Banking Cores

Due to a considerable shift in the banking industry’s competitive market and the customers’ swiftly shifting needs, banks felt the need for a more advanced and effective banking system. The use of digital banking systems was then necessary. The use of online services and the development of more digital platforms encouraged banking clients to interact with their institutions quickly and allowed the financial institutions to provide a more individualised experience.

In the third quarter of 2019, the market value of the worldwide digital banking industry was estimated by Statista to be around 7.2 trillion Euros. Thus, it is evident that modern banks are rapidly updating their basic banking systems and embracing a variety of cutting-edge technical banking solutions. Therefore, if you intend to digitise your bank and other financial organisations, you have come to the proper spot! The top 10 digital banking solutions that are now popular on the global market will be covered in this article.

Due to a considerable shift in the banking industry’s competitive market and the customers’ swiftly shifting needs, banks felt the need for a more advanced and effective banking system.

Here are a few key characteristics that contribute to the success of digital banking on a worldwide scale.

Instantaneous Accounting

Cellular Banking

Cashbacks and digital coupons

Investment Banking dedicated customer portal

Support for Multi-Currency Funds Management

Planning your personal finances

Safe Database Risk Control

Online retail banking for loan management

Conformity Monitoring

What Advantages Does Digital Banking Offer?

Transactions are simple

The simplicity of transactions is the main advantage of using digital banking systems. Customers may easily access their bank accounts and effectively complete transactions from any location thanks to digital banking software. As a result, many of the tasks performed by bank employees have decreased.

Regulatory Conformity

Banks typically report that their finance ministry requests a number of documents related to their transactions, client information, and other liquidity data. Additionally, the majority of the data is urgently required. However, because of ineffective systems, the banks were unable to fulfil those demands.

Banking Operations Have Improved

Banks may easily boost their working processes and customer services by using automated banking software solutions. Digital banking solutions can provide a hassle-free working environment while also streamlining complex banking procedures. Additionally, the use of digital solutions can guarantee that banks operate effectively and help to avoid a number of hazards related to banking operations.

Safe Banking Information

In the Italian region, around 25% of respondents feel that online banking services are highly reliable. Digital banking systems offer a secure working environment for banking staff in addition to convenience and efficiency. One of the most important and advantageous elements of digital banking solutions is strict respect to security features.

Back office tasks without hassle

Digital banking systems’ powerful features and automated capabilities enable banks to effectively streamline back-office processes including cheque clearance, draughts, customer applications, etc. Additionally, the digital banking software gives the banks the ability to evaluate various crucial consumer data in order to perform various accounting and financial activities.

Customer satisfaction is higher

A Statista survey found that roughly 56 percent of respondents agreed that digital banking solutions are simple and easy to use. One of the most important and advantageous features of digital banking solutions is improved customer service. For your bank staff to effectively address all customer difficulties, the modern banking solution provides practically all of the necessary tools and information.

Coordinated Management

Not least among other things, digital banking solutions assist in centralising all of the vital data for the bank. The digital solution enables banks to keep documents effectively and safely, whether they are client or account-related records. With just one click, you can distribute the documents to several bank divisions or even a third party with restricted access. All of that leads to streamlined banking procedures and decreased workload.

What Kinds Of Banking Solutions Are There?

It is important to understand that there are primarily three sorts of banking solutions when discussing digital banking solutions.

On-Premise 

On-Premise Desktop-based or on-premise banking solutions are created in a way that allows banks to install them within their current infrastructure. These banking systems can be fully customised and are operated on the local servers of the banks. This indicates that the bank’s local server is where all the data is kept.

Web-Based

Web-based banking solutions come next. These digital software products are provided by a third-party provider of banking solutions. Using a username and a special password, both clients and bank personnel can easily use these banking systems from any location in the world.

Cloud-Based

In today’s digital age, cloud-based software solutions are the most common. These banking systems keep the data in a secure cloud to provide the highest level of safety and security. Virtually all reputable software development firms provide cloud-based software solutions to all of their customers. Numerous banks can purchase the financial solutions as SaaS (Software as a Service).

Free Software

Open-source software is the final sort of core banking solution. The user of these banking solutions can change the solution’s code to suit their particular business requirements. To improve the performance of the main banking system, they can change it and add new plugins.