Traits of core banking architecture in banks

Posted by Lisa Williams on April 23rd, 2019

Banking solutions not only make trading effortless for the customers of a bank, but they also aid bankers by making the process of banking simpler for them. In fact, there are number of positives of banking solutions for the bank itself. Let us see what they are.

• Structures a strong base among customers
  Core Banking Solutions allow the banks to provide excellent, timely customer service and hence, provide an exceptional experience in terms of its use. It not only lets patrons access bank records from any interconnected branch of the bank from across the globe, but it also provides customers with an opportunity to maintain their bank statements anytime and anywhere. These solutions have allowed the banks to come up with customer-centric financial commodities and services. This has allowed the sector to move on from the old, complicated and slow hand-operated banking processes.
• Numerous benefits of such architecture
  Core banking architecture is highly effective in organizing the flow of available information within the system, to and from the concerned authority.
  • It contributes to decision making with its fast and accurate data.
  • Customers are the primary and only concern in this approach. Serving the customers appropriately with the help of their services is a great benefit to the bank.
  • The low cost of effective compliance is another positive for the bank.
• Essential Elements
  With straightforward transactions and a clear banking experience, banks are able to retain their existing customers and attract new customers. They are also able to maintain a strong bond with their customers.
  • Fast and smooth transactions is one of the important features that helps the banking sector.
  • The databases are updated in real time, which improves the efficiency of the work.
  • Automated instructions and a centralized system for users irrespective of their account type.
  • 24x7 accessibility to banking services
• The range of services provided
  Opening a new account, depositing and withdrawing money, and making payments through NEFT, RTGS, and IMPS are supported by core banking solutions. It stores information related to loans, cheques, and also calculates the interest on a sum of money. It is highly effective in creating a good relationship between the customer and the bank.
  
  The road to these solutions has been transformational in nature. While everyone is trying their best to provide better services and a more satisfactory experience to their patrons, the future of CBS is unpredictable. Having said that, one cannot overlook the wide range of benefits and features that it provides.