Why should your bank opt for t24 core banking

Posted by Lisa Williams on March 14th, 2019

Most of the developments can be attributed to the improvement in the domain of digital technology. Out of all the developments, the one which can be considered to be the most revolutionary is the use of core banking software for conducting various banking operations. The function of core banking software is to centralize all the transactional data in a common database and facilitate the exchange of data by using the interlinked servers of various branches of the same bank. This has enabled bank customers to do all their banking activities at any branch of the bank within the country, irrespective of their base branch. A banking customer is no longer required to visit their base branch for operational needs such as cash deposits, money withdrawal and passbook printing. Moreover, the use of core banking software has allowed banks to introduce kiosks at offsite locations, where bank customers can fulfil their banking needs anytime that they want.

Needless to say, a number of software development companies have introduced core banking software in the market. Although all the core banking software’s available in the market work on the same principle, their quality varies in terms of performance and data integrity. In this regard, the newly introduced T24 banking software can be considered to be the best product as it has been developed while keeping data security as its main focus. Almost all the leading banks have acquired T24 banking software to serve their customers in a better way.

Probably the most important feature of this softwareis its ability to update data in real time. Because of this feature, it provides the opportunity to update customer data in the bank server, that too in real time. As a result, data reconciliation is done very quickly and any data updated in the servers of the banks becomes visible to the customers through the web platforms and the mobile applications, without any time lapse. From the perspective of the banking organization the software is highly scalable. It allows high level configuration in its features which allows the banks to incorporate all the changes that they want in the software. This can be done without much developmental difficultly.

All the aforementioned characteristics of t24 core banking bring down its total cost of ownership. Although the banks need to shell out a huge fortune to buy the license FOR t24 core banking, they start getting returns within a short period of time. This is the reason why most of the leading banks today prefer T24 as their first choice of core banking software.