Integrated Banking Solution
Banking sector has made a remarkable improvement over the years to the economy. Banking sector is driven by regulatory mandates. Today banks are focusing on using new technologies for accuracy, efficiency, risk management, any where banking by adding value and creating significant competitive advantage to enhance customer experience.
The banking sector is broadly classified into commercial banks and co-operative banks. Banks can be futher categorised into three components:
- Products (for example, deposit products, loan products, cross selling products)
- Channels ( for example, ATMs, internet banking, SMS, IVRS, telebanking,e-mails)
- Customer Segments (for example, retail, corporate, trust)
Most banks are implementing customer focused-services such as opening/closing accounts, accepting deposits, lending, withdrawals and so on.
- Some of the challenges include:
- Retail customers need easier access to financial products
- Managing data sets for individual accounts
- Integration between core banking and back-end systems
- Adding new business processes and extending the existing ones
- Providing instant online or e-mail access on current and historical statements
- Large banks dealing with regulatory compliance requirements such as
Basel II framework, US GAAP, Regional Privacy Regulations, Check 21 that change frequently, but affect their core data
- Compliance and governance
- Integrated Banking Solution(IBS) can help the banking sectors in the following:
- Enterprise integration at multiple tiers: Enterprises often need to integrate multiple applications. These applications could be implemented in different platforms, operating systems, programming languages and technologies. For example, core banking application can be integrated without any coding with any of the back-end systems.
- Automate and extend Business processes: It is easy to automate business processes by wiring together relevant services and configuring them using SOAIntegrator. Existing processes can be extended easily without any coding or modification of the existing applications. For example, by using SOAlayers,e-mail or IVRS notifications can be added to the account withdraw, deposit or loan approval business process without modifying the core banking application.
- Automated audit and compliance enforcement using SOADirector
- Real-time fraud detection and alerts using SOADirector
?Motivating large banks to centralize and share services as well as data
?Significant need for auditing and accountability
?Rules change frequently