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.

Top 10 Useful Facts You Should Know Of Online Banking

Through online banking, you can manage your money online with the help of your mobile or computer. There is no need of visiting the banks but can do all the bank associated activities at all your convenience. Online banking is very easy to use. Electronic money is getting very popular. Many countries in the world are operating completely cashless. Banks have contributed a lot to this evolution process. Now you can conduct business from anywhere and at any time.

Let us see some of the most useful facts that everybody should know about Online Banking solutions. However, its facts are as follows.

Open Accounts

You can check all kinds of accounts online. There is no need to print or sign anything. Previously, there was a need for you to spend a long time with a personal banker during the business hours to fend off the sales pitches. With the electronic signature now in hand, it takes just 10 minutes now.

Pay Bills

With the help of online banking, you can transfer the money to the payee electronically. It can be done even if you had to transfer a different amount every month. There is no need to write a cheque to pay the bills now. The bank can just take a print and mail it to you.

Transferring Funds

To move money from the checking account to the savings account or to put extra cash to your certificate of deposit or to open a brand new certificate of deposit there is no need to visit a bank. There are also ways in the banking software to link the bank account at different banks and can zap the money back and forth.

Apply For Loans

Loans will automatically make us remember the intensive paperwork. But now with online banking, you can type all the required information. The process will immediately start to cheque your credit and the bank itself will get back to you with an answer. Some lenders operate completely online and they make instant lending decisions.

Guaranteed Good Rates

Online banking provides competitive rates. However, you have to shop around to know where the best interest rates are given.

Deposit Cheques

There are many ways to deposit the cheque given by someone. The fastest and easiest option is to use the remote check deposit. You can just snap a photo of the cheque and give it to the bank for payment. There is no need to visit a branch or mail the cheque. You can also do the same with the mobile device.

Stay Informed

There are options in the online banking software, to check your accounts manually. You can even use the text messages to manage your account, check the balances and many more. With everything being easily available, opening an app to find the balance in the account can seem to be a lot of work. Instead, you can send a text and avail of the information.

View History

It is very easy to get access to online transactions. You can download all the historical statements as well.

Speed

The speed of the transaction is very fast because of the use of online banking along with the ATMs in comparison to the customary banking. Updating and maintenance of direct accounts are very easy. The time taken for changing the mailing address is also reduced to a great extent.

Dodge Fees

Online bank services will cost very less and still, all the online banking providers are providing many offers for us to take advantage of.

Digital Banking Engagement Requires Giving Consumers More Control

From opening a new account to carrying out any deposit or withdrawal into that account, every aspect of a customer’s engagement with a bank used to involve face to face interaction with the personnel at the bank branch. The branch was the primary channel for financial transactions, query resolution and fraud intimation and resolution. Then banks came up with ATM machines to reduce the need for a customer to walk into a branch for money. The next wave was the widespread introduction of internet banking channels, which facilitated the usual banking transactions from the comfort of one’s home or office. For the last few years, we have moved into a completely personal banking channel – the mobile phone.

banking software services 

What Is Digital Banking

The completion of banking transactions with the help of banking software to completely do away with the need to walk into a branch is called digital banking. People often use the terms digital banking and internet banking interchangeably. But internet banking is actually one component of the digital banking experience. Digital Banking goes beyond the deposit, withdrawal and transfer of funds from or to an account. It encompassed elements of customer service, fraud prevention as well as non-banking investment avenues.

Consumer Control

The last decade has seen great strides made by banking software services which have placed the customer firmly in the driver’s seat. They can now control every aspect of their banking, which earlier needed multiple visits to the bank, and dependence on bank staff. Most people express satisfaction at the convenience of digital banking, but the real change that it has brought about is that there is no longer any dependence on bank personnel for most banking activities. Let us look at some of these changes and how you, as a customer, get better control over your banking activities.

Best Offers

Have you noticed that when you browse the current ticket prices for a flight, your Facebook feed shows you the current offers from travel aggregators? That is the magic of algorithms and artificial intelligence. When you access your bank through your mobile app, the details of your regular transactions are crunched and you will see intelligent suggestions being provided.

Convenient Payments

You don’t need to log in to your bank’s website to transfer money or make payments anymore. Aided by good banking software services firms like www.finacus.co.in and others, the UPI helps transfer money from bank account to bank account conveniently. The app would facilitate such payments on the go using just your mobile phone, so you are in complete control of where and when you want to make payments.

Fraud Prevention

Remember those days when you needed to call up the bank to inform about extended travel so that they could expect account usage at locations outside the usual. With the advanced banking software, we have today, the mobile phone app would automatically keep updating your location.

Conclusion

The control of banking services by a customer is now literally in the pocket of the customer, and banks are redesigning their product offerings to stay relevant to this paradigm shift.