CORE BANKING SOLUTIONS SOFTWARE
Core banking solutions software is a series of encoded information or computer instructions exclusively meant to assist banking transactions. Typically, banking software application refers to core-banking software and its interfaces that allow banks to conduct and record transactions made by the bank's customers to their accounts. So core banking solutions software used to support a bank's most common transactions.
Element of core banking solutions software includes:
Opening new accounts
Processing cash deposits and withdrawals
Making and servicing loans
Processing payment and cheques
Customer relationship management (CRM) activities
Managing customer accounts
Establishing interest rates
Establishing criteria for minimum balance, interest rates, number of withdrawals allowed and so on
Maintaining records for all the bank's transactions
With technological advancements in the banking and finance industry, almost all banks across the world have started using banking software in smaller or bigger way. The core banking solutions software is the major investment that most of the banks have done with regards to banking software applications followed by other applications that assist transactions such as wealth management, lending and financing, and so on. Now-a-days GTech web solution's core banking solutions software have been declare the top of the game by banking and finance technology experts in India. Our strategic Information Technology defines core banking software as the functionally required to run a bank or credit union. GTech web solution's core banking includes: retail banking, lines of credit and segregated lines of credit, loans, mortgages, web banking, clearing, term deposits, accounting etc.
With 12 years of experience providing powerful core banking solutions software to banks and financial organizations, we, GTech web solutions is leading the industry. Using our solutions, more than 500 customers benefit from a complete system covering all aspects of their business. This made possible by a comprehensive list of 200+ modules covering all back office and front office operations. Each company freely chooses the applications that best meet its needs. This modular architecture allows implementation of individual business modules; hence integration is easier, even if the system needs to work with tools provided by other suppliers. However, a large-scale deployment is the most efficient way to make the best out of GTech web solution's core banking software's advanced features and powerful technologies.
What is in it for the Bank?
Core banking is often considered the backbone of a bank. Which means the system should constantly be assessed, managed and updated, even if it means changing directions sometimes to follow where the industry is going or what new solution customers feel more comfortable with. That keeps a bank alive, makes sure its reputation is kept over the years, and means flexibility for anyone working in it.
The better the core banking services, the bigger the customer retention rate. Who wouldn't want that? Customer support is one of the most important departments in a financial institution and each request is taken seriously. As addressing the needs of client means fixing little problems that stay in the way of seamless transactions and great service.
The core banking technology also uses centralized databases, which leads to collecting all necessary data quickly. As a result, there are less errors and no need for employees to leave their current tasks and go fix something. As we can see, the core banking system is only evolving and can become more and more convenient, offering a variety of features, and being accessible to anyone who wants to manage their finance.
GTech web solution's core banking software
Not only GTech web solution's core banking solutions software fulfills all front office and back office requirements, but it includes many reporting tools and a comprehensive Customer Relationship Management (CRM) module. By consolidating data from other modules and transforming them into business knowledge, this CRM application helps companies improve customer relationships.
Having a real-time 360 degree view of a customer's transactions with the bank is also key to better risk management and responsible lending services provision. This means having the capability of delivering personalized and optional services more quickly and efficiently across various channels thanks to each customer's interaction history analysis. These value-added offers can take several forms: relevant information, preferential rate or cross-selling opportunities. This strategy increases the return on their investment in marketing and sales action. This is a great way to attract consumer's attention in a climate of growing competition. In addition to improving their sales team performance, banks will significantly reduce operational inefficiencies and related costs.
GTech's integrated workflow application can be used to integrate intelligent decision making into business processes. Furthermore, our bank customers benefit from our graphical interface as an intuitive way to use our applications, and can do their banking on multiple channels; online, on mobile, on ATM and in agency.
GTech web solution, a partner of choice for banks and financial institutions-
Our software is completed by a wide range of professional services. Our customers get an expert support at every stage, including pre-implementation of scope and consulting, integration services, project management, and personalized support packages after go-live.
To reach this goal, the majority of our employees work in research and development. This approach has enabled us to provide our customers new software delivery models.
The features of core banking solutions software-
Secure and reliable performance
Provides general ledger and reporting
It helps in maximize growth, increase productivity and mitigate risk
Customers can have anywhere, more convenient and easier banking
Reduces branch man power
Electronic transactions with other financial institutes
Support reverse flow for modification
Supports forward flow for double authorization
Supports masters authorization (I.e. non finance)
Counterparty centric architecture
Powerful KYC- related mechanisms for proactive risk control 360 degree customer view for successful relationship monitoring and management
Flexible product factory allowing extensive customization to meet centrally set bank policies
Easily defines workflows to support STP or company-based flows for front-to-back office operations
Cloud and SaaS enabled platform
The main advantages of core banking solutions software-
In the most classical sense, an individual would visit a bank branch, one where she or he opened a bank account. At the branch, the individual would have access to the bank's facilities.
However, this is not what most of us do. While we may have opened a bank account at a branch near home or office, we can perform basic bank facilities such as withdrawal of money, the deposit of money, avail loans at any bank branch. This ease of accessing our bank accounts and being able to perform the most basic banking transactions at any place is called core banking. There are many benefits to it and these days most banks and even post offices are adopting core banking solutions software. Here are some of them.
1) Customer convenience- For any service provider, true success lies in offering her or his services to the customer in the most convenient way. That is core banking solutions major benefit. A customer can take advantage of the entire suite of a bank's services such as accounts, transactions, loans and more at any branch.
2) Reduction of operational and support expenses- Core banking solutions software enable banks to handle the volume of customers more efficiently. Online banking reduces the number of footfalls in the bank branches every day. This enables the bank to cut down infrastructural, operational and support expenses to a great deal. Internet banking, ATM, mobile-banking, payment gateways have reduced the need for manual processing of financial transactions in the bank- this helps the bank in managing word at a much efficient rate than before and also brings down the operational and support expenses. Reduced time-to-market for new product offerings, faster clearing, settlement and reconciliation also translate into operational effectiveness.
3) Multi device accessibility- It is technology which enables this banking solution to become active in the first place. Technology along with the vendor (bank) aids the customer as well. Similarly to availing a bank's services at any physical branch, a customer can perform any financial transaction or operate his/ her account on the internet via a Smartphone, a tab, and a computer.
4) Immediate access to analytics- Most of the modern core banking solutions software comes integrated with applications for business analytics. This helps in accessing the valuable information in the data collected in the back-end system and turn it into actionable insights on a need basis. Several core banking solutions software provides customize as well real time data on any dimension. This information helps the back in rectifying obvious issues immediately. This also helps gather data for a particular business process and study its long term impact on the business. Core banking solutions software has made banking transparent and smarter.
5) Improved relationship- With core banking the benefits are manifold. Customers are happy because they can access their accounts anywhere in the world and that too in reduced time; bank employees are able to perform their duties in with ease. This fosters a positive bank-customer relationship.
6) Improved efficiency- For the bank employee, core banking solutions software brings homogeneity and increased efficiency. The computers are connected to a common software platform, a bank customer visits a branch in any part of the country, the bank executive feeds in the individual's name and her or his profile and data is accessible within minutes. This not only reduces the time spent on each customer but increases customer satisfaction as well.
7) Reduced IT maintenance- The modern core banking solution software is designed to consolidate several stand-alone applications and optimize the costs associated with the maintenance of legacy systems. It allows banks to cut down on IT maintenance costs by moving to a shared services platform, which in turn also results in improvement of bank-end efficiency of the branches. Features such as centralized printed and backup help in reduction of expenditure on separate printing and backup machines at branches. Core banking solutions are highly secure and therefore, they also reduce the chances of loss of information and security compromise of customer data which in turn reduce the chances of any legal penalties.
8) 24x7- Individuals could only use a bank service the working hours of the branch. However, this banking feature with its multi-device access coupled with internet truly brings the concept of 'anywhere banking, anytime banking' to reality.
Core banking solutions software has been transformational for the banking industry. It has made banking smarter, accessible and easier for customers globally. It has also made the banking industry competitive in a healthier sense-all the banks are now competing to provide the best banking services to customers. It has been beneficial for the banks financially as well and helped reduce the labour cost in the branches by automating several manual banking processes and cutting down the infrastructural, operational and support expenses by providing all the necessary banking services online. By facilitating faster rollout of products and reducing the time to market newer products, core banking solutions software have also led to intangible benefits for banks such as increase in market share and enhanced competiveness due to reduced costs of deposits.