Core Banking Customization. Three C’s of Core Banking
Core Banking Customization.
Successful core banking system transformations need to keep evolving and banks need to keep on building on agility and mobility.
These methods at a later stage help in producing and sustaining higher revenues. Along the way, banks can gauge their progress towards practical, profitable core systems. By closing critical gaps, they can avoid efforts that don’t speed time-to-value and maximize ROI.
Three C’s of Core Banking
Customization:
The new age is all about customization and personalization; it’s not limited to price attributes of a product or service offered. It also includes the manner in which services are delivered. Aspects such as balance and balance changes of different account names, loyalty point affiliations, transaction and information alerts, and marketing alerts form a part of customization.
Convenience:
The entire dimension around convenience is changing from ‘Anytime’ and ‘Anywhere’ to ‘Anyhow’. New age banking would require banks to facilitate boutique like services, providing doorstep facilities to rural branches using field agents and partners to carry out disbursements, collections and deposit transactions. Another new age concept which is emerging to the fore is transferring information without rekeying.
This will have significant effects towards maintaining information accuracy and productivity across all branches.
Concern:
Maintaining quality of service and being recognizes is key to a bank as these factors earn customer loyalty. It is often seen that customers have complained of the bank not acting on any of their problems.
This kind of a situation arises when the bank shows lack of concern. New age technology should enable banks to act immediately on a customer’s concern and create a bridge to directly communicate with the customers facing problems.
A few smart and innovative ways can pave way for growth following steps could help banks drive innovation.
- Streamlined Operating Environment
- Standardized Business Processes
- Automated Operating Environment
- Adaptable Core Banking Systems
