Core banking solutions

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.

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.”