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Next Generation Core Banking Solution: 7 New Features Latest Blog

Updated On : June 2017

Traditionally, core banking solutions were designed to serve the requirements of an efficient
OLTP (on line transaction processing) system. Core banking applications in India are
currently more than 10 years old. The period saw a great amount of data churning. The
inherited dirty data got cleansed or made irrelevant vis--vis the data retention
requirements of IT act. Next Generation Core Banking
Solution: 7 New Features
Updated On : June 2017
The eco system was evolving, in the meanwhile. The telecommunication networks got
denser and smart phones became ubiquitous. Payment systems in India, developed a new
face under the aegis of National Payment Corporation of India. Aadhaar by UIDAI gave a
momentum for remote branchless banking. More fintech startups and established players
entered the telecom and mobile space. Mobile banking, door step banking and branchless
banking did not just remain mere buzz words, but became a reality. The core banking
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solutions in vogue, required either to be replaced or tweaked to demands of the changing
delivery options to customers. Moreover, lots of satellite standalone systems were paddled
as quick fixes for these new age requirements, posing a challenge when it comes to
integration with core banking solutions. The time is now ripe for redefining the traditional
core banking solution.

Understanding the business of Data

The typical shelf life of a core banking software is set to reduce in the future, but so are the
Archiving Solutions in Banking
implementation woes with Software as a Service (SaaS) availability. National Bank for
Updated On : April 2017
Agriculture and Rural Development (NABARD) has successfully led one of the biggest IT
transformations in the Indian banking industry by enabling banking operations of 201 state
and district co-operative banks move to a single cloud-based core banking solution. This
has enabled rural customers to access basic banking facilities such any branch banking,
SMS notifications, NEFT, RTGS and access to ATMs.

However just the availability of core banking software on the cloud would be the equivalent
of having old wine in a new bottle. What we need today is a new age software that is truly Aligning risk and finance functions
CBS through developments in four key
data management components
Updated On : February 2017
Next Generation Core Banking Solution : Must Have
Features

Transaction Posting
Maker / checker is the fundamental requirement that must be satisfied in a financial
transaction. All the core banking solutions have this feature. The feature is random and is
not supported by a workflow. Typical core banking solution provides a maker / checker
workflow that is:

Flexible

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 Configurable

Supports reverse flow for modification

Supports forward flow for double authorization

Supports masters authorization (I.e. Non-financial)

Remote authorization on need to do access privileges.

Multi-currency features
A true CBS system should be multilingual to support the vision of inclusive banking. The
following features are desirable

Base currency option

Multi-currency set up

Base currency accounting and multi-currency accounting

Base currency and multi-currency balance sheets.

Single sign on features

The core banking software of the future should support single sign on to applications that
are not supported by core banking software

Treasury/Trade finance package (Treasury could be optional)

CRM package - An integrated CRM is a real value add

Government business packages

Fixed asset management packages

Cheque truncation applications

Other relevant packages that impact customer interactions

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Branchless banking
A good branchless banking solution should address major financial services; savings, loans,
transactions, and insurance. It should support

Biometric, PIN based & contactless payment interfaces

Agent interfaces like PoS & Mobile

Comprehensive BC/Agent management services

Customer centric features

Integrates with mobile banking application

Integration with social media like Facebook, Twitter

Customer specific dashboard across channels

"Do it yourself" interfaces

Remote banking facility for HNI customers

Internet banking with Widgets/shortcuts for online shopping, flight booking etc.

Share accounting and payroll services (Credit unions and co-operative banks)
The solution should support the following features -

Share accounting

Payroll accounting

Inventory management

Cash/Kind transactions

Technology features
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 End to end mobile banking

Web based solution

Should be available as a SaaS module

Apart from the above features, Next Generation Core Banking Solution has to be developed
as a "mobile first" application with cutting edge security which could be based on blockchain
technologies.

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CLIENT SPEAK

The Bank is associated with M/S Nelito since 2002. M/S Nelito Systems Ltd has
been our CBS vendor since 2009. The Products, quality of service offered by them
are excellent. They have a very good support team and are trained enough for
handling any type of situation.

D K Kandpal | Vice President (IT)

Nainital Bank

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