Essential Features of a Digital Core Banking?System

Most bank customers today are in search of financial services that fit seamlessly into their daily routines, and banks are increasingly being tasked to provide these services.

To meet these expectations, banks are becoming more architecturally flexible, open, and responsive than ever before, by implementing modern digital core banking solutions. In this article, we’ll look at what features a core banking system must have:

1. Customer onboarding

Customer onboarding used to be one of the most time-consuming tasks for both customers and bank staff, but core banking applications have made the process very easy with the help of e-KYC.

Onboarding processes that took a couple of days are now completed within minutes, without any paperwork or human contact.

2. Digital cash management

Deposits, withdrawals, transfers, and other simple cash transactions can now be done digitally, making them quick, safe, and easy. Digital cash management also makes it easier to pay bills, make credit card payments, and buy things online.

3. Secure data management

Banks can now develop new products and better services for their customers using data. The better banks manage their data, the better their customer satisfaction and the more profitable they are. Core banking systems help make this happen.

Also, digital data management protects and secures the bank’s data from cyber attacks, and it makes sure that only people who are supposed to have access to the data can see it.

4. Mobile applications

A mobile app is an important part of every bank today. Mobile apps let a bank’s customers access their accounts from anywhere. This makes banking more accessible and satisfying for the customer.

5. Advanced security integration

As more and more banking is done online, money mismanagement and fraudulent transactions may occur from time to time. One of the best things about the core banking system is how well it works with all of the verticals of a bank to make sure that everything is secure.

Dual authentication processes and digital identity management, among other security features, ensure tight security for both the banks and their customers.

6. Chatbot integration

You want to make sure you provide 24/7 help for your customers who can get expert advice or guidance whenever they need it. The best choice here is an AI chatbot.

It would be quick and easy for a smart chatbot to help hundreds of people at the same time without making them wait for hours.

7. QR-based?payments

One way to pay for things quickly and easily is to scan QR codes right from the customer’s bank app, and all they need is their smartphone, which everyone has these days.

Without a doubt, banking is complex. Core banking software and advanced banking applications help banks adapt to the new digital era and provide an awesome banking experience. After all, customer engagement and a superior banking experience are the two drivers of growth and profitability.