To remain competitive in the marketplace, FIs would need to consistently offer efficient and innovative services powered by secured and modern infrastructure. For instance, across the world, remote banking has become a necessity because of the COVID-19 pandemic and higher volumes of transactions now occur online compared to over the counter transactions at bank branches.
MFIs and CUs with less enabled capabilities will struggle to compete with their counterparts. Despite formulating innovative ideas and unless strategic measures are put in place, their legacy banking system might make them to take one step forwarded and two step backwards.
Embracing a future proofed modern banking system is the right way to go. The core system of AHEAD is built on open and rich architecture of components that is flexible to incorporate future technologies and adaptable to accommodate subsequent requirements. Some of its competitive advantages include:
- Simple user friendly Interface – A clean, intuitive and responsive user friendly interface that is easily accessible to customers and bank staff. Customers should be able to easily access available offerings on the platform without ambiguities. Bank staff should be able to productively utilize the system with minimal learning curve. Ahead provides this.
- Multi-platform accessibility – Customers should be able access the system on multiple platforms and should be able to effortlessly transfer money to other accounts anytime. For instance users should be able to set up a one-time or recurring payment in a matter of moments. Extensive money transfer facilities should be implemented such as, Intra-bank fund transfers, standing orders, transfers to other banks, transfer to mobile wallets, bulk payments, bill payments, and more. Implementing responsive design enables a dynamic payment interface that automatically detects the customer’s device, provides a suitable display option and adjusts immediately. Ahead provides this.
- Security options such as Two-Factor or Multi-Factor Authentication – Simply requiring the submission of a single password before granting access to a user is a defense system which can be exploited. By adding a multi-factor authentication feature – such as generated one-time passcodes or fingerprints via the enabled device – provides an additional layer of defense which cannot easily be deceived. It should also have end-to-end encryption. Ahead provides this.
- Customer Service Facility – Having a means of providing instant support to users, like a chat facility via the online portal or mobile app, will have a positive impact on customer loyalty. For instance, in banking, getting help from a personal banker quickly, or set up an appointment with a financial advisor, should be possible via the app. Users should also be able to browse FAQ’s and video tutorials to get help without speaking to anyone. Ahead provides this.
- Real-time email alerts and text Notification – This feature helps customers to stay on top of their finances via event-based push notifications, SMS and email alerts. By sending a quick, real-time email or text alert to notify the customer of account activities could easily prevent fraud. For example, some mobile bank applications allow the customer to be notified if more than a customer-specified amount of money is spent. This type of notification could easily let someone know if their information has been compromised, as they would likely be aware of such a large amount of money being spent from their account. Additionally, the customer should be able to obtain a quick balance, transaction details and receipts. Users should be able to “preview” or “peek” at their account balance with a swipe. Ahead provides this.
- Instant transaction processing & tracking:In today’s competitive landscape, delivering fast, affordable and reliable payment processing is necessary. With one payment platform, you can offer affordable and instant payment services. Real time transaction data which can be utilized to provide insights for informed decision making. Your customers can easily track transactions in real-time resulting in transparency. Ahead provides this.
- Risk and regulatory compliance: The modern and open architecture of afuture proofed core banking system makes it easy for your financial institution to meet regulatory compliance and mitigate various forms of risks. For instance, transactions can be easily connected to fraud detection and anti-money laundering systems and watch lists, so that transactions are processed without compliance issues, but with effective security in place. Ahead provides this.
Ahead banking system is an innovative core banking system that offers an ecosystem of financial capabilities, poised to future-proof your bank. It is backed by a team professionals with comprehensive knowledge and extensive core banking systems experience and interfacing products such as channels, payments, and online identification services. We will be happy to provide you with a proof of concept and answer any questions you might have. Contact us today!