The introduction of core banking technology has changed the way in which banks conduct their operations. The greatest beneficiary of core banking technology is definitely the customer as banks are now able to provide fast and reliable services without any technical hassle. There are a large number of core banking software’s in the market that are competing with one another to get noticed by the major banking organizations. However, most leading banks are investing in developing their own banking architecture. Building a personal core banking software is always better than procuring software from another company. It not only ensures better control on the configuration of the software but also reduces the security risk for critical banking data.
Building a core banking architecture is not a simple task. A great deal of technical expertise is required to develop a software which can conduct all the functions of core banking. At the same time, banking organizations train a significant number of resources with the technicalities of the software so that they can provide the requisite support when the software is brought into use. In this regard, procuring software from any reputed technology company is preferred as the tech company also provides the required technical support for the software.
If any banking organization is not confident enough to building its own core banking architecture, the best thing it can do is to procure a core banking software from a reputed technology company. There are a few core banking software’s which can be trusted in current times, given their performance in the past few years. T24 is one such software which is gradually becoming the market leader in the segment of core banking software. However, the only problem with T24 is its high cost. Although the price of T24 banking software is totally worth it, banking organizations refuse to invest so much at one go. In this case organizations can opt for other core banking software’s that are available in the market. However, a few things need to be taken into consideration.
First of all, the core banking software which is to be invested in must be scalable. It means that if in the future the banking organization decides to expand itself to new segments or new markets, the software must assist it. Secondly, the company which is selling the software must assure your organization that it will provide complete core banking solutions. It should also assure you that the assistance of any third party software would not be required to get fully enabled. Lastly, the core banking software must be user friendly and should be easy enough for new users to learn to run.
