Building a Strong Core: The Importance of the Core Banking System to Financial Institutions
The human body relies on the core for stability. In strengthening the core, different parts of the body can work in harmony because the core functions as its base support. Aside from helping the body work harmoniously, the core is also needed to build strength anywhere else — which is why having a good core will ensure everything functions effortlessly.
The same can be said of banking.
In banking, the equivalent of the core is the Core Banking System — a software that enables banks to function seamlessly as it supports a bank’s transactions in a centralized model via the automation of frontend and backend processes. For banking to happen anytime and anywhere at the customer’s convenience, a Core Banking System is needed because it reflects the transactions in real-time across all of the bank’s branches and platforms.
Because the core is the foundation, financial institutions with a strong Core Banking System are more equipped to help communities. In the time of COVID-19, a strong core will help businesses and individuals rebuild the financial damage the global pandemic has brought. As financial inclusion is recognized as being one of the growth drivers to the economy, the same can be said of a good Core Banking System. A good core will further financial inclusion and, at the same time, make it easier for banks to operate due to increased productivity of staff, reduced operational costs, and decreased risks for human error. All of which contribute to the growth of the bank to better allow them to serve their clients better.
In a time where information is at the tip of our fingertips, the same should apply to financial institutions. Core banking brings customer transactions and information at their fingertips no matter where they may be. Building a strong Core Banking System promises banks smooth operations due to the automation of processes and the centralization of all operations. All of which can be done with a reliable FinTech company as they have the capability to transform banks via its technology and innovation.
BanqIn (A Product of Bank-Genie) has a strong Core Banking System for microfinance institutions to start with. BanqIn offers seamless integrations of management, branch, and field office processes to better serve the unbanked and underbanked population. The global pandemic might have halted operations on the field, but BanqIn can help with business continuity because of remote banking. For microfinance institutions looking for a quick solution, BanqIn is the answer because its deployment can be done from 30 to 90 days. The solution is also deployed remotely with minimal human interaction because of Bank-Genie’s Remote Implementation Technology (RIT).
Build a strong foundation for banking now with BanqIn’s Core Banking Solution.