The expert from the various government and non-government banking sectors has concluded that it is essential to digitize the banking process. Banks have started adopting the latest technologies and methodologies, while a few banks are laggards.
Various banking experts from Federal Bank, Ujjawal Bank, Yes Bank, Punjab, Sindh Bank, and the global banking firm like IBM have stated that each bank has a different speed of adopting the technology. Some departments adopt technologies swiftly to agile the work process. In contrast, some departments find it challenging to change, thus use old methodologies.
While India has adopted several banking solutions like PayTM, PhonePe, and G Pay, which offer instant services to its various customers, on the other side, a huge band of banks is seriously challenged by digitization. These banks are laggards in adopting such technologies, which led to enormous challenges and directly affected customers.
Moreover, over the years, banks have started adopting technologies, but each department has accepted different digitalization levels. These aroused a new challenge for the banking sector, where they need to make every employee technology-friendly and provide time-to-time learning opportunities to stay updated with the latest trends.
As customers are becoming technology-friendly, it is essential to provide services that can draw an instant solution for customers. Recent surveys proved that happy customers are more likely to recommend the bank to his friend or family than the other with a negative experience.
Today, significant people are shifting to mobile banking as it is more convenient and easy to carry out banking services on fingertips. As per the survey, only 2 % of the population rely on mobile banking, while 40% of the population rely on personal bankers. The population is aggressively shifting from one offline banking to online banking service. It is essential to understand that bank needs a more robust and reliable data to handle massive data and population precisely on an online platform.
The majority of the population is shifting towards mobile banking in the US and western countries. Private banks provide a seamless experience to customers. Customers do not face any issue, and this simplicity attracts more customers—Barclays and DBS banking offer techno-driven services, which protect customer data more promptly and provides many facilities.
The important things that banks are facing globally are different levels of digitization within the bank. This has to overcome, as each department should be seamlessly integrated to have a better experience, which automatically increases the overall efficiency. Moreover, banks use separate modules where data is stored, which is not visible to other departments. It is essential to understand the inter-challenges need to overcome for better performance of the bank.
It is high time to accept a digital solution to overcome such challenges. AYN InfoTech has launched Oak Core Banking Solution to overcome all challenges that the banking sector is facing continuously.
Core Banking Software is an online platform where networking of bank branches is done, allowing customers to manage their bank account anytime and anywhere regardless of the branch you have opened your account.
Core Banking System (CBS) has level-up the banking process by automating tasks, getting an online platform for various banking activities, and storing critical customer information. Execution of CBS across all bank branches helps boost banking processes like banking transactions, lending operations, customer accounting, and other payment processes.
It greatly affected banks and customers by improving mundane tasks, simplifying complex processes, and also saves a considerable amount of resources and time.
There are four key objectives for digital core banking.
1. Digitally Robust
CBS software should be agile software, open to internal and external information. It should be cost-efficient by providing a high level of automation, which saves many resources and time.
2. Better Analytics
It should segregate colossal data to provide contextual information; it should also produce granular and quality data to access information better.
3. Better Personalized Experience
It supports a modular offering and provides a personalized experience for a better customer experience. It provides a new, comprehensive customer ecosystem.
4. Easy Integration for Future Requirements
CBS should have open APIs for easy integration of modules as per future requirements. The seamless flow of information is an essential thing in CBS.
Oak is the core banking product developed by AYN InfoTech that provides global digital banking functionality to banks.
Build on an advanced architecture; Oak Core Banking Solution provides a comprehensive suite of functionalities to power your digital bank transformation. It has a complete set of capabilities that includes extensive parameterization, product bundling, and reusable business components to innovate banking systems.
With its real-time processing engine, open APIs, painless integration, and implementation of the latest technologies, Oak CBS delivers one of the most advanced digital banking solutions to tackle challenges and improvise the banking system.
Oak CBS has various capabilities to boost the productivity of the organization.
Below listed are the important digital transformation factors:
1. Risk Mitigated Platform
Oak CBS leverage technologies like AI and ML to mitigate risks like market risk, liquidity risk, regulatory risk, and operational risks.
2. Innovative Digital Platform
The digital platform digitizes various banking functionalities like account handling, transaction management, money transfer, load lending, etc.
3. Comprehensive Capabilities
It innovates banking systems by providing a comprehensive set of capabilities that includes product bundling, product factories, and reusable business components.
4. Deeper Customer Engagement
It has an AI-powered chatbot that interacts with customers and provides the desired service.
5. Open API
Oak CBS has open APIs that help integrate any module easily in the future and can innovate as per requirements.
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1. Increase Employees' Efficiency
Core Banking Solution streamlines all the business processes and stores data easily accessible to authorized team members on a single cloud platform. It helps reduce workload by automating various mundane tasks, which saves much time. The communication experience which is offered through multiple channels allows the easy transfer of information between departments. This increases the employees' efficiency as they have access to accurate information and are updated about any change in the system.
2. Increase in Customer Loyalty
Oak Core banking system enables banks to provide unexceptional customer service from anywhere in the world.
Customers can access bank account anytime and from anywhere across the globe. Oak CBS provides a transparent system and also automates mundane tasks, which provides instant service to customers. With Oak CBS, it helps retain current customers, extract new customers, and expand customers' experience beyond transactions. Oak CBS enables banks to come up with customer-centric service erasing the traditional banking system.
3. Reduction in Various Expenses
Oak CBS enables banks to handle a huge amount of customers daily. This decreases the number of footfalls in the bank branches, which reduces the need for physical banking. This enables banks to cut off infrastructure costs, furniture costs, operational costs, and other support expenses. ATM, Internet banking, payment gateways, and online banking have reduced the need for manual intervention in the process, which saves time. Moreover, it helps efficiently manage a bank, which further reduces operational costs and minimizes support expenses. It also reduces time to market for the new product offering, marketing cost, faster clearing, faster clearing, and reconciliation improves operational effectiveness.
4. Reduce IT Maintenance
Oak CBS is designed to consolidate various standalone applications and optimize the operational cost. Banks have multiple applications that need to be updated and change as per the changing requirement. It is challenging to manage each application separately. Oak CBS has a single platform on which you can manage all operations effectively. It has open APIs which help add any module or customized it as per future requirements.
Oak CBS is powered with various technologies like artificial intelligence, Machine Learning, IoT, and Blockchain, making Oak CBS unique software that provides facilities and automates multiple mundane tasks. It collects and organizes vast customer data to precisely understand customers' behavior and provide more effective personalized service. Blockchain technology offers a more secure platform and stored data in an encrypted format. Business intelligence tools are used to present better analytics, which helps banks understand data available for better sales, marketing, and customer service.
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Oak Core Banking Solution is considered as a new stepping stone for success and effective service. It segregates all banking operations and stores all data securely on the cloud. It has other features like SWIFT integration, API Integration, CRM Integration, Risk Management Solution, and detects suspicious accounts. The CRM integration module manages sales, marketing, and customers effectively by analyzing customers and increasing the business. Oak Core Banking Solution is the best solution for any bank which focuses on employees and customers.
CBS Software is essential for every bank to mitigate losses that occurred due to a lack of communication. As Artificial Intelligence and Machine learning power, it helps track suspicious account activities. It avoids many scams and thus helps preserve public money. Adapting digital core banking solutions lead to better marketing, sales, management, and customer service.