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Next Generation Core Banking Solution: 7 New Features

Traditionally, core banking solutions were designed to serve the requirements of an efficient OLTP (on line transaction processing) system. Core banking applications in India are currently more than 10 years old. The period saw a great amount of data churning. <br>

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Next Generation Core Banking Solution: 7 New Features

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  1. Home About Quality Careers Contact Custom Search Banking Solutions Lending Solutions Servic es Industri es Technologies & Platforms Updat es Clien ts Home /Blogs /Next Generation Core Banking Solution: 7 New Features Blogs Next Generation Core Banking Solution: 7 New Features Latest Blog  Updated On : June 2017 Traditionally, core banking solutions were designed to serve the requirements of an efficient OLTP (on line transaction processing) system. Core banking applications in India are currently more than 10 years old. The period saw a great amount of data churning. The inherited dirty data got cleansed or made irrelevant vis-à-vis the data retention Next Generation Core Banking Solution: 7 New Features requirements of IT act. Updated On : June 2017 The eco system was evolving, in the meanwhile. The telecommunication networks got denser and smart phones became ubiquitous. Payment systems in India, developed a new face under the aegis of National Payment Corporation of India. Aadhaar by UIDAI gave a momentum for remote branchless banking. More fintech startups and established players entered the telecom and mobile space. Mobile banking, door step banking and branchless banking did not just remain mere buzz words, but became a reality. The core banking core banking With PDFmyURL anyone can convert entire websites to PDF!

  2. solutions solutions in vogue, required either to be replaced or tweaked to demands of the changing delivery options to customers. Moreover, lots of satellite standalone systems were paddled as quick fixes for these new age requirements, posing a challenge when it comes to integration with core banking solutions. The time is now ripe for redefining the traditional core banking solution. Understanding the business of Data Archiving Solutions in Banking The typical shelf life of a core banking software is set to reduce in the future, but so are the implementation woes with Software as a Service (SaaS) availability. National Bank for Updated On : April 2017 Agriculture and Rural Development (NABARD) has successfully led one of the biggest IT transformations in the Indian banking industry by enabling banking operations of 201 state and district co-operative banks move to a single cloud-based core banking solution. This has enabled rural customers to access basic banking facilities such any branch banking, SMS notifications, NEFT, RTGS and access to ATMs. However just the availability of core banking software on the cloud would be the equivalent Aligning risk and finance functions through developments in four key data management components of having old wine in a new bottle. What we need today is a new age software that is truly CBS Updated On : February 2017 Next Generation Core Banking Solution : Must Have Next Generation Core Banking Solution : Must Have Features Features Transaction Posting Transaction Posting Maker / checker is the fundamental requirement that must be satisfied in a financial transaction. All the core banking solutions have this feature. The feature is random and is not supported by a workflow. Typical core banking solution provides a maker / checker workflow that is: Flexible With PDFmyURL anyone can convert entire websites to PDF!

  3. Configurable Supports reverse flow for modification Supports forward flow for double authorization Supports masters authorization (I.e. Non-financial) Remote authorization on need to do access privileges. Multi-currency features Multi-currency features A true CBS system should be multilingual to support the vision of inclusive banking. The following features are desirable Base currency option Multi-currency set up Base currency accounting and multi-currency accounting Base currency and multi-currency balance sheets. Single sign on features Single sign on features The core banking software of the future should support single sign on to applications that are not supported by core banking software Treasury/Trade finance package (Treasury could be optional) CRM package - An integrated CRM is a real value add Government business packages Fixed asset management packages Cheque truncation applications Cheque truncation applications Other relevant packages that impact customer interactions With PDFmyURL anyone can convert entire websites to PDF!

  4. Branchless banking Branchless banking A good branchless banking solution should address major financial services; savings, loans, transactions, and insurance. It should support Biometric, PIN based & contactless payment interfaces Agent interfaces like PoS & Mobile Comprehensive BC/Agent management services Customer centric features Customer centric features Integrates with mobile banking application Integration with social media like Facebook, Twitter Customer specific dashboard across channels "Do it yourself" interfaces Remote banking facility for HNI customers Internet banking with Widgets/shortcuts for online shopping, flight booking etc. Share accounting and payroll services (Credit unions and co-operative banks) Share accounting and payroll services (Credit unions and co-operative banks) The solution should support the following features - Share accounting Payroll accounting Inventory management Cash/Kind transactions Technology features Technology features With PDFmyURL anyone can convert entire websites to PDF!

  5. End to end mobile banking End to end mobile banking Web based solution Should be available as a SaaS module Apart from the above features, Next Generation Core Banking Solution has to be developed as a "mobile first" application with cutting edge security which could be based on blockchain technologies. Send Enquiry Back to Blogs CLIENT SPEAK “The Bank is associated with M/S Nelito since 2002. M/S Nelito Systems Ltd has been our CBS vendor since 2009. The Products, quality of service offered by them are excellent. They have a very good support team and are trained enough for handling any type of situation.” D K Kandpal | Vice President (IT) Nainital Bank With PDFmyURL anyone can convert entire websites to PDF!

  6. Banking Solutions Lending Solutions Services Updates More Front End Channels FinCraft Core Microfinance Custom Application Development News Customer Login Solution Front and Middle Office Information Management Events Webmail Loan Management Solution Back Office IT Infrastructure services Blogs HRMS Loan Origination Solution Risk Management SWIFT Services Highlights FAQ's EMI Collection Solution Finacle CBS Implementation Site Map BI & Analytics Business Process Management © 2017 Nelito Systems Ltd. Terms & Privacy With PDFmyURL anyone can convert entire websites to PDF!

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