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Digital Transformation- A Boon for Core Banking 21 December, 2020   

In this age of digitalization and progress, banks are moving faster towards acquiring a significant transformation in their mode of handling tasks and operations, and there they first need to digitize their core banking platforms. With the rapid advent of technology, the entire system of Core Banking started embracing digital transformation, and it is currently spread across the globe. 


To be specific, Digital Transformation in Banking is a difficult and complex procedure which involves a wide range of factors including people, culture, and change management and there the vital mechanism of banking should be operated with utmost responsibility and this revolves around progressing regulatory environment, constricted operating margins, and extremely disruptive industry novices. 


How does Core Banking Transformation work?


In recent times, Core Banking Transformation started getting recognized as the backbone of IT infrastructure. It functions either to replace or to upgrade or to outsource a bank’s CBS which is getting created with the help of integrated software applications. 


Digital Transformation Services

  • Helps in reducing back-office expenses

  • Expands and improves their relationship with customers.

  • Creates opportunities to generate new revenues.

  • Massively increase cross-selling and up-selling products.

  • Equipped Sales Team with advanced customer relationship management tools.

  • Generates unique pricing models based on customer’s profitability and profile.

  • Helps in creating a fee model that helps to link with value-added services.


Benefits of Digital Transformation in Banking

  • High-Profitability

  • Ensure Customer’s loyalty

  • Elevate Scalability

  • Improve Scalability

  • Minimize Potential Risks

  • Standardize Operations

  • Ensure Efficiency 


What is Core Banking System?


As defined by Gartner, Core Banking System is the back-end system that indulged in processing daily banking transactions, and later it enables certain updates to account and other financial records and it is typically inclusive of loan, credit, and deposit capabilities, by implementing interfaces to a general ledger system and reporting tools. 


Types of Core Banking Systems

  1. Retail Banking: Serves individual customers.

  2. Wholesale Banking: A business negotiation occurs between banks.

  3. Security Trading: Indulge buying and selling stocks, shares, and others. 


Researchers approved that Global Retail Core Banking System is undoubtedly regarded as the top core banking system and there market tends to assist CBS vendors based on the multi-currency products which they offer to support a bank’s financial transaction management. 


Core Banking Services

  • Introduce new ways to operate faster, smarter, and cheaper

  • Utilize intelligent automation

  • Initiate cloud-based core banking service

  • Implement liquid workforce and other business innovations to emphasize a real-time digital customer experience at length



Introducing Core Banking Solutions

Core Banking Solutions which are technologically advanced in nature, tend to be highly focussed on conjuring digital channels together and this is done by enhancing the flexibility and scalability of it at length. As soon as Core Banking Solutions hit the market, it becomes quite easier and accessible for banks to incorporate variant new products in their list and this inevitably leads to an earnest fulfillment of customers’ expectations to a greater extent. 


Challenges faced by Core Banking Solutions

  • In handling Social Networking sites.

  • In tackling the Mobile Cloud

  • In implementing collaborative technologies.


Core Banking Application

Core Banking Application Software can be regarded as a series of encoded information or computer instructions, needed to assist banking transactions and thus, core banking application is a major investment with which all the banks prefer to incorporate certain banking software applications, along with other applications that ultimately help in assisting transactions like wealth management, financing, and lending. 


List of Banking Softwares

  • Infosys Finacle

  • Oracle Financial Services Software by Oracle Corporation

  • Cleartouch, DNA, Precision, Premier, and Signature from Fiserv

  • Canopus Epay Suite by Canopus Innovative Technologies

  • Fidelity Nationa Information Services (FIS)


Finacle Core Banking System

From the above-stated list, Finacle can be regardlessly accorded as the best core banking software. It is the leading-industry, which implements universal banking solutions from EdgeVerve System. It has the power to help financial institutions develop in-depth connections with stakeholders. It even has the power to initiate continuous innovation and can even accelerate immense growth in this digitized world of today. 


“Banks over 94 countries have selected Finacle as it has already elaborated its potential in serving over 848 million customers and it duly covers 16.5% of the world adult’s banked population with ease.”


Top 10 Finacle Core Banking Solutions Cover

  • Core Banking

  • Mobile Banking

  • E-Banking

  • CRM

  • Payments

  • Origination

  • Treasury

  • Liquidity Management

  • Wealth Management

  • Analytical Needs


Conclusion

Thus, it can be said that core banking technologies are changing with each passing hour of digitalization and it is turning hard and challenging for financial institutions to ensure modernized platforms that can serve faster, easier, and cheaper modes of transactions, by implementing innovative tools to manage money safe and secure.  


core banking digital core banking core banking solutions core banking software

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