Category: Core Banking System

Micro financing at a glance

by mindmillmarketing, posted in Core Banking System

Microcredit or microfinance is defined as the way to provide capital to small business entrepreneurs and owners. More often than not, the traditional financial resources are not approachable by these businesses. But these smaller set ups need loans, credit, access to savings accounts as much as the bigger corporations do.

Pioneered by the Nobel-Prize winner Muhammad Yunus, the concept of micro financing get rolling as a necessary capital to start a business who is working for financial stability and independence.

One of the most important part of the concept in financial literacy. This is because, as many of them are getting the microloans, they also need to understand how the money-model works through cash flow management, book-keeping,  and other relevant skills.

With the rapid advent of cell phones and wireless internet globally, the prevalence of microfinance along with the applicants of potential borrowers have also increased. One of the vital features of any banks now is having core banking software.

The microfinance institutions have some goals and is responsible for serving the economically marginalised populations. Additionally, they also aim for:

  • Being a viable financial institution that helps developing sustainable communities
  • Provide financial and support services by mobilizing the resources to the under privileged that will enable the productive income generation enterprises to be financially independent
  • Make opportunities for self-employment for the marginalised people
  • Create steps towards evaluating poverty faster

Mindmill is a market and technology leader which created BankMill as a full service banking software. It works mainly for projects in the BFSI segment specially Banks, Government Financial Organization and to the Corporate World.

What made it a popular suite for these organisations are because of the following:

  • Singular Application Deployment
  • Centralized Database
  • Global Employee
  • Global Customer reach

As a small business, the following are the basic requirements, which is also proved by Bankmill:

  • Lockers
  • PDC Management
  • LC
  • Payroll
  • Risk Management
  • LG
  • Bills Purchase
  • Bills Collection
  • Legal
  • Investments
  • ALM

The state-of-the-art implementation of functionality and technology has helped provide offsite and onsite installation, migration, parameterization as well as training facility. More than 70 banks has used this software and has successfully implenetd their financing and micro financing projects.

Four features every new age CBS should have

by mindmillmarketing, posted in Core Banking System

To serve the necessities of an efficient OLTP (on line transaction processing) system, the concept of core banking solutions were designed. Today, it is almost a decade that core banking applications in India have been in use and how!

With the telecommunication networks getting denser and the ubiquity of smart phones in our lives, India is now under the aegis of National Payment Corporation of India. More fintech startups and established players and the need and practice for mobile banking, and branchless banking did became a reality.

As the trend and demands for traditional core banking solution is changing, we have to understand the typical shelf life of a core banking software is also set to reduce in the near future. But rather than just making the availability of the core banking solutions, what most of them need is a true CBS.

Must have features of next generation core banking solution

Transaction Posting

Maker / checker are the primary requirement in a financial transaction. A typical core banking solution provides a maker / checker workflow should be the following:

  • Configurable
  • Flexible
  • Endorse forward flow for double authorization
  • Helps in reverse flow for modification
  • Supports masters authorization
  • Access to remote authorization to access privileges

Multi-currency features

The following features are desirable for a true CBS system to support the vision of inclusive banking:

  • Should support multilingual features
  • Multi-currency set up
  • Base currency option
  • Base as well as multi-currency accounting
  • Base currency and multi-currency balance sheets

Single sign on features

Single sign on to applications is one of the most essential features of core banking software and should apply for features that are not supported at the moment such as:

  • Integrated CRM package
  • Treasury/Trade finance package
  • Fixed asset management packages
  • Government business packages
  • Cheque truncation applications
  • Other relevant packages that are imperative to customer interactions

Branchless banking

A good branchless banking solution from bankmill should address major financial services and can help in:

  • Integrating with mobile banking application
  • Internet banking along with widgets/shortcuts for online shopping, flight booking and more
  • Payroll services and share accounting (Credit unions and co-operative banks)

The solutions should also include the following but not limited to:

  • Payroll accounting
  • Share accounting
  • Inventory management
  • End to end mobile banking
  • Web based solution
  • Availability as a SaaS module

Next generation core banking solution must be developed as a mobile first application along with a cutting edge security. And, Mindmill has a team of experts who can help in creating the new age banking software.

Importance of Core Banking System

by mindmillmarketing, posted in Core Banking System, software development company in india

Core, out of core banking system, refers to “Centralized Online Real-time Exchange.” Now, today’s word is majorly dependent on Information Technology and there is no exception with banking industry also. Core banking system, with technological advancement, has improved a lot and it works as a back-bone of banking industry. Keeping aside the technological part of the system, the whole intention of the entire process is to provide better service to the customers and make banking an easy tasks for the customers vs standing in a long queue and waiting for your turn. So, it can be easily anticipated that core banking system, to better avail the customers, is equipped with features which will make banking easy for the users. Some of the benefits or basic features of core banking are deposit accounts, loans, payments and the forms via which these features are availed by the customers can be ATMs, internet banking, mobile banking, and brick and mortar bank branches etc. To simplify banking procedures and processes, Core banking system uses Information Communication Technology as a platform for its various applications. To support all these options, Bankmill, a flagship product of Mindmill Software Ltd, comes up with features like Cost Reduction, Security, Administration, Customer Related and Accounting Features. ‘BankMill’ offers the lowest total cost of ownership and operations compared to any other Core Banking System available in the market. Bankmill, a core banking solution from Mindmill Software, is already working as a back-bone of many banks across the globe and is having healthy amount of proven track record.