Banking software solutions: How can credit unions take advantage?

In 2020, the financial services business model changed, and so did the banking software that supported it. In-person interactions declined, with more customers relying on digital channels for banking services. For some financial institutions, that meant adding capabilities to their core banking software.

Unfortunately, not all core banking systems could support digital solutions, and many were ill-equipped to interface with third-party providers. For example, many core systems update accounts during end-of-day processes, forcing workarounds to deliver real-time data to digital solutions. As the financial services sector moves forward, it needs to look at its core systems to ensure they have the flexibility to deliver digital solutions.

What Is Banking Software?

Not too long ago, banking software meant core banking systems, such as Infosys Finacle, Fiserv DNA, or Jack Henry Silverlake Core systems are back-end solutions that process banking transactions, post updates to accounts, and generate financial reports. System products included deposits, loans, credit processing, general ledger, and reporting.


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