Pandemic has forced a huge chunk of people to bank with mobile apps. Thus garnering a large population of online bankers. This mandates that the banks offer an updated interface covering all possible banking operations. A group of banks has their branches on a network. The customers may visit their closest branch to access their accounts and perform basic transactions with any other member branch of that group. This is core banking. Core banking covers basic depositing and lending of money.
Core banking functions include transaction accounts, loans, mortgages, and payments. Banks facilitate these services across multiple channels like automated teller machines, Internet banking, mobile banking, and branches.
Core banking is advancing on an aggressive footing offering more products aimed at higher returns on investment. The downside remains its very centralized mode of operation, ever dipping rates of interest and high charges.
For the first time in history, the traditional banking system faced competition with the advent of the decentralization of finance. The cryptocurrency has since been perceived as an alternative financial instrument. Indeed the digital currency holds the potential to replace the centralized banking systems in most parameters.
Right now is when many corporate houses have placed their bets on digital currency. Despite severe reluctance and initial dismissal, even financial institutions have been compelled to acquire stakes with digital currency offerings.
It has been agreed upon by the leading economic authorities that absolute digitization and free play of private digital currencies is not acceptable and there needs to be a balance of both digital financing and traditional. Under these circumstances with digital currency breathing down its neck, traditional banks have to come up with features to retain its relevance.
With rapidly progressing banking and rising demands of the customers – core banking systems need to gear up to adapt to the dynamics of evolving necessity. HashCash assists by turning banking operations in favor of the emerging requirements with smart work centers.
Here are some of the use cases:
The components of the system are fragmented into modules that perform a specific function. The modules are integrated into the unit and they work on mutual cooperation.
HashCash designed solutions boast of multi-layered design with support for multiple platforms and multiple databases.
The systems roll round-the-clock. Power backup available during any event of an outage, thereby, enabling anytime transaction for customers.
This feature enables the Relationship Managers or other authorized personnel an at-a-glance, full-screen view of a particular customer’s operation history.
In-built workflow engine or corporation level process engines allow for easy coordination via the distinct system modules.
Flexibility is offered in terms of support for multi-entity, multi-currency, multi-byte, multilinguistic, and multi-time zone.
HashCash design powers the world’s largest core banking commissioning with 600 million-plus accounts.
Agile solutions through elaborate user-level customization and parameterization.
HashCash devises core banking solutions come with the following key benefits:
1) Expansion of product offerings with flexible product factories
2) Configuration of bundled product suites
3) Automation of regulatory requirements
4) Driving collaboration with the ecosystem through Open APIs
5) Increase in operational efficiency and productivity
6) Deliverance of differentiated & unique customer experiences
7) Managing growth with proven scalability
8) Upsell, cross-sell relevant products to customers effectively
Pandemic has forced a huge chunk of people to bank with mobile apps. Thus garnering a large population of online bankers. This mandates that the banks offer an updated interface covering all possible banking operations. HashCash solutions provide such benefits as to keep core banking functionalities at a finger-tap maintaining a user-friendly mobile interface.