Banks what we see now vs. what we saw five decades back were very different. People visiting the bank branch and waiting in long queues for simple transactions. Those were the days when doing bulky paperwork was a mandate. And with no data centralization, all transactions took over 24 hours to reflect.

However, gradually banks started to move to CORE (Centralized Online Real-time Exchange) to manage financial transactions and operations faster, easier, and error free, giving rise to the modern practice of Core Banking. Core Banking is the next-gen digital banking suite that offers the entire range of banking services under one umbrella.

With the banking process going digital, frauds are on the rise, and a secured core banking solutions are the need of the hour. According to a 2019 survey by McKinsey in May 2019 on a group of 37 banking executives, 70 percent banks are evaluating their core banking platforms. The core banking solution offers a modern, protected technology architecture and an interactive user experience enabling the users to innovate more rapidly and operate more efficiently.

A core banking system is a secured browser-based multi-channel integrated banking solution for not just banks but for fintech organizations as well, enabling banking services for customers with different user profiles, efficiently and reliably. It adheres to latest technologies and creates a futuristic go-to-market strategy.

Core Banking System – A Mandate for Every Bank
Banks are increasing, so are their services. Today, Banking as a Service is growing immensely and transforming digitally providing a wide range of banking services, operated centrally through data centers, and broadening their reach to customers as well.

A digital core banking system covers payments, information services, mobile banking and commerce, requests, transfers, and much more.