Banking has evolved over a short period and grown exponentially encompassing a gamut of products and transactions. These fall under a wide umbrella and are known as Core Banking. Core Banking Process for a bank is thus a generic term for the complete administration of transactions of the bank through a central database.
FinCORE is a state of art Core Banking Solution incorporating the latest technology is the needed to keep up with the times. While implementing new technology, it is imperative to stem a few problems orienting from old processes to conform to the new technology which helps you maximize the benefits. Obsolete processes need to be replicated into a new technology environment. Optimizing benefits of the new technology can result in cutting costs, improving profitability, servicing customers faster and smooth process flows.
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 helps in achieving economies of scale by data integration for various purposes such as cross selling, CRM, Regulatory Reporting and internal MIS. Banks can adopt information technology to manage business and performing assets effectively.
Beyond the financial drivers, IT globalization, increasing compliance and industry consolidation, are some of the other key motivators for opting to the 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.
To maintain a competitive edge in a market, migrating the organization at the earliest on a Core Banking platform is of utmost importance. Implementation of Core Banking solutions paves the way for the introduction of the electronic funds transfer mechanism in a secure way. Increased regulatory requirements have put pressure on banks. To sustain growth under continued regulatory requirements, it is essential for banks to have the right Core Banking System in place.
Designed keeping in mind the extensive requirements of the financial services industry, FinCORE is built to deliver in time and with the prevalent best-practices in the industry.
FinCORE offers banks a truly browser based / web based solution with the opportunity to meet present challenges with reduced costs and enhanced customer management measures. Information management and Risk Management is the key.
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. These involve passwords and identity management systems. Additional role based security (ACL) is also used. FinCORE uses passwords, identities and role based security for all of the system effectively.
FinCORE has an audit trail which allows the administrator to trace back each and every action/transaction that flows through the system.
FinCORE is a complete browser based / web based solution, 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.