Benefits of Core banking software

by Bappaditta Jana share market adviser

From any part of the world, if you want your branches to be centrally connected and your customers to access the same, the only choice is Core banking software. Core banking software has changed the way of banking. Alignment of business process across all branches of a bank was the initial intention of the first version of the core banking software along with providing a friendly banking experience for the customers. Core banking software allowed customers to access their bank account and perform basic transaction within the bank network. With technological advancement Core banking software has evolved a great deal. The latest version is comprehensive, all-inclusive software suites which allows banks to take care of all their technological as well core banking needs from a single platform. The foundation of a banks success is actually laid on the Core banking software platform. A good Core banking software can align business process across multiple branches, streamline the data management and can also come up with business analytics.

Benefit Core banking software:

Customer loyalty – Exceptional customer service is one of the outcome of a good Core banking software. It’s not only a way for the customers to access their account but it actually allows the customers to bank 24*7 and that too from any part of the world. With all these added options, with Core banking software, it has become easy to Retain Existing Customers, Attract New Customers & take Customer relationship beyond transactional experience.
Employee Efficiency – Business process becomes lean & efficient with the help of Core banking software. Customer database management becomes easy along with general ledger & reporting resulting reduced workload for the frontline staff. Communication is one of the major features of Core banking software and it allows employees to easily access customer data across multiple branches. It helps to achieve seamless and efficient outcome resulting in more business opportunities. Core banking software automates the majority of the transactional activities reducing the chance of manual errors and taking it to almost zero.
Operational & Support Expenses - Compared to normal banking, Core banking software allows banks to handle more customer volume more efficiently. Online banking, one of the feature of Core banking software, decreases the no of branch footprint allowing the banks, branches reduce the operational and support expenses. With implementation of Core banking software, ATM, Internet Banking, Mobile Banking and Payment Gateways has come onto picture and reduced the need of manual operations throughout the branches and banks. In a nut shell, Core banking software has changed the way to bank.
IT Maintenance - The modern Core Banking Solutions are designed to consolidate several stand-alone applications and optimize the costs associated with the maintenance of legacy systems. Core banking software allows to reduce the IT maintenance cost by moving to a shared services platform which also helps in improvement of bank end efficiency of various bank branches. Core Banking Solutions implements centralized activities which reduces the cost of multi activities like printing, data management etc. With centrally managed services, activities becomes flawless and things are safely stored with proper back-up.
Access to analytics – majority of the Core Banking Solutions allows integrated business analytics. The back end system of the Core Banking Solutions collects data and represents the same with actionable insights on a need basis. With the development of Core Banking Solutions, banking system has become more transparent and smarter.