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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