Top Must Have Features Of Core Banking Software Solutions

Updated on Mar 21st, 2024

Top Must Have Features Of Core Banking Software Solutions

Banking systems worldwide have undergone a drastic change with the introduction of computer innovation and even the modern internet. All are mobile. If you’ve no app, it’s like you wouldn’t exist! Perhaps with an excellently mobile app that is smart and convenient will a modern bank maintain a leading position in the marketplace, enabling consumers to do the very same. The advantages of mobile banking applications were just too long to list. They reduce time, they are comfortable, and they can be accessed 24/7. Users are also warned of suspicious behavior or duplicate fees.

Efficient and sophisticated systems have replaced conventional banking practices with the newest technical advances. Banks have evolved from a simple place to deposit money and offer loans as an inherent component of the world’s largest economy and financial system. The introduction of core banking solutions is among the most innovative movements that have altered conventional banking systems.

Core banking software solutions are straightforward phrases, a method of bank automation aimed at offering immaculate methods of bookkeeping, enhancing customer support, and facilitating the decision-making method. It ultimately leads to improved performance, customer loyalty, and productivity when both of these fundamental objectives are accomplished.

This blog sheds light on core banking software solutions and the must-have features of core banking software solutions. So without any further ado, let’s dive in.

What is the core banking software solution?


The core is short for’ Centralized Real-time Online Exchange.’ It is a centralized system or network generated by a bank and its branches, as the name implies. This enables the bank’s clients to reach, handle, and conduct simple transactions from every other bank branch in which they maintain an account. Core banking software, therefore, enables the banks to develop a centralized data center. For the daily functioning of any bank, core banking solutions are essential. It is a crucial component of financial technology that offers the best services to its customers and clients. Core banking systems are, in plain terms, back-end and front-end payment processing methods.

Also Read: Banking Software Development: Cost, Challenges, and Development Process

Goals of core banking systems?

Improving the customer experience is the main aim of introducing core banking technology. It guarantees consumer comfort and enables banking “whenever and wherever and anywhere.” At the same time, the way banks operate has dramatically changed.

Mainly recently, essential bank functions include keeping account holders’ records, deposits, transfers, maintaining records of ledgers, customer details, loan accounts, and many others were carried out manually. Different approaches have been proposed with the implementation of IT technology to simplify these procedures. Presently, through software that allows automated tracking in the digital back – end database, it’s indeed easy to record transactions, measure, assimilate customer data, and maintain a massive list. The same program is installed across the networks of several bank branches, forming the bank’s core banking infrastructure.

With the assistance of facts and statistics, this modern technology’s primary goal is to make educated decisions. The different operations of the core banking system allow banks to store information in the correct format. All information and documents could be obtained quickly via an authentication mechanism, and clients and employees can make intelligent choices. In particular, it helps to produce and provide government regulators with legislative and regulatory reports. Besides, the ability for customization is provided by core banking applications.

Moving on, let’s discuss the core part of this blog that is,

Top must-have features of core banking software solutions

We have gathered several must-have features of core banking software solutions to help you out. So have a look.

1. Security alerts

In banking software development, protection, and confidentiality are heavily emphasized. Banks need to ensure that their systems are safe, that confidential information is secured, and that all feedback is checked in the app. Some have enhanced security features such as touch ID and recognition of face or speech. Another sophisticated technology is Iris scanning. There is no doubt that every day, fraudsters get savvier, but so do app developers. Thousands of transactions per second to detect cheating are tracked by systems. You’ll be the first one to know if suspicious behavior is observed.

2. Bank account management

Users can track their accounts and banking information, check their deposits and transaction history, and make cash transactions with a bank account management feature. This advanced feature helps users to do something with the app without the web browser having to be used. This feature also includes sub-features like:

  • Invest.
  • Make repeat payments.
  • Set a goal.

3. Chatbot integration

The path to success is empowering your customers with the most customized approach. You ought to make sure you provide 24/7 help for your customers who can get expert advice or guidance when they need it. The best choice here is an AI chatbot. Hundreds of clients will quickly be addressed at the very same time by a smart chatbot without having them wait for hours. Chatbots run around the hour, have always been respectful, and don’t get exhausted.


4. QR-based payments 

An simple, quick, and comfortable way to pay for services is to scan QR codes straight from a banking app. Consequently, mobile is all that users need to search for QR codes. While QR codes are not a revolutionary innovation, thus far, just some very bank applications have introduced QR code payments.

5. Multi-currency feature 

To endorse the concept of multicultural banking, a proper Core Banking software solution should be multilingual. The following attributes are attractive.

  • The choice for Base Currency
  • Set-up of multi-currency
  •  Accounting for Base Currency and multi-currency accounting
  • Base currency and balance sheets of multi-currencies.

6. Nearest ATM finder 

It might seem like a straightforward function for an ATM locator, but you shouldn’t ignore it. The small items demonstrate your customer service. Other than that, you could accomplish some fantastic outcomes if you add innovations to make your app more compelling.

7. Mobile deposit 

For individuals who still bank conventionally, this feature may sound like sci-fi material, but customers are generally advanced with it. Remote deposit control, also known as remote deposit control, has become mobile banking’s increasingly searched features. Mobile deposits require scanning and transmitting the digital picture of a check to a banking institution.  Mobile deposits require scanning and sharing the digital picture of a check to a banking institution. The most evident advantage is that it saves a lot of time. You wouldn’t have to travel to a bank or credit union of a bank and queue for an appropriate cashier in line. It takes only a few minutes to authorize the check and take front and back pictures on the banking app.

8. Other features 

Some other features of core banking solutions are:

  • Loan processing
  • Interest rate calculator.
  • Payment history.
  •  Advanced analytics.

Also Read- Financial Software Development: A Complete Guide for Businesses

Custom Core Banking Software Development

To sum up 

Your performance is directly influenced by a well-designed application with some very creative and innovative features. It helps you gain new clients, get a comparative benefit, and build a positive consumer experience. Are you ready for a banking app to be made? Contact us at any time, and we will help you decide your application’s feature list and guide you on the latest techniques and approaches to production.

Matellio has a solution 

Matellio has stayed on the leading edge of software development for banks. In all our custom mobile banking solutions, our experience and steadfast dedication to our customers are apparent.

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