Core banking automation - art, science or gamble?
Intense competition in an over-banked environment. Customers who are better informed, more demanding and less loyal than ever. Increasing burden of regulatory compliance. Shrinking margins. Slow growth…. The challenges that confront today’s banker are as intense as they are varied. And technology, the banker’s trusted friend in the past few decades, has lately become an obstacle in the quest for market leadership. Stakeholders’ expectations continue to be whetted by their positive experience in other industries like retail and travel, of how technology can make a difference. Satisfying such expectations requires that banks make their vital systems customer-centric, cross-channel capable, multilingual and process-oriented. Not doing so in the near term could prove to be a costly gamble.
However, it is a reality that most banks spend over 75% of their IT budget just to maintain their current systems and ensure the stability of their ongoing business. This leaves them with very little room to respond to the long-term socio-economic trends that are reshaping the banking industry in a fundamental way.
The banks that will secure the competitive edge are the ones that master the art or science of cost-efficiently balancing transformation and continuity. The total cost of IT ownership could vary by millions of dollars for a large bank, depending on whether it replaces its core banking systems completely, or joins the select bank of organizations that are taking to Service Oriented Architecture in a big way.
PhuocMinh' Core Banking Platform
Our Core Banking Platform is a feature-rich solution that addresses the critical need for a scalable, flexible, secure and customer centric core-banking platform. It is a multi-currency, multilingual solution conceived and built with the anytime-anywhere customer in mind.
Our Core Banking Platform supports savings, current and overdraft accounts as well as different types of time deposits. Front office functions relating to teller and customer relationships are supported, as are back-office functions such as clearing, funds transfer, standing orders and sweeps.
Our Core Banking Platform is architectured and built in a manner that permits banks to replace their ageing systems in a granular manner, without giving up the parts that are still valuable for the bank. Together with our Lending Product, it can also function as an integrated banking platform that offers a wide range of liability and asset products to retail, corporate and private banking customers.
Advantage of our Core Banking Platform
The highly parameterized design of our Core Banking Product gives banks the agility that is essential to react to fast changing market situations. New products can be launched or existing products fine-tuned in a real-time manner. A versatile Fees and Charges module allows great flexibility in levying service charges or rewarding customer automatically based on a combination of customer segment, product, account, transaction and channel characteristics. Its Credit Limit Monitoring features help track customer limit utilization across multiple products in real time. The ability to initiate various enquiries and transactions for a given customer from a single window is a great productivity enhancer, especially for call-centre operators.
The combination of a centralized database and browser client is a powerful enabler of business process changes, as the processes can be centralized, decentralized, split across locations or completely outsourced at short notice to improve efficiency, enhance quality or reduce risk. The application’s comprehensive security features ensure that flexibility does not come at the cost of safety. Our Core Banking Product employs contemporary security and encryption technologies to provide a secure transaction require a second pair of eyes to review and also set the conditions that would require a supervisory override.
Our Core Banking Platform's open architecture ensures easy interface to third party systems. The product can be interfaced with various delivery channels like ATM, Internet Banking and Phone-banking. It has a common set of service components that provide a uniform customer experience across all channels. Its customer-centric data model allows banks to offer relationship banking to customers across multiple products and generates portfolio level statements. It has a user-friendly, browser-based interface and operates in a truly 24 x 7 x 365 basis with uninterrupted transaction execution. The modular design of the application implies that operational risk and employee stress can both be minimized to a large extent by phased implementation.
Architecture Highlights
• “Build as you grow” through GeneS-based architecture
• Multi-channel delivery for consistent customer experience
• Global Banking (Multilingual, Multi-currency, Multi-entity)
• Straight Through Procession (STP)
• Web architecture (Front-end is thin client)
• Comprehensive Information Security with Single Sign-on
• Scalability at low marginal cost
• 24 x 7 availability.