The banking sector across the world has been experiencing immense digital transformations in recent times, due to the need to increase customer acquisition and retention, transactions security, and digital service delivery expectations, which requires that banking systems should have innovative capabilities.
A modern core banking system should provide access to all of the traditional core banking activities and services through digital channels. It should process daily banking activities and carryout account updates. It ensures that customers have access to required banking services at their convenience from any location and at any time. So the efficiency of its performance must be a priority to consistently keep customers satisfied.
6 top features of a modern core banking software include:
- Onboarding the customer: One of the most cumbersome tasks in traditional banking is customer onboarding. With core banking applications this process is extremely easy. There is no difficulty of endless paperwork and multiple verifications; all of the processes can be digitized and completed, eliminating customer waiting time.
- Digital transaction processing: Physical contact at a bank branch is no longer necessary, since day-to-day cash transactions such as deposits, withdrawals, bill payments, credit card payments, and online retail transactions and transfers can be processed digitally, which makes banking activities safer and efficient.
- Effective customer data management: Consolidated information that showcases customer data, business data, and transactional data can help your bank to make important decisions by being able to identify and recommend the right financial products to customers. By analyzing your business and transactional data your bank will be able to evaluate growth strategies and launch new products that can benefit your customers. Core banking platforms make customer data management both manageable and seamless.
- Mobile application facility: Providing banking services via mobile applications and online via web portal will allow your customers to access their account from anywhere without any interruptions. Having a mobile banking app extends your bank’s digital presence and will improve your customer engagements.
- Advanced Multi-layer security: One of the key advantages of a modern core banking system is the top-notch multi-layer security mechanism, across various digital channels, against fraudulent transactions and misappropriation. For instance, mechanisms such as dual authentication processes and digital identity management will ensure tight security for banking personnel and their customers.
- Alert notification and revenue generation: Core banking system architecture offers an easy interface that integrates ledger systems with technologically advanced reporting tools which make the management of everyday banking activities extremely fast and efficient. For example, it can support the notification to your customers of any transaction on their account (s), provide transaction history or mini-statement, or current account balance via preferred communication platforms, such as email or SMS. Using a core banking software will increase the productivity and overall revenue of the bank by a huge margin.
Using a modern core banking system can help your bank to transform, compete and attain new levels of profitability in the market place by providing superb customer experience and engagement, and more opportunities for growth and expansion.
About AHEADAHEAD is an inclusive, modern core banking system that is built with future proofed features and flexible offerings that can enable you to realize your digital banking transformation. What are you waiting for? Make the right move today. Contact us now.