Sometimes your core banking system can feel more like an ill-fitting suit rather than your favorite shirt. Many financial institutions have to contort themselves in all kinds of ways to fit it, because tailoring the core to fit your operations is too costly and probably not worth the time and effort. While functioning in this suit is possible, it’s uncomfortable and every day these institutions come closer and closer to popping a seam.
Core banking systems shouldn’t be a drag on your operations. Finding a solution that fits and has the durability to last is simply a matter of knowing what to look for. If your financial institution is in the market for a better fitting core, consider these important features:
Easy Integration: Direct access to business rules and open architecture design can allow your institution to add new products, branches, and employees quickly without having to rely on third party interference. After all—why wait when you can do it yourself?
Full Audit Trail: Every core system needs a robust audit trail to monitor the activities of external and internal users. When a click-by-click record is available, operators receive better insight into user workflow so they can tailor the system to improve efficiencies.
Accessible Data: Onboarding account holders in disparate systems is cumbersome and inefficient. Core banking systems should have a streamlined design that can support the retrieval of account holder information across platforms.
To learn more about the benefits of a flexible core system, start a conversation with us today.