Innovations especially in digital forms transformed many economic sectors in the last few decades. And in those sectors, the sector which has seen the most revolutionary changes in the service sector is the banking sector.
For the rapidly changing technology and to cater the services with cutting edge technology to their customers. Additionally, because of the cutthroat competition, every bank wants to provide the best technological services for their customers and to earn huge profits from it.
There are some companies that offer I.T related services as well as software solutions, https://diceus.com/ is one of the top websites that serves several Hitech software solutions. It built customized software solutions and helped the banking and tech companies to improve their productivity.
Digital Core banking tech (definition)
Digital core banking technology is the latest software service by the banks. Traditionally the core services are provided by the banks only in physical form but with the innovation of modern technology, we have seen a huge transformation. The shift of the core banking services in the digital form is called Digital core banking. Additionally, in the present day, some banks have more features and services in digital core banking rather than the traditional banking system.
Irrespective of the location, time, and several other factors a customer can avail of banking services without visiting the branch by himself or herself. That is the power of digital banking that has brought banks near to the customers and serves them day and night.
Here are the features of the digital core banking system
1. Paperless ecosystem
With the help of innovative technology, the inclusion of paper has become the bare minimum. Digital banking paves the way for the full digitized banking ecosystem with sophisticated technology and innovations. Digital banking with the inclusion of OTP verification, E-KYC, digital verification, digital signature, biometrics has massively declined the use of paper and made the process smooth. Additionally, all these above services are availed by the customer right from their home.
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2. Payments and transfers
Countries and states want more and more people to use legal ways for transactions of money and payments. But due to long queues and legal restrictions some people choose illicit ways for transactions. Especially majority of people don’t want to stand in a queue for getting their monetary transactions. To deal with this issue, banks have brought a system of digital payments. Customers can use mobile applications, websites, and third-party verified applications for payments and transfers digitally without even visiting the banks once. This move has gone exceptionally well and proved as a profitable move by adding more people to the banking ecosystem.
3. Security and data management
The tech of Data management and security are some of the challenging tasks that are encountered by the banks to tackle. Additionally, the migration of data is also a challenging aspect of the banking sector. Therefore banks have come up with innovative solutions for the latest information and technological services. The major services like SAS, cloud computing, machine learning, artificial intelligence, etc manage the data and covers the responsibility of security systems in digital core banking services very well. With the right analysis of data, banks can decide the best products for the customers.
4. Mobile application
Mobile banking application is an inseparable part of core banking services for accessing the services digitally. Especially in the time of pandemic covid-19, the banking apps have served as a boon for the customers. Where everything was shut down and social distancing was the most important measure to follow, mobile apps have served well for monetary transactions remotely. It massively reduced the risk of getting close with people for doing any kind of money-related transactions worldwide. Additionally, almost all of the banking services can be availed by a customer on the bank’s mobile application.
5. System SECURITY integration
The feature of system integration comes very handily with the presence of digital banking solutions worldwide. Features such as double authentication, biometric identification, OTP verification, etc have brought the security in very strong positions keeping the fraudulent activities at bay. The purpose of system security and its integration is served very well in digital core banking.