Core Banking and Choosing the Right Solution

Imagine what banks looked like before 1970. Long queues and particularly long waiting period for just about any transaction was normal. People where customers of a branch and not really a parent bank. All transactions could be performed at your particular branch only. Any entry only reflected after more than 24 hours as information went to data centers in batches at the end of the working day. However, over the next 40 years most banks chose to create a Centralized Online Real-time Exchange or Environment (CORE) to manage their operations, thus giving rise to Core Banking. In India alone, the number of public sector bank branches with core banking implementation went from 79.4% in March 2009 to 90% in March 2010. All over the world, the numbers are closing in on cent per cent.

According to US-based research and advisory firm Gartner, core banking system (CBS) is basically a back-end system that performs banking transactions on a daily basis and updates accounts and financial records. It is essentially a bank’s nervous system that if affected can change the bank’s operations drastically. CBS is a common point of connection for the entire gamut of products and services that banks today provide under one umbrella.

Centralized data centers have been formed and all banking applications can be accessed here. Data of any bank as a whole is stored in a central server that branches, regional offices and head office can lay hands on. All types of banking operations like recording all types of transactions, loan and mortgages as well as interest calculations, deposits, money transfer, payment balance, customer information and such other operations have become fully automated using a core banking solution. Such a solution makes use of the internet or other forms of connectivity to automate the operations with an appropriate software. This core banking software is then applied across all the branches thus bringing them all on a single platform.

A solution usually comprises of:

• Internet, mobile, tab banking
• Data centre and colocation as well as DR services
• Fund transfer remotely and immediately (IMPS, NEFT, RTGS, etc.)
• Automated Teller Machines (ATMs) & Point of Sale systems
• Several other services like QR Code Merchant Payment, Agency Banking Application, eKYC Solution, Connectivity and others.

Goal of CBS

Core banking solutions differ from bank to bank and largely depend on the type of customer bases that a bank has. The basic goal of core banking is to be largely customer convenient and cut down on operational expenses. A good core banking solution directly impacts profitability, customer satisfaction and competitiveness. It enables customers to achieve more freedom in transaction, banks yield from reduced time and resources spent on monotonous activities.

A Core Banking solutions is especially beneficial because of its:

• Scalability: As transactions are processed in bulk volumes daily, the business priority is to be able to scale up without any breaks.

• Flexibility: Banking has numerous modules that requires a solution which is extremely flexible that is able to configure the right mix of IT resources at the right time.

• Agility: To be competitive in the market the solution can quickly adapt to changes and transformations.

• Cost-effectiveness: These solutions not just deliver customer-satisfaction but also benefit the bank by saving them lots of man hours and maintaining accuracy.

A successful core banking application can be migrated in all types of financial institutions including:

• Corporate Banks
• PSU & Nationalized Banks
• Scheduled Co-Operative Banks
• Urban Co-Operative Banks
• State Co-Operative Banks
• Payment Banks
• Small Finance Banks
• Non-Banking Finance Corporations
• Micro Finance Institutions
• Credit Co-Operative Societies
• Securities & Insurance Sector
• Regional Rural Banks

Advantages

Among the myriad of advantages that a CBS has, the most important is that it has enabled banks to strengthen their relationship with customers. Concepts of customer satisfaction, retention, customized and tailored plans, customer convenience and others were introduced in the financial industry, thanks to core banking.

Customers today have a plethora of channels through which they can contact their respective banks. It could be through their PCs via the internet, on their smart phones, tabs or through mobile kiosks. A good core banking software integrates all these channels and provides a seamless transacting experience for both the bank and the customer.

Since all processes become automated, another major advantage of a good modern core banking solution is that it reduces chances of human errors and fraud. This in turn increases employee efficiency and then eventually boosts business opportunities. All the resources are aptly utilized thus minimizing chance of wastage as well.

Automation, more often than not, always helps companies save a lot of money and time. Online banking decreases human footfalls in bank premises which means that infrastructural costs go down drastically. Similarly, operational and support expenses also go down. Maintaining legacy systems is also a pricy affair. Core banking brings down IT maintenance costs by moving to shared services platforms.

Lastly, since all steps are accurately recorded and can be tracked back, a ready business analysis is available in real-time. All the data collected in the back-end can thus be transformed into actionable insights according to need. This has made banking smarter over the years. Core banking solutions have also changed over the time bringing into its purview improved services. Chief information officer’s believe that integration of new technologies like Artificial Intelligence, Chat-bots and Internet of Things platform can help trigger business intelligence which helps in better decision-making.

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Characteristics Of A Successful Selling Method

Offer data relating to the products and the services.

The 1st feature of an effective selling technique is a site that gives details on the subject of the goods and the service they are offering. The benefit of that is we may sell those items and solutions online. Selling is a skill to be grown. It needs a lot of comprehension to find what the client is trying to find and then satisfying his/her needs.

Obtain the total particular attention of the reader.

It is highly essential to obtain the total focus of your audience. The content of the concept should be help to make the reader think. This can certainly be achieved by applying power words, and also color and visuals. Now that the interest is grabbed, it needs to be maintained till the end of the message. The client should be motivated to take a few action and their participation should be wanted. They can easily be made to register for newsletters or may be designed to take the survey by viewing the company’s website.

The customer should be persuaded to get the product.

All the highlights of the organization should be given, with the more important ones on the top. They ought to be described realistically throughout these points how the merchandise will satisfy their requirements or resolve their complications. It does just by convincing the consumer regarding this will encourage them to pay for the solution. They should be made to appreciate what amazing things the product can certainly do to him. Solid emotional words must be included in the sentence. The client should possibly fear the loss of the product if he doesn’t acquire it in time or he should be provided the greed of the positive aspects the product can easily offer. These factors will produce a psychological instinct and will make them think that they have no other choice to buy it. They will have a reasonable cause to help to make the purchase. The feelings of the buyer needs to be manipulated with words.

Produce a sense of urgency.

A thing like ‘limited edition’ or ‘limited period offer’ will produce a feeling of emergency. The buyer believes that he/she needs this merchandise in some way. It’s wonderful to have sales frequently, especially to clean out old inventory in the name of a few offers. The products which usually have an apparent damage should be sold out at an unique cost. Nonetheless the harm should be stated to the consumer. If it’s not described, the first time the client will be fooled into buying a thing, but he will certainly loose trust and won’t come back once again.

Usually maintain seasonal sales and offers.

Since all the rivals will be offering diverse offers to entice buyers, it’s a great point to have one, too. Nevertheless it should be appreciated to not to replicate any person. Just an exclusive give will certainly make the consumers not really go to the competitors. Occasionally present free shipping, this works in your benefit. A condition just like if a client consumes special quantity of cash, all products will be delivered for 100 % free. This is an additional appealing deal which usually will certainly tempt the buyer to buy. Thanks to search engines and on the web stores anything at all may be bought from the comfort and ease of the home. Hand out no cost sample to the clients or maintain a pre-sale price for preliminary products. The buyers won’t think double to spend a little cash to try anything new.

The closing of the sales concept.

The ending of the sales concept is where virtually all persons mess it up. The total attempts will be lost if the consumer gets a second thought. He should be persuaded, by great terms, to acquire the product until the incredibly end. The content ought to be organized with treatment. The essential is to inform the client what to do precisely soon after he finishes studying the subject, like ‘Grab the golden chance now’ or ‘get the phone and then dial the number right now’, etc. Do not integrate links or short ad of additional products or services. This will change the concentration of the reader and he may have a second thought. A list of the existing consumers should be managed and from time to time unique offers ought to be mailed to them. So essentially the complete idea is to impact the mind of the buyer till he buys a product.

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How To Develop A Website Content Strategy

A website content strategy is a plan of how you are going to use content material to develop and market your online business. Content isn’t just limited to written text. It can involve videos, polls, graphics, images and many other things which make your website more interesting for your readers.

There are two fundamental components of a website content strategy:

The content material you actually publish onto your website. This includes, how frequently you publish, what you write about, how far in advance you plan and produce the content, etc.
The content you use to promote and market your website, such as social media posts and emails to your subscriber list.

Why Is A Content Strategy Important?

Having a strategy means you can plan ahead. Instead of simply publishing a new post on any random subject, you can plan subjects strategically based on special offers, the time of the year etc. Planning ahead also helps you post on a regular, steady schedule. This is important for keeping readers interested and the search engines happy, as they like new content.

Creating An Online Content Strategy

Regardless of how valuable your content is, if you publish a huge chunk of text that looks boring, you won’t get many readers. The eye isn’t drawn to large sections of text. This is why it’s so important to have different types of content on your website when promoting your online business.

Video

Videos are one of the top ways to bring in more traffic and keep people on your website for longer. There are numerous ways to make videos and it doesn’t mean you have to stand in front of a camera. You can create videos using just text, images and a voice-over.

Interactive Content

Polls and surveys are a great form of interactive content. People enjoy interacting online. It makes it more interesting for them and encourages them to stay on your website for longer. This drives up your income and boosts the reputation of your business, thus causing it to rank higher in the search engines.

Social Media

Having a live feed of opinions people are making about your content can encourage people to visit your website. Posting testimonials that people have given about your business will also make good quality content that people will want to read. You could even invite some of your regular readers to be interviewed for your next blog post.

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