Results tagged “core banking system”

Simplify to stay agile

From a policy perspective, 'too big to fail' warns of the broader economic consequences of failures at large banks. But to banks that are up and running, there's another phrase that's raising red flags - 'too complex to compete'.  

Determining the expiry date for a Bank's Core Banking System

As informed consumers, we never fail to check the expiry date of medicine, or the use by date of edible items. Also, we fret about organic and inorganic consumer goods lying idle, wasting away, consuming space or creating an environmental hazard through decomposition.

Risk Management and the Role of Core Banking Systems

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It's all about future-proofing the bank's risk and compliance. The recent credit crisis has underscored the importance of proactive risk mitigation for banks. Banks need to first effectively and efficiently identify the potential risks associated with each and every banking process and then measure the same. Every process, operation and service performed at the bank needs to run through the 'X-Ray machine' of the risk department so that every possible transactional risk becomes known. Doing so can mitigate risks well before they turn viral.

Prevention of bypass surgery or heart attacks for core banking

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Core banking systems were originally envisaged with the singular aim of maintaining customer account data in a centralized system accessible across the bank's network of branches. Account aggregation into assets and liabilities for general ledger consolidation was inherent in the core. To ably assist front office operations, the system comprised simple processes. Higher value transactions were often routed through multiple approval levels within the core, with a defined workflow.