Core Banking Services
If you are on this page, you might be wondering what exactly are core banking services and why in the world does my business need them?
Though it may seem overwhelming, don't fret, as we are here to guide you through the deep waters of core banking and provide you with the tailor-made solutions that will be just the right fit for both your business processes and customers.
So, let's get to the core of core banking services. It has many important functions, like providing individuals and companies with basic financial services. The backbone of a banking system is basic financial services and core banking software plays a crucial role in supplying them.
Speaking in terms, core banking is a back-end system that processes banking transactions across bank branches.
The main features of the system typically are:
So far so good? See, core banking is not as complicated as it seems at first glance. What if we told you, you could go even deeper into your core banking understanding?
Let's review core banking systems modules through real-world analogies:
This module basically records all financial transactions that go through the bank, like deposits, withdrawals, loans, and, of course, payments. Think of it as your digital navigator, braving the deep waters of banking, keeping your business on course with its steady hand.
The CRM module is created to assist banks in managing their customer connections by storing client data, recording interactions, and creating reports. This way the CRM module functions like a brain in the bank's body, helping it to remember information, process data, and make decisions based on customer interactions it processes.
This module assists banks in identifying and mitigating risks, including fraud and credit risk. Imagine having a banking lifeguard on duty, constantly scanning the water for potential risks and responding quickly when it spots potential dangers in your digital waters. And just like the lifeguard doesn't just sit on the beach and wait for something to go wrong, risk management is also always on the lookout for any potential issues.
This module assists banks in conducting their day-to-day activities, such as transaction processing and account management. In the same way that an engine powers a machine, operations also enable the bank to keep running smoothly every day. Oh, but don't worry, you don't need to be a mechanic to understand this module - our core banking software does all the hard work for you!
This module creates reports that assist banks in monitoring performance and making decisions. This is similar to a doctor giving a diagnosis to a patient; reporting is your trusty GP who can provide a quick understanding of what is happening and help guide the best course of action to cure your banking pains.
As you understand now, core banking systems empower your existing and potential customers with more freedom in their account transactions. What, does your accountant still cannot see the sun behind the mountain range of paperwork on their table? Good news, you can feed all that to your hungry shredder! With the advancements in modern banking tech you and your customers will be able to perform transactions without having to worry about security, accessibility, and seamlessness because our core banking services offer the crème de la crème of the banking industry. Moreover, these transactions can be fully executed remotely, from any part of the world, which is especially relevant now with the rise of WFH-type workers.
It has made core banking systems a significant aspect of banking these days, as both your employees and your clients can operate freely without limiting themselves to physical branches.After all, customer financial needs and financial stability are the primary goals of core banking services.
So if you want to wear yellow in the Tour de Finance, you will have to continuously enhance your service quality and optimize work. The utilization of the core banking system and software is a critical component in doing this.
The banking services provided by commercial banks are various banking operations performed on behalf of clients (legal entities and individuals). Other banking services include intermediary, advisory, settlement, trust (trust), and others.
These services are the gears that drive the financial engine, and a well-integrated core banking system like Alty's can be the turbocharge needed to stay ahead in this competitive race.
Whoo, that was quite a journey! Well, now that we know what exactly are core banking services and what they encompass in their processes, it's time to find out what banking solutions they can bring to your business and customers.
Core banking system is the heart of a financial institution. From money transfers to agreements, it processes all financial transactions. You can optimize all your business processes, improve your customer service, and process payments more efficiently with the help of a core banking software.
In today's banking world, core banking solutions enable the digital transformation of financial institutions. The use of modern tech helps your business to become more accessible and allows you to cover the needs of a more diverse group of customers. This way it does not matter where you created your bank account, you can use the same banking services at any bank regardless of where it was created.
If you look up the definition of core banking solutions, you will discover that it is commonly referred to as a technology solution to handle a bank's operations and services on the back end (or back office).
Core banking solutions vary in nature and are dependent on the sort of customer base that the bank serves. The fundamental aims of core banking are to increase client convenience while at the same time decreasing operational expenditures. As a result, while clients gain from greater transaction flexibility, banks win from fewer time and resources spent on repeated procedures.
Let's look at the most significant core banking solutions:
Retail banking systems serve individual consumers rather than businesses. They manage personal accounts, loans, mortgages, and other retail banking services. They’re customer-centric and designed to manage massive transaction volumes.
Corporate banking systems empower businesses to handle corporate credits, treasury operations, and trade finance. They also cater to large transaction volumes and the more complex needs of corporate clients.
Universal banking systems manage both retail and corporate banking services. They are ideal for large banks that serve a variety of customer types and offer a wide range of services.
Private banking or wealth management systems handle tax planning, investment management, and estate planning. They often need to support high customization levels to meet high-net-worth individuals' needs.
So you might be wondering, how exactly core banking solutions work?
Core banking solutions centralize and automate banking operations. A robust database at the heart of CBS stores all customer information, account details, transaction history, and other relevant data. It updates in real-time as your customers perform their transactions.
So, naturally, when a customer initiates a transaction, such as making a deposit, withdrawing funds, or transferring money, CBS starts to process this action. It means that the system verifies the customer’s identity, checks account balances, and updates the account as necessary. It even simultaneously records the transaction in the customer’s account history. Quite a lot in a day's work huh? But a well-tailored core banking system does it all in mere seconds.
As for bank employees, the CBS provides tools for managing customer accounts, processing transactions, and providing customer service. It allows them to perform administrative tasks like opening new accounts or processing loan applications. In short, it's like a bank employee's Swiss Army knife - all the tools they need in one handy package!
So as you can see, the core banking system acts as the digital backbone of a bank, streamlining operations and making banking more convenient for customers and employees. Just as Satya Nadella, CEO of Microsoft, said: “Information technology is at the core of how you do your business and how your business model itself evolves.”
As a leader in the core banking services industry, Alty provides financial institutions with advanced solutions that simplify their work. Come see how our expertise in core banking software can revolutionize your business.
Efficiency and productivity:
Our core banking solution is able to improve the efficiency and productivity of your financial institution. For example, creating a program that automates normal banking processes like payment processing, record keeping, and reporting. This allows the employees to focus only on important tasks and increase their productivity.
Reliability and security
For financial institutions, transaction security has always been a priority. We built our core banking solution with the most modern security standards.
Support for core banking services
Our software is designed with the needs of the modern bank in mind. It can empower your business by helping you manage your accounts, transfers, loans, and deposits.
Removal of technical restrictions
We designed our core banking software with scalability in mind, so your business can grow and expand effortlessly. You will be able to easily adapt to changing market conditions and implement new technologies without technical limitations.
The core banking solution we offer will help your business become more competitive in the ever growing financial industry. No doubt, a company's reputation is determined by how fast and how good its service is. With our core banking software, you can both provide high-quality service to your existing customers and attract new ones at the same time.
Well, the time has come to finally open all our cards. If our profound knowledge and intricate words haven’t yet lured you to press that sweet “Contact us!” button, let us tell you in detail why exactly our services are exactly what you need for your business.
Our core banking solution has many advantages. We understand the importance of support, so we offer the best level of service after the implementation of the main banking system.
Choosing Alty's core banking services will help your business grow and thrive with efficient financial transaction processing, superior customer support and reliable core banking software.
One of the standout benefits of choosing our core banking services is the unparalleled efficiency it brings to your financial transaction processing. It's like switching from a bike to a race car - you'll experience drastically increased performance and efficiency, allowing you to get more done in less time. We designed our software to seamlessly and in real-time handle high volumes of transactions, ensuring a smooth run of all your operations, even during peak periods.
We don't need to make a 10-minute version of this article to know all too well that superior customer support is a major cornerstone of success for a business. That is exactly why we dedicate our undivided attention to you on all steps of our cooperation. We understand that a reliable banking system (just like anything in this life, really) is only as good as the support it receives, so you can count on our comprehensive assistance whenever you need it. Our dedicated support team of core banking system experts is available 24/7 to address your inquiries, promptly resolve issues, and provide empathetic and committed guidance on maximizing the benefits for your business. We are your trusted partner in navigating the treacherous seas of the financial industry.
Your financial services will be facilitated and provided with security and confidence through our specialized banking services. With our core banking solution, we will be able to help you improve the efficiency of your business as well as its competitiveness by leveraging the latest technology core banking has to offer. So, ditch the abacus and get with the times!