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I7 New Features for Next-Generation Core Banking Solution

Core Banking Solution Must have the Following Features

1. Transaction Posting

Maker/checker is the most important requirement that must be fulfilled in a financial transaction. All the core banking solutions must includes this feature. The attribute is unplanned and is not supported by a workflow. Normal core banking solution gives a maker/checker workflow that is:

  • Flexible
  • Configurable
  • For modification supports reverse flow
  • For double authorization supports forward flow
  • Supports for masters authorization (I.e. Non-financial)
  • Remote authorization on the need to do access privileges.

2. Multi-currency features

A true CBS system must be multilingual to help the innovation of inclusive banking. The following attributes are desirable

  • Base currency option
  • Multi-currency set up
  • Base currency accounting and multi-currency accounting
  • Base currency and multi-currency balance sheets.

3. Single sign-on features

The core banking software of the attribute must support a single sign format on to applications that are not supported by core banking software

  • Package of Treasury/Trade finance (Treasury could be optional)
  • Packages of CRM - An integrated CRM is a real value add
  • Packages of Government business
  • Packages of Fixed asset management
  • Cheque truncation applications
  • Other relevant packages that impact the interactions between the customers.

4. Branchless banking

A good branchless banking solution must acknowledge major financial services; savings, loans, transactions, and insurance. It must support

  • Biometric, PIN-based & contactless payment interfaces
  • Agent interfaces like PoS & Mobile
  • Comprehensive BC/Agent management services

5. 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
  • Offers Internet banking with Widgets/shortcuts for online shopping, flight booking etc.

6. Services for Share accounting and payroll (Credit unions and co-operative banks)

The solution must support the following attributes -

  • Share accounting
  • Payroll accounting
  • Inventory management
  • Cash/Kind transactions

7. Technology Attributes

  • End to end mobile banking
  • Web-based solution
  • Should be available as a SaaS model

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