Bankers and borrowers have a common enemy, and that enemy is risk. That’s why in today’s post I’m going to teach you three easy ways to reduce risk. By reducing risk, your bank and your borrowers will be better protected and happier than ever.
The Financial Institution Learning Center
A banking blog that answers the industry's top questions and problems.
If you are reading this blog, you probably already know what a core banking system is, but in the case that you’re new to this sort of thing let’s give you a quick breakdown of what a core system is. A core banking system processes daily banking transactions and posts updates to accounts and any financial records. These include deposit, loan, and credit processing. The core banking system also connects with tools for reporting and ledger systems. To put it simply, the core is like the heart of your bank. It’s what helps your bank run properly. That’s why it’s important you ask yourself the following questions when considering switching to a different core provider.
APIs (application programming interfaces) are simply communication tools for software applications. APIs are leading to key advances within the banking industry as financial institutions continue to collaborate with third parties.
Technology continues to progress faster than in past years. Today it only takes computers 12 to 18 months to double their capabilities. With this fast pace of technological developments, each succeeding generation is becoming more and more tech savvy. In fact, many banks are preparing now to provide the digital accommodations Gen Zers seek.