Core Banking Software Development

Core banking software is a crucial part of every banking system.

Core (centralized online real-time exchange) banking software is a system provided by a group of networked bank branches.

Core banking software is a back-end system which processes daily banking transactions, and posts updates to accounts. Core banking functions include deposit, loan and credit card processing abilities. With interfaces to general ledger systems and reporting tools.

Core banking software allows customers to do their banking from of any the bank's branches. In essence, it frees the customer from their home branch and enables them to do their banking from any branch. Client software is installed at different branches of a bank and connected by a network.

Banking applications and databases can be connected to other channels as well, such as the bank's website and mobile banking apps.

Well designed core banking software relies on self-contained (modular) components. Connected by application programming interfaces (APIs). These APIs allow the decoupling of distribution channels, products, and client data. This architecture enables banks to make quick changes in their core banking software.

Core Banking Software Challenges

Developing core banking software in-house is a complicated, time-consuming process that can overwhelm teams and delay product launch. As such, very few banks have their own banking platforms.

Banks can have millions of customers across hundreds or thousands of branches. Because of this, banking software may be on a network with many connected machines.

The core banking system is a major investment for a retail banks. Maintaining and managing the system can represent a large part of the cost of running a bank.

Today, modern core banking software solutions are even more relevant. Considering the need for an urgent and thorough change of existing legacy systems. Large banks realize that they need to be hyper-focused on customer satisfaction strategies. Sadly, some banks remain slow to respond or adapt to emerging technologies. Due to their dependency on existing legacy core systems. Systems that are not designed to function in today's environment.

Legacy software is a major issue for banks in terms of allocating resources. A number of factors contribute to the staggering cost of maintaining legacy software systems or continuing their development.

Legacy Software Problems and How to Fix Them

One approach to modernizing a legacy system is encapsulation. Leveraging and extending an application’s features and value. By encapsulating functions and making them available as services via an application programming interface (API). This method supports the addition of new features, can reduce maintenance costs and prevent lost business.

Advancements in Internet technology have increased efficiency and reduced costs in banking software.

We can help leverage an existing legacy system to provide better results through improved design. By integrating customer engagement functions with the core system. This provides banks with intelligent customer data and revenue management abilities. Banks can quickly adopt new technologies, add more abilities, and enhance customer experience. The goal is to transition to an agile, customer-first business.

Many banks have custom applications implemented for core banking. Others customize commercial independent software vendor packages. The goal is for the banking software to work according to the particular bank requirements.

Core Banking System Integration

We develop applications to seamlessly integrate with Core banking systems. Using RESTful APIs, which allow cross-channel integration. Integration that offers the convenience of multiple banking features, such as custom financial products and more.

Core Banking Software Features & Abilities

Features common to core banking software are:

  • Real-time account & transaction processing
  • Financial product builder
  • Customizable interface and product workflow
  • Customer self-service portal & management
  • Online payment processing & bill pay
  • Source capture & remote deposit
  • Customer interaction (e.g. live chat)
  • Account-holder transaction history tracking
  • Account-holder data & document store
  • Multi-currency funds management
  • Financial instrument workflow
  • Accounting workflow
  • Mobile app development

Banking Software Integration & Ancillary Products

Banking software modules may cover the business needs for specific types of financial institutions. Core banking software modules include:

  • Fraud risk management
  • Financial crime mitigation
  • Line of credit & credit background check
  • Loan origination & servicing
  • Corporate supply chain financing
  • Customer wealth management
  • Investor servicing & accounting
  • Enterprise content management
  • Marketing resource management and automation
  • Banking investment & operational intelligence

Conclusion

Our custom Core banking software helps banks to increase their productivity and be more profitable.

Our developers provide Core banking software that support all of a bank’s most common transactions. Making and servicing loans, opening new accounts and processing cash deposits and withdrawals. Core banking solutions that make managing customer accounts easy.

Ready for better Core banking software? Leverage our banking software development knowledge and skills to quickly create a high-quality banking software solution.

Contact us to discuss your core banking software challenges in more detail.