For many customers, online and digital banking is their main banking channel now and in the future. More than ever, banking institutions must make significant investments in personnel and equipment to stay current with emerging digital technology. Working with marquee clients, Maveric Systems has worked through the following variables that influence the direction of digital banking:
- User-friendly platforms
- Uncomplicated user experience
- Services with “One Click.”
- Allow clients to easily browse, use, and apply for products at your bank.
- Faster and more effective real-time interactions between customers and customer service
- Digitalizing branch services
- Provide many banking options to suit various lifestyles
What is Core Banking?
The core banking services that the bank provides include accepting deposits and issuing loans, controlling monetary transactions, saving account and account holder information, utilizing a database to connect all accounts and account holders, maintaining its own fixed and variable accounts costs and routine maintenance, such as opening and closing accounts, calculating interest, etc.
Where does the T24 lie in Banking Future?
Temenos is the industry’s top supplier of banking software systems to community and retail banks as well as corporate, universal, private, and Islamic banks. T24 is a popular core banking system that offers institutions in over 120 countries, ranging from local community banks to large retail banks with over 15 million accounts, a technologically cutting-edge, SOA-based front-to-back platform.
Legacy platforms are difficult and expensive to maintain, in part because the technical expertise needed to do so is becoming more and more challenging to come by. Legacy platforms can’t manage many demands for digital experiences and must be more flexible to help banks become agile.
To overcome the following three major issues, careful strategic planning and execution with T24 become necessary.
- Core systems are frequently poorly described and highly altered. Internal and external IT teams have made numerous modifications to legacy core platforms. Many of these modifications need more documentation or have sparse documentation. Additionally, following implementation, they are rarely updated for any new alterations. Internal specialists typically have the expertise, which is lost when they leave their positions or retire. It is challenging to create and carry out a modernization strategy that ensures continuous company functionality and operations without a list of the current requirements.
- The architecture of systems that connect with a legacy core favors batch data processing instead of real-time processing. Typically, legacy systems don’t function in real-time. During an End of Day process, many legacy systems handle transactions in batch mode. Because of this, customer balances are only updated at night, and many legacy systems use shadow balances rather than real-time balances. Redesigning the entire ecosystem interacting with the primary banking system can be difficult and requires considerable thought.
- Challenges in living up to market expectations. Customers want banks to deliver the same high-quality digital experiences they are accustomed to receiving from the retail, hotel, and travel industries. Real-time balances, contextual offers, and accessible account onboarding are features that many Fintechs and modern banking systems provide. Customers expect data security and privacy while business with any financial services provider. To allow other banks, Fintechs, and third parties to access customer data and account information to the extent authorized, new standards like open banking will need banks to open their core systems. For each, fundamental systems must provide functionality via APIs that outside parties can use. Another reason banks utilizing legacy core applications risk falling behind is the need for legacy systems to expand their core systems quickly.
Conclusion
Modernizing the basic financial system is a crucial strategic component of the comprehensive answer for this new century. To better compete with pure digital fintech rivals, traditional banks are redesigning themselves to meet fast-changing client expectations, deal with continuously changing legislation, and meet these demands. Many banks think they can influence more aspects of their client’s financial lives. They embrace technology like artificial intelligence and collaborate with rival businesses because they understand the value of a smooth, individualized client experience. This helps them stand out from the competition.
About Maveric Systems
Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.
Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.
With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.
