Traditionally, core banking solutions were designed to serve the requirements of an efficient OLTP (on line transaction processing) system. Core banking applications in India are currently more than 10 years old. The period saw a great amount of data churning. The inherited dirty data got cleansed or made irrelevant vis-à-vis the data retention requirements of IT act.
The eco system was evolving, in the meanwhile. The telecommunication networks got denser and smart phones became ubiquitous. Payment systems in India, developed a new face under the aegis of National Payment Corporation of India. Aadhaar by UIDAI gave a momentum for remote branchless banking. More fintech startups and established players entered the telecom and mobile space. Mobile banking, door step banking and branchless banking did not just remain mere buzz words, but became a reality. The core banking solutions in vogue, required either to be replaced or tweaked to demands of the changing delivery options to customers. Moreover, lots of satellite standalone systems were paddled as quick fixes for these new age requirements, posing a challenge when it comes to integration with core banking solutions. The time is now ripe for redefining the traditional core banking solution.
The typical shelf life of a core banking software is set to reduce in the future, but so are the implementation woes with Software as a Service (SaaS) availability. National Bank for Agriculture and Rural Development (NABARD) has successfully led one of the biggest IT transformations in the Indian banking industry by enabling banking operations of 201 state and district co-operative banks move to a single cloud-based core banking solution. This has enabled rural customers to access basic banking facilities such any branch banking, SMS notifications, NEFT, RTGS and access to ATMs.
However just the availability of core banking software on the cloud would be the equivalent of having old wine in a new bottle. What we need today is a new age software that is truly CBS
Maker / checker is the fundamental requirement that must be satisfied in a financial transaction. All the core banking solutions have this feature. The feature is random and is not supported by a workflow. Typical core banking solution provides a maker / checker workflow that is:
A true CBS system should be multilingual to support the vision of inclusive banking. The following features are desirable
Single sign on features
The core banking software of the future should support single sign on to applications that are not supported by core banking software
A good branchless banking solution should address major financial services; savings, loans, transactions, and insurance. It should support
Share accounting and payroll services (Credit unions and co-operative banks)
The solution should support the following features -
Apart from the above features, Next Generation Core Banking Solution has to be developed as a "mobile first" application with cutting edge security which could be based on blockchain technologies.
The Meticulousness of efforts to ensure customer delight by each of the team member during the course of the project is appreciable. - Data Archival Project
Overall we are happy with the services provided by Nelito. The implementation team is sensitive to our support requirements and does a good job.
We are extremely thankful to the whole team who have devotedly committed and created this excellent database. Much of our time was wasted in data retrieval from i link where we were facing lots of issues.
You have given us an awesome product which is superior to our Finacle itself in its display capabilities. The great idea of taking pdf/word/excel option is simply superb. Merging the party code and Finacle CIF and account numbers are another feather in the cap.
We have successfully made Nelito's Fincraft Software for NBFC live in early March for LOS,LMS and Sanjiv Khalkho, Arijit Chakraborty with his team have been very instrumental in making this software live . I would like to appreciate on the turnaround time during the go live phase of the team in getting some of our key requirements done and helping our users to use the software for recording and disbursing all the sales from the software.
In technology side I would like to praise Pramod Navale and Ganesh Khetmalis for in depth knowledge of the product and their technical skills is outstanding. Looking forward for the continued relationship for our next release and whole of 2018.
"We are extremely pleased with the kind of support extended by you and your team for our year end work. Although whole bunch of people worked for making the support seamless from your end, my special thanks to following resources. Anurag, Arpit, Arvind, Pranit, Suraj, Udgran, Nilesh, Leena and Udgrand. Also, thanks to all others who have supported us directly or indirectly at your end."
"For a Bank of our size, this system suffices and is very cost effective. Almost all of the bank’s activities run on the one system. Nelito constitutes a partner more than a supplier and the relationship includes provision of the bank’s underlying technology as well as its Fincraft range of applications."
"The best mix of functionality and technological support and our vision of “Cash Less and Paper Less” work environment for Sonata has come true with our technological partner Nelito. I highly recommend FinCraft Core Microfinance platform and especially integrations with a number of third party services."
"We are happy to use FinCraft Data Archival & Retrieval solution from Nelito Systems; it has given huge ROI in terms of saving revenue by retiring legacy applications. We get all desired reports in a timely manner from the solution."
"Proactive & professionally supportive, technically skilled team."
"My bank is working with Nelito from the last about 9 Years and the services provided by the company may prolong our association."
"Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others."
"As Vendor strict adherence to process & procedures. Risk Mitigates in Place. Flexible to customer requirements."
"Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth."
Support services provided for Swift is really up to the mark and meets all clients requirement. Kindly keep this ongoing.