|
Intense competition
in an over-banked environment. Customers who are
better informed, more demanding and less loyal
than ever. Increasing burden of regulatory compliance.
Shrinking margins. Slow growth…. The challenges
that confront today’s banker are as intense
as they are varied. And technology, the banker’s
trusted friend in the past few decades, has lately
become an obstacle in the quest for market leadership.
Stakeholders’ expectations continue to be
whetted by their positive experience in other
industries like retail and travel, of how technology
can make a difference. Satisfying such expectations
requires that banks make their vital systems customer-centric,
cross-channel capable, multilingual and process-oriented.
Not doing so in the near term could prove to be
a costly gamble.
However, it is a
reality that most banks spend over 75% of their
IT budget just to maintain their current systems
and ensure the stability of their ongoing business.
This leaves them with very little room to respond
to the long-term socio-economic trends that are
reshaping the banking industry in a fundamental
way.
The banks that will
secure the competitive edge are the ones that
master the art or science of cost-efficiently
balancing transformation and continuity. The total
cost of IT ownership could vary by millions of
dollars for a large bank, depending on whether
it replaces its core banking systems completely,
or joins the select bank of organizations that
are taking to Service Oriented Architecture in
a big way.
Polaris'
Core Banking Platform
Our Core Banking
Platform is a feature-rich solution that addresses
the critical need for a scalable, flexible, secure
and customer centric core-banking platform. It
is a multi-currency, multilingual solution conceived
and built with the anytime-anywhere customer in
mind.
Our Core Banking
Platform supports savings, current and overdraft
accounts as well as different types of time deposits.
Front office functions relating to teller and
customer relationships are supported, as are back-office
functions such as clearing, funds transfer, standing
orders and sweeps.
Our Core Banking
Platform is architectured and built in a manner
that permits banks to replace their ageing systems
in a granular manner, without giving up the parts
that are still valuable for the bank. Together
with our Lending Product, it can also function
as an integrated banking platform that offers
a wide range of liability and asset products to
retail, corporate and private banking customers.
Advantage
of our Core Banking Platform
The highly parameterized
design of our Core Banking Product gives banks
the agility that is essential to react to fast
changing market situations. New products can be
launched or existing products fine-tuned in a
real-time manner. A versatile Fees and Charges
module allows great flexibility in levying service
charges or rewarding customer automatically based
on a combination of customer segment, product,
account, transaction and channel characteristics.
Its Credit Limit Monitoring features help track
customer limit utilization across multiple products
in real time. The ability to initiate various
enquiries and transactions for a given customer
from a single window is a great productivity enhancer,
especially for call-centre operators.
The combination
of a centralized database and browser client is
a powerful enabler of business process changes,
as the processes can be centralized, decentralized,
split across locations or completely outsourced
at short notice to improve efficiency, enhance
quality or reduce risk. The application’s
comprehensive security features ensure that flexibility
does not come at the cost of safety. Our Core
Banking Product employs contemporary security
and encryption technologies to provide a secure
transaction require a second pair of eyes to review
and also set the conditions that would require
a supervisory override.
Our Core Banking
Platform's open architecture ensures easy interface
to third party systems. The product can be interfaced
with various delivery channels like ATM, Internet
Banking and Phone-banking. It has a common set
of service components that provide a uniform customer
experience across all channels. Its customer-centric
data model allows banks to offer relationship
banking to customers across multiple products
and generates portfolio level statements. It has
a user-friendly, browser-based interface and operates
in a truly 24 x 7 x 365 basis with uninterrupted
transaction execution. The modular design of the
application implies that operational risk and
employee stress can both be minimized to a large
extent by phased implementation.
Architecture Highlights
- “Build as you grow” through GeneS-based
architecture
- Multi-channel delivery for consistent customer
experience
- Global Banking (Multilingual, Multi-currency,
Multi-entity)
- Straight Through Procession (STP)
- Web architecture (Front-end is thin client)
- Comprehensive Information Security with Single
Sign-on
- Scalability at low marginal cost
- 24 x 7 availability.
Read
our Core Banking Case Study
|
