Core banking modernization options
Banking as a product
- The banks in this module are viewed as the seller of various products such as loans, credit cards, money market accountants etc.
- It focuses on creating an integrated view of the customer across various business units or product functions.
- This is the current module that manages customer experience rather than the channels.
- Possible by the adoption of API and shift to open banking helps the bank to be rendered as a plug-and-play service.
- Offers as-a-service platform and helps in the seamless integration of back-office.
Long term effects- banking as a lifestyle
- Cash-free banking, part of day-to-day life and ubiquitous
- The banks will move a step forward and coordinate the entire ecosystem.
- Payment hub
- API-led payments
- Blockchain-based payments
• User-friendly interface
• Save time and cost of processing
• Better management of risk
• Customer retaining features