Core Banking Software Features and Functions is a deliverable for business and technology executives at banks embarking on transforming legacy systems and antiquated processes. The banking systems features and functions will help project teams in understanding the depth and breadth of the capabilities of core banking. This, in turn, helps in creating a roadmap and evaluating banking systems vendors. With the digital revolution and the Fintechs unbundling the banking services, it is a strategic imperative for banks to upgrade their systems and improve their processes. And Finantrix core banking software features and functions is a springboard in this endeavor.
What is the Core Banking Software Features and Functions deliverable?
- The deliverable is a spreadsheet with about ~225 essential features and functions of a best-in-class core banking platform. These features are a logical and hierarchical grouping.
- The Banking Systems features list is essentially a list of key capabilities and considerations necessary to transform the sector in the digital age.
What does it not include?
- No detailed business requirements. (There is a separate deliverable which features transformation business requirements.)
- No detailed technical and architectural features.
Why are re-engineering processes and re-platforming systems and software necessary for banks?
Today, the banking sector is in the throes of massive disruption. From changing consumer expectations to a new wave of startups and established tech giants, banks are facing severe pressures. Banks need to rethink, re-imagine, and renew for the digital age.
Understanding the essential capabilities and features that are the foundation of core banking will help in crafting a pragmatic and actionable roadmap.
From giant money center banks to regional majors, from community banks to credit unions, every bank needs to evolve to survive and thrive.
What features and functions are a part of the Core Banking Software Features deliverable?
Core Banking Systems Transformation Features and Functions deliverable consists of about ~175 capabilities essentials to a best-in-class system. They encompass:
- Products and services
- Depository – Savings and Checking
- Credit cards
- Loans – commercial, personal, mortgages
- Trust services
- Small business services
- Corporate banking
- Transaction Processing
- Customer Management
- Treasury Management
- Risk Management
- Regulatory Compliance
Who should use the Core Bank Features and Capabilities deliverable?
- Business executives who are driving banks’ transformation
- Technology leaders who are responsible for enabling the core systems
- Business and Enterprise Architects who envision the banking solutions
What are the use cases of the Bank Software Features deliverable?
- Gain a holistic perspective of banking functions
- Map features and functions to a capability model (each capability maps to multiple elements, and some may have many to many relationships)
- Use the features list to create a banking core systems RFP (Request for Proposal)
- Use the list of features and functions to evaluate banking software vendors (Whether a system like FIS or Fiserv or EdgeVerve, Temenos, Finestra, or SAP or many other vendors depends on the specific needs of the bank.)
- As the Core Banking Systems Features and Functions List is a digital product, Finantrix will not accept any returns
- Depending on the size and complexity of your bank, and specific products and services and customer segments, some or all of the features may not be relevant to you.
- Consultants, who may wish to use the deliverable at several clients, have different terms and price.
- Sold on an as-is basis and no warranties
- This sale does not include implementation help or support. If you need professional services assistance, please contact us.
- Please review our standard terms of service.
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