Today Banking as a business has grown tremendously and transformed itself from only a deposits taking and loan
providing system to an institution which provides an entire gamut of products and services under a wide umbrella.
All such activities commenced by a bank is called Core Banking.
Features of core banking software
Core banking platforms offer a myriad of features and applications. These key features of core banking software make
the whole process of digital transformation absolutely worth it.
- Customer onboarding: In a traditional banking scenario, customer onboarding is one of the most
cumbersome tasks. Core banking applications make this process extremely easy. There is no hassle of endless
paperwork and multiple verifications; the entire process is digitised and completed within a few clicks.
- Digital cash management: Day-to-day cash transactions such as deposits, withdrawals, and
transfers can be processed digitally without any in-person contact. This makes the mundane banking activities
safe and efficient. This also includes other banking activities such as bill payments, credit card payments, and
online retail transactions. This is particularly convenient during the times of Covid-19 when customer safety is vital.
- Secure data management: Data migration and data management are two of the most critical aspects
of the banking sector. Core banking platforms make data management both manageable and seamless. Consolidated
information that showcases customer data, business data, and transactional data can help the bank make important
decisions. Accurate data management can help a bank recommend the right financial products to its customers.
Business and transactional data can help banks evaluate growth strategies and launch new products that benefit
their customers.
- Mobile applications:
A mobile app has become an essential extension of a bank’s digital
presence.
Mobile applications and Net Banking facilities allow customers to access their account from anywhere. This
ensures customers that they can carry out their banking activities without any interruptions. This also improves
customer engagement in banking.
- Advanced security integration: As banking activities continue to migrate online, money
mismanagement and fraudulent transactions may occur occasionally. One of the key advantages of the core banking
software is the top-notch security integration across all the verticals of a bank. Features such as dual
authentication processes and digital identity management ensure tight security to both the banks and their
customers.
Conclusion
We hope this article helped you understand the importance of core banking systems and offered further insights about
core banking system features.
There is no denying that the business of banking is a complex one. Core banking software and advanced banking
applications can help banks adapt to the digital era and provide great customer experience. After all, customer
engagement and a superior banking experience are the two pillars the drive both growth and profitability of a bank.
However, if you ever find any issue, need help, or just want to say hi, feel free to send us at email at info@sakoly.com — We will be happy to help you.