Better banking tech.
No compromises.

Think of core banking software as the underlying technology that tracks and handles every function of a bank’s business. Connected to and updated by subsidiary applications like digital banking, this central software provides the technological infrastructure for activities like onboarding and tracking customers, servicing loans and processing withdrawals and deposits.

Ultimately, a core banking system provides a stable central infrastructure to perform banking tasks faster and with less likelihood of error. It helps modern banks function by consolidating all data and processes into one easily accessible application. Functions include:

• Consolidating data from in-branch, mobile and online banking
• Processing loans, account opening, withdrawals and other transactions
• Storing essential records such as customer account balances and preferences
• Offering insight into performance and profitability

Although every bank must seek the core solution that best fits its unique needs, there are some must-haves to compete in a digital-first world. A modern system must enable secure transaction processing and eliminate data silos, even as new technologies and capabilities are added. Key features include:

• A single, unified platform with an intuitive user interface
• API integration that enables the institution to add new products and services as needed
• Cloud infrastructure that enables the bank to securely scale as it grows
• Business intelligence and analytics so that data informs investments and service
• Simplified loan management to maximize returns and minimize risk
• Fraud detection and risk management with alerts and smart automation

Although the specific timeline for a core system conversion depends on factors like vendor and the institution’s size, it requires months of strategic planning, data analysis, configuration to unique specifications and data transfer. Training often occurs throughout the process, with more hands-on training for staff, as well as rigorous testing and adjustments in the final weeks leading up to go-live. Most aspects occur behind the scenes to avoid any business interruptions for the converting bank, including conversion finalization, which typically takes place over a weekend.