As regulatory requirements continue to change, your enterprise would need to keep pace. Your banking system is an avenue to realize increasing compliance and competitiveness. Core Banking Systems (CBS) replacement, upgrade, or support and maintenance usually involves significant effort and investments. You might end up wasting time and money if the right banking system is not selected and proper strategies are not in place. The precise CBS is one that fits your transformation strategy, enterprise operation and provides capabilities to extend your offerings into the future.

Advantageous Proposition of a

future-proof Core Banking System

A future-proofed banking system is built on adaptable architecture, APIs and has flexible deployment options – on-premise and in the cloud which enable quick deployment of products and have the ability to respond swiftly to customers’ changing demands. It should provide necessary tools to serve customers across multiple channels by allowing them to bank when they want, where they want, and how they want:

  • User friendly & Consistent Singular Experience: A future-focused CBS should be built with user-friendly features and should have simple workflow that will be appreciated by customers. Having a consistent functionality across all platforms and channels will lead to good user experience from an operational standpoint. From a workflow point of view, the CBS needs to deliver great outcomes. Customer experience and user-friendliness in navigation, layout, and processing might add tremendous gains to the company’s ROI from the system.
  • Fast and Seamless processing: There is need to provide fast and seamless services in order to stay ahead in today’s competitive environment. A future-proofed CBS is built with innovative technologies that ensures quick transaction processing across multiple channels resulting in efficiency and effectiveness.
  • Flexible Deployment Options: Flexible deployment options are considered in a future-proofed CBS. You have the choice to either choose on-premises or cloud deployment. The operational costs for cloud deployment is low when compared to on-premises deployment. All matters like installation and upgrades will happen automatically on the cloud and frees up IT resources. The cloud option enables cost savings.
  • Agile and Extendable Architecture: The architecture of a future-focused CBS is adaptable to support the acceleration of Time to Market of enterprise products. It supports and can be integrated with third-party apps and APIs that can be used to extend existing and future functionalities.
  • Secure Operations: With advancement in technology, it has become imperative to keep confidential information secured at all times since hackers continue to use sophisticated measures to steal customer personal information which may result to loss of credibility and reputation. A future-proof CBS has multiple security mechanisms built-in, to secure your clients critical financial and personal information.

To conclude, a future-proofed CBS will enable financial institutions to automate processes, realise  cost savings, faster turnarund time and enhanced customer for achieving cost savings and enhanced customer experience.

Ahead banking software is a future-proofed inclusive core banking system for Microfinance, Credit Unions, Savings and Loans, and Digital-only financial institutions with essential capabilities to extend your products and services into the future. Contact us today!

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