Core Banking Solution, how to select right one-Part II

by Admin

So, you want best CBS? Part-2

In Part-1, we saw that in spite of having CBS system in place, banks need another CBS. They need to have another CBS because, probably, their current CBS does not match their requirements, failed to keep expectations and demanding higher cost over and over again.In fact, it has become more a burden rather than the solution. Let that burden go away, it is the right time to change the core banking system.

Having CBS in place mere for the sake of RBI compliance is not more a condition today. The focus has been changed, in this ever increasing era of immense competition, banks NEED CBS which satisfies their specific requirements and delivers what they want.

Then are the customers of the banks. Actually they have become the core of the banking industry. Simply speaking, customers keep their money in banks to earn interest and borrow money when they are in need. These are the basic and simple functions of the services offered by any banking organization. Today one can experience the technological transformation happened in these basic functions of the services banks offered, thanks to the Core banking era. Since from when core banking systems were introduced and customers had worldwide exposure to the global market they and their expectations have changed.

No banks enjoy monopolistic position today. If banks do not change themselves, customer changes the bank. It's that simple. Retaining customers and being profitable at the same time is the bigger challenge than ever in front of the banks.

Customers want more for less. It's a fact. Let's face it. Why not turn the challenge in to opportunity to retain customer and increase profit. We can help you achieve that.

In this context, the difference between interest paid and interest earned counts the gross profit for banks. Then banks have their own operating and operational costs to be deducted from gross profit before they can claim their net profit on the service they have provided.

To provide better service, remain competitive to retain customers and also earn reasonable profits right core banking system can play major roll.

Question is that when there are many core banking solutions and software systems available in the market how to select right one?

We are here to help.
So, we guess, in short, you (bank) want:-

  • banking software which is the best in technology
  • core banking solution which is affordable to maintain and reasonably priced
  • a core banking solution that also works as bank management system
  • a core banking software with best of the features
  • customizable CBS
  • CBS which is easy to operate
  • Core banking software that is user friendly
  • is fast
  • bla bla bla...

There could be very long list of expectations from right kind of Core Banking System. Believe, we are here to help you know what to expect from and what are the things that right CBS must have. Read on to know more.

    Keep in mind that selection of wrong CBS or ignoring right CBS has heavy costs to be paid. Do not worry, we are here to help you select and choose right CBS for your bank.

    There could be very long list of expectations from right kind of Core Banking System. Believe, we are here to help you know what to expect from and what are the things that right CBS must have. Read on to know more.

    Let's start from the basics.

    What is CBS? Forget that one, the question we should ask here is what is RIGHT CBS?

    1. CBS, as said earlier stands for Core: C=Centralized, O=Online, R=Real-time, E=Exchange, B=Banking and S=System/Solution/Software. In other words CBS represent a system in bank which is available at Central location irrespective of its branches and their physical locations.
    2. Once Core Banking Software is online, end user, the customer of a bank, eventually,becomes the location from where he or she makes the transactions no matter from which branch s/he wants to operate the account.
    3. Banks can serve their customers literally 24X7X365
    4. Performs faster than ever with improved accuracy
    5. Right CBS must increase productivity and profitability of any bank or credit society
    6. CBS, if, implemented right, should serve the purposes of providing better services with more efficiency and save time and money for all stake holders.

    From this perspective, you will agree that mainly CBS implementation is more oriented to customer focus than it is for banks. OK? These were the very basics of right CBS. Right?

    In Part-3 we will discuss each point in detail, meanwhile if you want to add your own expectations and views on right CBS we would love to hear from you. You can contact us here

    Core Banking Solution, Core Banking System, Core Banking Software