make the daily banking operations much more efficient. It also helps the bank boost customer engagement and generates better revenue. This is because customer engagement and excellent banking experience are the two most important pillars that make any banking experience outstanding.

Bottom line

The online banking sector is about to transform the world of banking. Maximum proficiency and outstanding efficiency are what banks desire and to attain that, hire the best online banking software provider who offer an integrated solution to every problem.

What are the Payment Solutions that Banks Require in Modern Times?

The payment solution that banks require in modern times is Online banking. It is also known as Web banking and Internet banking. It enables the customers to make open payments from any application. There is no middle person and no unnecessary fees for the transaction. It makes communication easy with both parties. That is the customer and the bank. Online all banking solutions enable a customer to conduct any financial transactions via the Internet. 

Modern banking services contain innovative products such as Core Banking Solutions; Demat accounts; Debit card/Credit card; No frills accounts; Net Banking/ E-Banking; Mobile banking, Automated Teller Machines (ATM); Insurance, etc. These are some of the Modern banking services. This online banking provides customers with Services that are traditionally available in a local branch that contains deposits, transfers, and online bill payments.

Services that are provided in online banking services

  • To receive notifications, warnings, alerts, messages, this can be updated directly from the bank.
  • To chat with the bank and get information on the following:
  • To Pre-approved the loans
  • It enables Mini statements
  • Receive Card details
  • Fixed deposits
  • Credit Card balance and reward points
  • Helps in Funds transfer
  • Bill payments transaction 
  • To be notified about recent updates
  • Cheque Book requests
  • The payment feature is already underway and will be functional soon.

Core Banking Solution (CBS):

Core Banking Solution (CBS) is the connectivity of banks through networking their branches. It enables the consumer to manage their accounts. It provides available banking services from any branch of the Bank on the Core Banking Solution network. No matter where the account will be. The consumer becomes the bank’s customer. Under the Core Banking solution, they are interconnected with each other.

  • The core banking solutions are entrusted with protected services.
  • It sends notifications, warnings, information, and proposed Communication to customers. 
  • It also provides a keyboard-based auto-response
  • They provide the customer with a communication facility. That is two-way messaging.
  • They provide flexibility to their customers.
  • They have optimal control over their bank services.
  •  They enable us to obtain money online.
  • To deposit a cheque for credit into the account.
  • It enables the deposit of cash into the account.
  • To deposit cheques/cash into the account of some other person who has an account in a core banking solution branch.
  • To get the details of your account statement and online banking solution. 
  • To transfer the funds online from an individual’s account to some other account – have to provide both the accounts of Core Banking Solutions branches.
  • To obtain Demand Drafts from any branch on Core banking solution – the amount will be debited to the account online.

Net Banking:

It is the easiest way to go hand in hand with online banking. It is convenient for all, and the banking can be done from any place. It transfers the funds, payments, recharge, bills, balance inquiry, etc. without any delay. Each customer has his Identification no. and passport. It makes net banking easier. It is also known as electronic fund transfer. Online Digital banking solution enables the customer to conduct financial transactions through the internet. Consumers need not visit the bank for their basic transactions. A customer needs a mobile, their ID and password, an Internet connection, and a bank card to register. Once registered then the consumer is all set to use the online banking services.

Mobile Online Banking:

Mobile Banking is a medium provided by the bank for the customers. It enables them to make financial transactions through their mobile. It is also one of the easiest ways for online transactions. It enables us to transfer the funds, payments, recharge, bills, balance inquiry, etc. without any delay and query. 

Various online Banking services offer online banking varied by a different organization. Generally, many online services offer basic services like transfers and bill payments. While some banks allow their customers to open new accounts online. They also provide applications for credit cards through online banking portals. Other functions like change in address, ordering checks, stopping the payments on checks

Bottomline

Finacus has been one of the leading companies that is providing path-breaking banking products and services that are making banking easier, smarter, and safer for both end-users and service providers. To know more about these products, please contact us for a demo. 

How Does WhatsApp Banking Work?

WhatsApp or WhatsApp Messenger is widely used as an instant messaging service (IM- it is a cross_ platform centralized instant messaging)

It is an American freeware and voice-over service. It is maintained by Facebook, Inc. This widespread WhatsApp service enables the users to exchange text messages, video calls, voice notes, voice calls. Alongside sharing images, videos, documents, locations, and other services too. The WhatsApp application works not only on mobile phones but is also convenient to use on desktop computers.

WhatsApp upgraded its services to the next level. It is not only a software application anymore. It not only enables the users to chat, share documents, pictures, and videos. But also formed a partnership with banks to settle down the queries on a real-time purpose as an online bank software.

Formerly WhatsApp has accelerated its services in banking and transactional services throughout India. They allied with the Government of Delhi and the National Payments Corporation of India. Several banks formed their partnership with the WhatsApp services. They united their services with WhatsApp e-banking to facilitate better banking services in India. However, banks have boosted their banking services not only through WhatsApp but also on many other social media platforms.

WhatsApp banking is protected with end-to-end encryption as all the messages are secured in the same way through end-to-end encryption. Eventually, your account details are not shared with any individual. There is no need to input your confidential data such as PIN or password while using WhatsApp banking service or messages. As it does not offer transaction facilities.

WhatsApp banking services are extended by following banks like Private banks, Small Finance Bank, Leading Co Operative Bank, etc. This online bank software assists the customers to receive their updates and available services via the messaging platform.

Finacus Solution Pvt. Ltd. (FSPL) initiates the WhatsApp Banking Assistant. Through FSPL several banks or financial institutions can eliminate many drawbacks that are faced head-on by the banks or financial institutions with their customers due to lack of communication. Finacus’ solution characterizes itself with the innovative banking channel that connects the customers to the bank. They can communicate and expand digital financial services to a broader community of users.

Advantages of WhatsApp Services:

  • The Finacus Solution Pvt. Ltd. (FSPL) WhatsApp Banking is an End-to-End encryption solution
  • It sends notifications, information, and proposed Communication to customers. 
  • Finacus Solution Pvt. Ltd. (FSPL) WhatsApp Banking provides 24×7 service for their customers.
  • It also provides a keyboard-based auto-response
  • Intelligent conversation

They provide an in-build automated two-way messaging service to the customer. They provide the customer with a communication facility.

  • They provide maximum flexibility.
  • They have optimal control over their services
  • They provide the customer with smart operations- like a self-service dashboard, run campaigns, get reports, and analysis.
  • Finacus Solution Pvt. Ltd. (FSPL) WhatsApp Banking provides fully managed solutions for their customers.
  • It enables a Single API system in their online bank software.
  • Finacus Solution Pvt. Ltd. (FSPL) WhatsApp Banking provides you with Opt-in & Opt-out Management for the easy use of the customer.
  • They have a message template technique.
  • Interactive Two-way messaging conversation between the customer and the bank services
  • It provides the consumer with the menu of Core Banking system integration.
  • It also enables keyword-based Auto responses
  • It provides a smart dashboard
  • Rapid deployment

Transaction Performed using WhatsApp Banking Services:

  • It facilitates a balance inquiry.
  • It enables you to look over your mini statement.
  • It permits transaction status.
  • It helps with cheque book connected requests.
  • It enables you to help with debit card-related requests.
  • It enables deposit-related queries.
  • It provides an account statement.
  • Other facilities like fund transfer, Bill Payment (Financial Transaction), etc can be offered if requisite approvals/permissions are available

Bottomline

WhatsApp banking service has become a popular way for both customers and the banks to receive and send vital information regarding transactions and other services. Finacus with its revolutionary products and services is helping in making WhatsApp banking a successful endeavor.  Please call us for a free demo to know more about the products and services.

What are the Benefits of Contactless Customer Onboarding?

Technology has ushered every segment of the business with something or the other. For the bankers, it has made various banking processes simpler and secure. Unlike the banking methodologies followed two decades back where everything was done manually; modern banking takes into account the advanced digital infrastructure providing seamless, secured, and high-performance banking services to the customers.

The Core of Modern Banking lies in Real-Time Services

Customers have always looked for services that would provide them with comfort by being hassle-free. In these competitive markets, especially when FDI stands at 74% and 20% in private and public sector banks respectively, it is important for the institutions to offer the best services by introducing all possible means that would ease the hassles customers face. The management of the banks is now turning towards software-based companies to provide them with a new business model which would help increase and automate the banking engagements and customer relationships. These companies have stood up to the expectations of these financial organisations by providing them with innovative, integrated software solutions based on Artificial Intelligence (AI) and blockchain technology. The combination of the two in the online bank software ensures quick service to the customer without compromising with the security & safety of the information.

Advantages of Online Bank Software

Ever thought about how banking was two decades back? The employees in the bank fraternity who have either retired or going to retire in the next 3-4 years would recollect the days of the big ledgers, manual entry of data and transactions, the tension of data mismatch and forgery, and many more. The introduction of a centralised system and online bank software has provided the following benefits to the banks—

  • Quick redressal of customer complaints from any corner of the country
  • Keep track of the transaction and prevent money laundering
  • Secured mobile transaction and hence, reduced customers on the bank floor
  • Offer an end-to-end and point-of-sale solution 
  • Easy and quick bill payments for the customers
  • Conduct real-time and instant solutions to account opening and Know Your Customer (KYC) related formalities
  • Contactless Customer Onboarding process

Contactless Customer Onboarding with AI & Blockchain

AI and blockchain have been the buzzword and very few of us know that the application of these two technologies is now used in the contactless customer onboarding process. The recent pandemic has forced us to maintain a distance and banking falling under the essential services category, the bankers had no relief. They had to continue their services towards the people. One of the essentials being the opening of basic savings bank deposit account (BSBDA) and fixed deposits (FD). The use of the robust, agile, and future-ready online bank software has made contactless customer onboarding possible. The following are some of the ways by which banks have been benefited in using this product—

  1. Reduced Risk of Contamination

Banking professionals are not going to get in contact with a person (irrespective of whether he/she is a carrier or not). The person availing the services would have to upload all the documents on the cloud and a person would verify the details via video conferencing. Thus, eliminating the in-person verification process.

  1. Reduced Time of Customer Onboarding

The traditional onboarding process took close to two to three weeks with a lot of manual work and increasing the chances of errors. On the other hand, this online contactless customer onboarding feature of online bank software does not take more than 30 mins. The maximum time that is consumed is during the verification phase. This phase includes processes like the customer identification process via video conferencing and then checking compliance through open API. It takes a maximum of 15 mins.

  1. Reduced Error

Manual input has always been filled with errors. The introduction of technology and analytics has increased efficiency considerably. Banks at the global level are going for facial, biometric, and voice analytics for online onboarding with zero error.

Bottomline

The above-mentioned are some of the benefits associated with the use of online bank software and the online boarding process. Finacus are into the development of such kinds of software and are also offering a demo to get the application verified in terms of user experience and usability. 

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.