Mobile technology has changed the way that people work with their finances. Exchanging cash and writing cheque have transitioned into online payments and contactless checkouts. These changes have also impacted what customers expect from the banking industry. Today, consumers assume they will have access to their bank accounts whether or not their closest branch is open.
While tellers and account managers may be the face of a bank branch, the most important work of the bank is done behind the scenes. Banks must process large amounts of customer account information efficiently and accurately. For this to be done throughout an organization, it requires powerful backend resources that can interact with several banking tools.
“CORE” is an acronym meaning Centralized Online Real-time Exchange. Custom core banking solutions are software programs that allow bank customers to carry out traditional transactions like deposits and withdrawals without needing to find an open branch. They can access their funds through ATMs, an online website, a mobile device, or any bank branch in the system. Core banking software solutions are the backbone of customer service in the modern banking industry.
Incorporating core banking software into your financial organization benefits both the company and the consumer. Customers love the ability to make deposits remotely, make online payments, and move funds between accounts when they are sitting in the convenience of their homes. It is important to recognize that a bank that cannot meet these customer expectations will have a difficult time growing its market share.
This new kind of customer convenience benefits the bank as well. When basic transactions happen online, customer representatives can spend time dealing with more complicated needs. Customers are simply in a better mood when they do not have to wait in long lines for service.
Core banking software also helps the overall operation of a bank. It gives all bank employees a standardized process for receiving customer information, posting transactions, and making changes to an account. This will minimize the cost and inconvenience of errors. The reputation of a bank depends on its accuracy.
Well-designed backend software will also help reduce costs by streamlining the operation. When you are ready to release a new financial product, it can be done across the entire organization at once. Reports to comply with oversight regulations become much simpler when all of the information is quickly accessible.
Banking organizations come with many different needs and in different sizes. The banking solutions that work for a large, national banking company will not be appropriate for a local financial institution with few branches. When you partner with an experienced software company, you can find the custom solution you need to supply your customers with the banking services they require.
One of the big advantages of a custom solution is scalability. Your software partner can develop programs that will meet your current needs and anticipate where you plan to go in the next few years. With the right basic infrastructure, your core banking solution can easily adapt to new products and services as you grow.
Core banking software programs only work if all the pieces fit together properly. Custom-designed banking software allows for the full integration of your banking system. This means that it can process information from your ATMs just as easily as it does a bank employee’s desktop computer or a customer’s mobile app.
In banking, the safety of customer data is critical. Any kind of data breach or online attack can be devastating to your organization. One of the advantages of a custom solution is the ability to add extra levels of security. Since it opens more possibilities of reward, hackers are more likely to look for the vulnerabilities of general banking software packages. Custom software designers can learn from those attacks and make their products safer.
Your banking software development partner should be well aware of the basic needs of the banking industry. Although there are many ways to customize your solution, there are some standard features you must consider.
Your relationship with a new customer begins with setting up an account. The right banking software will make this process simple and fast. Once you are through the initial setup, your banking solution can allow customers to create and maintain multiple types of accounts without stepping into a branch. If there is ever an issue with a customer’s account, he or she will want to know right away. Your banking solution should be able to reach customers through SMS messaging or automatic emails. This communication will make it just as easy to send a message to every customer as it is to send a single message to an individual.