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Why should you use T24 core banking system?

Lisa Williams
Created by Lisa Williams(User Generated Content*)User Generated Content is not posted by anyone affiliated with, or on behalf of, Playbuzz.com.
On Oct 25, 2018
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Why should you use T24 core banking system?

The greatest challenge any financial institution faces is devising a sustainable method to manage a centralized storage of customer data. Financial institutions, especially commercial banks, need to deal with a huge volume of customer data which is usually stored in localized servers. However, the method of storing data in localized servers has got a few operational problems. Let us understand a few of these problems with the help of examples.
 
Suppose, a bank has four branches in India and four localized servers in each branch. So, the details of a customer who opens an account with the bank in Branch A are stored in the localized server of Branch A. Now, the customer has migrated to a region in the country, which is nearer to Branch C and would like to access his or her data from there. Since the data had been stored in the localized server of Branch A, transferring the data from that branch to Branch C would not only take time but also bear lots of risks such as data leakage and data theft. The best solution to tackle this issue is to maintain a centralized server.
 
Now, given the volume of data generated in each branch, it might not be possible store all of them in a single server. This is when a financial institution must seek the help of a core banking system. A core banking system helps in managing huge volumes of data in a single server. So, if a financial institution with multiple branches starts using core banking system, it would be able to maintain all its customer data in a single centralized server. And in case a customer wants to retrieve any of the data, it can process the request with no time delay.
 
The financial institution would be able to strengthen its standard of customer service with core banking systems. However, one thing it must ensure is that they procure the best core banking system available in the market such as T24 core banking system. This core banking system is highly flexible and configurable and allows banks to create online avatars of each branches, thus helping in faster data retrieval.
 
However, several small and medium banks complain that the softwa t24 core bankingre of T24 core banking is quite expensive even if market standards are considered. But the benefits the bank would earn after it installs T24 would be much greater than the amount it paid to acquire it.

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