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.
Mindmill 