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.
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, 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
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.