What are the Essential IT Core Banking Features?
After analyzing the major banking software providers, we have identified the basic core banking features that are essential in a decent solution.
Centralized dashboard
Bankers need a single-view dashboard to view the system in real time. Additionally, bankers and customers should have access to the same dashboard view; this will help diagnose and fix problems faster.
Integration (with KYC features)
Before using the dashboard, the customer must log in to their account with a unique username and password. With KYC features, banks can verify the identity of potential customers when registering. The onboarding process should also be simple enough that users can complete it stress-free.
Two-factor authentication
The solution should offer two-factor verification to enhance security and protect sensitive customer data.
Push notifications
When building a basic mobile banking solution, use push notifications to provide timely account updates to customers.
Loan management
The core banking solution should allow customers to monitor their loans and schedule payments according to the specified plan.
Interest calculators
For loan and mortgage repayments, users need access to real-time calculators to help them make informed decisions.
Live chat
A live chat feature should be present on the platform to help users contact support agents when they need help. Automated chatbots can also provide template answers to frequently asked questions.
Transaction management
Customers can customize their popular P2P payments and transfers to ensure their contact lists stay up to date. They can also use multi-currency exchanges to trade their preferred currencies.
