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, 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
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.