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How to extend the life of your core banking system?

How to extend the life of your core banking system?

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Is your traditional core banking system delivering what you really need?

A core banking system can be defined as a back-end system that processes daily banking transactions and posts updates to accounts and other financial records.

A typical core banking system would include deposit, loan and credit processing capabilities, which interface with general ledger systems and reporting tools.

Legacy systems have been bogged down by software systems and processes designed for the pre-internet age. Slow-moving banks have previously not been punished by consumers for sub-optimal banking experiences. However, with the proliferation of smartphones and increasing connectivity, consumers have become more discerning in who wins their business and this now extends to banking.

Take for instance the humble bank branch, a firm fixture in the community. A physical branch is costly, the costs can range from staffing to the lease and myriad of other costs. Digital applications and smart customer contact centres have eliminated this the need for physical branches almost entirely resulting in millions of dollars in cost savings for innovative banks around the world.

That was just one example, your organisation can also harness the power of digital and move beyond your legacy core banking system to get an edge on your competitors.

Think evolution, not revolution.

To start your journey, Youtap’s feature-rich white-label apps and software platform can be deployed with minimal pain and maximum effect.

Youtap complements your existing core banking system by integrating to our modular high throughput & low-touch open banking approach.

It’s as simple as starting with an app on a smartphone.

Once downloaded from the app store of your customers choice, your bank takes its destiny into its own hands and owns the end to end experience while also benefiting from the customer insights that come from moving to digital over the slow analogue USSD protocol.

To learn more about how Youtap! can move you closer to being in a place of truly digital banking get in contact today.

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