Today, you are going to learn about the cloud core banking system, why you need it, and the best provider there is to offer this service.
But before we get into the nitty-gritty of this new banking system¸ let’s cover the basics, shall we?
It turns out, core banking is the process where financial institutions like Banks and Saccos, enable their customers to access their bank accounts information from any of their member branches anywhere.
Your institution have branches all over the country, let’s say in location X, Y, and Z.
You have customer A in your institution, and she just opened an account in location X.
But since customer A moves around a lot, she can access her accounts in any of your branches (X, Y, and Z), thanks to core banking system.
Make sense now?
How about the cloud part?
Well, cloud means that data is synchronized in real-time across all the branches.
Using our example above, when customer A accesses her accounts, say in location Z, everything she does, including withdrawals and deposits will reflect in all the branches, X and Y in real-time.
This means that the core banking system is being powered by cloud computing. It is the ‘secret sauce’ making it tick and be what it is seen today.
If there is cloud core banking, does it mean there is non-cloud?
And is such a CBS, you have to hit the sync button every time, well, maybe not literally, but there is a manual syncing action involved at some point.
While this may be an over-the-top definition of a cloud core banking system, at least you have an idea of what it is.
With a core banking system, you can do the following operations;
Looking at it, you realize that these are the same operations virtually every bank and some Saccos undertake.
This means that, with a core banking system, all of these activities can be made available across multiple channels.
You can have automated teller machines (ATMs), operate Internet banking, mobile banking, and have multiple branches.
What’s in it for you?
What do you stand to gain if you install such a banking system?
Does this sound like something you’d be interested in your institution?
Whether you are running a multi-branch institution or single, a cloud core banking system can catapult you to success in an instant.
Ours is a revolutionary system that comes with an API integration function. This means that you can connect it to any system to improve the efficiency of your business.
If you are wondering whether this is a fit, well, Jisort is a digital platform capable of automating transactions in Microfinance Institutions, SACCOs, Banks, Cooperatives, Credit Unions, Lending Organizations, and other MFIs.
Not to mention it’s fully integrated with Mobile Money and Banks.
We have a 30-day free trial. Sign up now and test-drive it.