How to find the right digital core banking platform

Some legacy systems still employ core software created more than 30 years ago, which further complicates the situation. Software development and core migration need time and effort. However, for organizations in the financial sector, cost-saving potential, integration possibility. To help you choose the best digital core banking platform, SmartOSC will expose you to the standard for core banking services in this post.

Functionality

Every basic financial service has to have the appropriate capabilities already built in for it in the digital core banking platform to satisfy consumer demand.

The preferences of customers might change suddenly, and the proliferation of fintech solutions puts increased demand on digital applications to accommodate for variations in market conditions. Choose a foundational service that already comes equipped with the features and capabilities necessary to satisfy the requirements of your company.

Typical bank operations

The fundamental bank controls ought to be error-free in their operation. Keep an eye out for systems that can handle streamlined bank processes such as card issuance, account openings and retrievals, transfers, payment processing, and IBAN generation.

Accounting Presentation

The act of reporting is one that is often neglected. For the sake of regulatory compliance and maintaining consistent economic development, every financial institution has to keep precise ledger accounts in addition to generic balances.

Visualization is another essential component in a digital core banking platform; be certain that the service you choose has the capability to produce reports that can be exported digitally.

Backbase

BackBase is a technology company offering legacy banks, digital banks, payment wallets, e-wallet providers a digital core banking platform. BackBase is a leader in the current trend of delivering digital transformation solutions for legacy banks. 

Digital banks trust and choose SmartOSC Fintech as a top technology software vendor to create a comprehensive roadmap for digital transformation. With specialist technologies integrated into a single platform, customers may have a smooth user experience while developing software that methodically adjusts to market changes and makes connecting to other enterprises simple. 

With the help of digitizing all service implementation procedures, SmartOSC Fintech’s BackBase transforms the whole application into self-service, making it simpler for consumers and bank employees to use, maintain, and improve the system. Thus assisting the bank in continuously enhancing product quality, increasing market competitiveness, and bringing high profits to enterprises.

Componentization

Componentization separates the coded software into controllable chunks, which helps hasten the creation of new products by the digital core banking platform.

Having well-designed software components fosters developer cooperation as well as technical dependability. By swapping out individual parts, a bank may react quickly to changes in market demand. Check your core banking service for these components.

Architecture for Microservices

Your selection criteria are heavily influenced by the technological characteristics of each fundamental banking service. The efficiency of any application’s back end will significantly increase business productivity.

Finding a sound architecture and digital core banking platform promotes efficient system operation; the programming language and original source code support the overall system.

Price and technical assistance

Core banking services come at a wide range of prices. Additionally, certain price options may seem appealing on the surface, but they often come with a number of in-app expenses. 

Every fundamental banking service has a different price and payment schedule. The pricing of many services varies according to the capability that is offered.

Choose a digital core banking platform that is compatible with your company plan, and then make sure that all costs and payment options are made clear. You don’t want to bind yourself to an expensive platform since moving is such a difficult undertaking.

The migration of core financial services may be a challenging process. When choosing the digital core banking platform best for you, look at system functionality, componentization, high-level system architecture, and provider support cost.

Throughout the selection process, SmartOSC will be delighted to provide extra information upon request. If you want immediate assistance, please contact us to reach our consultation page; we will get in touch with you quickly.