Banking business has evolved over a period and grown exponentially encompassing an entire gamut of products and transactions under a wide umbrella. All such activities undertaken by a bank is called Core Banking. Core Banking Process for a bank is thus a generic term for the complete administration of transactions for the bank through a central database. The time to stick to the tried and tested has phased out and to keep up with the dynamism of new age economics it is important to adopt technology confirming to best industry practice. A new, state of art Core Banking Solution incorporating the latest technology is the need of the hour. While implementing new technology it is imperative to stem few problems. orienting old processes to conform to new technology helps you maximize the benefits.Obsolete processes need to be replicated into a new technology environment. This initially leads to several bottlenecks: risks, delay and inability to use the new technology completely. Associated systems, redesigned processes and organization structures improve business performance. Optimization of benefits of the new technology can result in cutting costs, improving profitability, servicing customers faster and smoothening processes. Core Banking Solution implmentation team’s main focus will be on providing the latest choices in software and ensure that the solution is ideally marked up to meet individual bank’s requirements. In an ideal core banking scenario products, processes,channels, customer information and management tools are integrated and administered through a central database of the bank with branches and channels as delivery points. This would help achieve economies of scale by data integration for various purposes such as cross selling, CRM, Regulatory Reporting and internal MIS. Banks should adopt information technology to manage business and performing assets effectively. Surveys prove 15% customers across branches constitute 80% business. To integrate business banks should have proper intranet communication facility between the branches. Beyond the financial drivers, IT globalization,increasing compliance and industry consolidation, are some of the other key motivators for opting to core banking system. Banks are shifting from cost reduction to growth. Industry consolidation, increased customer demands and pressure of data management has led banks to feel increasingly limited by the capabilities of their present systems. ALM and Risk management underscore the need for getting the data updated on real time basis. Further, in view of RBI’s initiative for implementing various payment and settlement systems intra-bank as well as interbank connectivity is a basic necessity for every bank. With the implementation of RTGS every bank would have to not only computerize the entire functioning of the Treasury department but also would have to consolidate the treasury function and move towards integrated treasury for better funds management. To achieve the above getting the organization at the earliest on Core banking platform is of utmost importance. Implementation of the Core Banking solutions paves the way for Introduction of the electronic funds transfer mechanism in a secure way. Increased regulatory requirements have put pressure on banks. To sustain growth under the circumstances with continued regulatory requirements, it is essentialfor banks to have the right Core Banking System in place. Finacus Solutions comes with a Solution Designed keeping in mind the extensive requirements of the financial services industry, FinCORE is built to deliverin line with the prevalent best-practices in the industry. FinCORE offers banks the opportunity to meet present challenges with reduced costs and enhanced customer management measures. Information management and Risk Management is the key. Objectives:
Core Banking Solution will help streamline the current business processes with a supporting technology. Bottlenecks and inefficiencies in the present system requiring process changes will be addressed. Our team will help documenting the process flows at the activity level; consolidate the process flow across the bank’s departments and enable the emergence of the overall process picture of the organization. Identifying the changes required for complete process effectiveness and optimal alignment with the core banking product is a mandatory action which will be followed by documentation of new processes and other initiatives such as banking product analysis. A progressive organization will typically have its current business processes reviewed periodically and fine-tuned to leverage the set-up created. Alignment of the processes is therefore an exercise every institution must carry out. This involves a distinct effort and Core Banking solution will justify this action. Re-design will ensure that the organization’s business processes are properly aligned with the implementation of new technology. For smooth implementation of the new solution the bank only has to re-define its business processes. An in-depth knowledge of the software, expertise and a focus on process dynamics is required for alignment of the bank’s processes. The support of a team with such process expertise and knowledge of core banking products will speed up the implementation process. Finacus’ implementation team will help all concerned understand the processes and the re-orientation that is required without causing any delay in the implementation. This team shall also indicate the best global practices generally used while implementing software. Key features of FinCORE FinCORE is a full-fledged, yet modular business solution geared to resolving the challenges faced by Banks on a day to day basis. The diverse functionality of the products encourages banks to constantly innovate and handle competition, compliance and customer demands fully. FinCORE offers several fully integrated modules for ready utilization on a bank-specific basis. It is a comprehensive end-to-end core banking solution assisting in a wide range of banking operations, highly scalable and capable of handling large volumes of transactions. FinCORE is a highly flexible solution for retail and corporate banking institutions and can easily integrate with third party products for functionality. Each Application Module in the Core Banking Solution has a set of application-specific parameters that can be easily modified and personalized for the development of new products. Security Features FinCORE provides a comprehensive approach to security at all levels within the system, controlled centrally across the bank, assuring the Bank that it has a cutting-edge solution at its disposal which can grow with the needs of the bank. Old and obsolete processes can be overcome with the implementation of Core Banking Solutions. A growing organization always needs to keep updating its processes. Banks are growing in size through Mergers & Acquisitions. Core banking solutions will help maximizing profits and help improve customer base with improved service. |
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