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. 

Are Banking Software Solutions Future-ready

As we travel into an era where technology results in all differences, banking and financial institutions need to look into important aspects of putting together an ideal banking software solution. In short, banks should be prepared for the upcoming storms and also be well-equipped to override future challenges to offer convenience for the customers. But before introducing banking software solutions that are future-ready, financial institutions should focus on various important parameters that can have an impact on the futuristic solutions. Here is how to see if the banking software is future-ready? If not it is time for the banks to focus on enhancing the tech to support the millennial customers.

Channeling resource

How customers take a look at the banking transactions has evolved because of which the future will drive the financial institutions to uncover real-time and consistent data during all times. In essence, the ways and methods adopted by the banks and financial institutions to channel resources might go a long way and impact all banking solutions. As the foresight leads people to a stage where the banks would be conducting banking services through any channel, where the consumer can initiate a transaction in one channel and consummate in another, deep thoughts in various possibilities guide the financial institutions to introduce an ideal solution to focus on customer needs.

Risk tolerance

There is a significant increase in the way customers view risk tolerance. This is another significant factor that can affect the banking solutions on the whole. Needless to say, the financial institutions are in a position to go the extra mile to understand the requirements of the customers before introducing a banking software solution that caters to the needs of the customers.

Customer-driven innovation

Handling customer expectations and seeding trust are the main factors that can have a resounding effect on the way financial institutions could put their technology to good use with better investment. In simple words, the banks should introduce software that is customer-driven through the novel solution to be ahead of the future challenges and surpass the customer expectation at every stage.

Security and privacy

As technology is resulting in far-reaching changes with every day passing, the cashless world is not miles apart. Though the technology could support financial institutions to launch solutions that paves way for convenient banking, some factors require the bank’s attention. The banks and financial institutions should find an ideal answer regarding the privacy and security issues that arise due to the improvements made. The solutions that offer a proper concern for the issues will come in handy for the banks to face future challenges in an effective way. While there is a pressing necessity to introduce futuristic banking software solutions, the banks should take a look into the important parameters to bring out the novel solution which is in line with the customer needs.

Digital banking system 

FinCore a robust and complete web-based digital banking system helps banks and financial institutions to address the latest challenges and future challenges in the banking sector with a space for cost reduction and enhanced customer management.

Features of FinCore

• All-in-one banking solution with support for a wide array of banking operations

• A web-based application

• Completely integrated solutions for simple and quick implementation

• Easy management of large transactions

Benefits of the core banking solution

• Introduces the bank to seamless and efficient process

• The high-quality documentation flow

• Eradication of redundant process

• Transfer to centralized processing

Bottom line

It is time to enhance your banking solution with future-ready software from Finacus, the best banking software provider in the country. For further details and real-time experience through a demo, contact our executives.

The Digital Banking Essentials in the Indian Financial System

The face of banking in India is rapidly changing in the last few years. More and more businesses are going online with the financial aspects of their operation. Revolutions like the Unified Payment Interface are taking reign. So, where do the online banking solutions come into play within this exciting new era of a cashless society?

With a fast-paced revolution taking place within the Indian financial system, a plethora of new online banking software is on the rise. But what makes and breaks digital banking solutions within such a competitive market? There are several digital banking essentials to take into consideration when you’re about to launch your own online banking services. Even if you’re already going online, these few tips may just improve your overall banking operation.

Smooth Operation

Availability of options is key when you’re jumping on the digital banking solutions bandwagon. Essentially, you want to operate everywhere; from the web-based interface to smartphone operation. And you want to integrate services with advertisements on major online platforms such as Google, Facebook, Amazon, and Apple.

It’s all about letting your customers immerse in a wholesome banking experience with your omnipresent digital operation. It’s essential that your online banking software retains compatibility with the bank’s core system.

User-friendliness

A lot of digital banking solutions seem to overlook this important aspect of providing their digital service. Even when your whole system is secure and reliable, there isn’t much for the customers if the new apps they’re using are using are only frustrating them.

Banks want to give extra features that seem interesting to your users, often they can lead to the more sophisticated banking experience you may have on offer. But, an easy-to-understand user interface is essential to give your customers the best experience yet. When online banking solutions become a daily part of life, what you want to do is add value instead of adding to the clutter of everyday life.

Streamlined Banking Technology

Of course, you want your banking solutions to be a widespread use. One major aspect to achieve this is by making sure your online banking software is streamlined across platforms of other financial services. Cooperation with major and minor retail agencies to provide a seamless transaction for your customers is key. You want to provide easy access to payment, such is the case with online purchases, that keeps your users using your solutions.

Fast, Reliable, and Secure Network

Probably the most essential aspect of a digital banking, although it remains hidden from any crowd’s attention. When digital banking becomes all about easy access to making transactions, it’s imperative that methods of security are also increased in order to maintain that ease of use. What the customers want is a secure payment system that won’t drain the energy out of them by worrying, in the quickest way possible. Nobody can go wrong in ensuring maximum data protection when it comes to implementing digital banking.

Digital Banking – A path towards Cashless Future

In 2016, demonetization created shortage of currency in India, this led to an urgent need to change banking. A solutions was required which would help people to conduct banking at ease, without the need for cash. This was the right time to promote internet banking, mobile banking, mobile wallets and other digital payment options that were not widely used and accepted. This created a growth opportunity for Digital Banking in India.

The Smartphone market in India has significantly grown in the last decade and their users have increased drastically and also, introduction of low-cost smartphones has resulted in an increased user base for them. Competition between new entrants and existing manufacturers in mobile phone industry has benefited the consumer in both price and features. It is predicted that by 2021 the number of smartphone users could reach 468 million users from the current 340 million users in 2017. While telecom service providers offer internet connections at low tariffs, the reach of internet has increased to support the growing smartphone user-base. This opens a world of opportunities for digital banking solutions.

The Payments industry in India has gone through a lot of development, currently India has payment options such as:
1. Cash
2. Cheques
3. Credit and Debit Cards
4. Internet Banking
5. Mobile Banking
6. USSD
7. Unified Payment Interface(UPI)
8. Bharat BillPay
9. Aadhaar Pay
10. Mobile Wallets e.g. Paytm, Oxygen, Phone Pe, etc.
11. Contact less payment options – Samsung Pay and Apple Pay.

The payments system can be now divided into two stage i.e. Pre Demonetization and Post Demonetization.
1. Pre Demonetization period- Dominated by Cash and Cheque payments followed by Credit Card and Debit Card payments being accepted by few merchant and resellers.
2. Post Demonetization – evolved payment systems and adopted digital payment technology.

Apart from traditional banks entering the digital payments segment, change in rules and regulations has allowed new entities to operate mobile wallets, payment banks, etc. Today, digital wallets are used more often by consumers replacing traditional payment methods.

The exponential growth in E-Commerce has been a major factor in leading people to use digital payment methods. For e.g. E-commerce websites introduced Card-On-Delivery (COD) payment services which allows the buyer to pay by Debit/Credit Card at the time of delivery, this is implemented in all major of cities and other parts of India.
NPCI introduced Bharat BillPay and BHIM app to increase cashless transaction while paying utility bills and transfer money immediately in real-time respectively.

Traditional banks in India have transformed themselves into modern digital banks. This major step has increased the use of digital banking. They are promoting the use of Digital Banking Services as this helps the banks to reduce the cost of operation and enhances the overall customer experience. A simple digital banking channel will allow Non-Digital Customers also to start using these Digital Banking Services.