Everything you need to know about Finacle in Banking

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Everything you need to know about Finacle in Banking

Banking is not an exception to the digital revolution. Over the past decade, the banking sector has experienced an immense change in the way it functions. The rapid evolution of modern technologies such as blockchain, cloud, Open APIs and Artificial Intelligence, has completely transformed the banking normals. Among those technologies, Finacle Core Banking Solution has contributed to a great extent for building the digital future of banks. It helps banks to reduce efforts to roll out products and improve customer experience.


What is Finacle?

Finacle is a Core Banking Solution that enables banks with digital banking functionalities. The software product, written in Java, C/C++, was released in the year 1999 (Stable version released in 2000). Finacle is widely used by banks across 100 countries, serves over 1.05 billion customers and 1.3 billion accounts. It is the platform of choice for well-established financial institutions, financial technology organizations (Fintech), digital-only banks, and, non-financial companies.

Key Features of Finacle

How banks are using Finacle - Key features

Seamless Products Launch

Today’s banking customers consume innovation and personalized products as well as services. Finacle software supports banks to take new banking products to market in quick time. It can be leveraged by various types of banks including micro-finance institutions, private & public sector banks, co-operative banks, fintech companies and non-banking providers.

Product Factory

1000+ parameters and reusable business rules to configure banking products and services.

More Power to customers

Customer-led design and customized products and services on digital channels.

Reusability

Templates-driven to create new products, modify existing ones, and rapid deployment of new products.

Third-party products configuration

Flexibility for banks to set up rule-based third-party products

Products bundles configuration

Bundle variety of products and services to enable right-sell

Ultra-Modern Digital Platform

The rapid pace in technology adoption is transforming banks. Finacle supports to embrace digital-driven growth with its ultra-modern digital platform.

Optimal Mix of Componentization

Componentized structure and API based integration of components.

Open APIs

Extended RESTful API for co-innovation with the external ecosystem.

Cloud Capabilities

Production, development and testing across private, hybrid and public cloud.

Platform Agnostic

It runs on a number of technology platforms such as IBM, Oracle, Intel, HP, Unix, Linux and mainframe. It offers complete stack of open source technologies such as JBOSS app server, RHEL, JBPM, Drools, and Enterprise DB.

Real-Time Processing

Processes and posts transactions in real-time on own and third-party channels of origination.

Scalability

Proven availability and performance in both simulated and live client environments.

Extensibility

Extends the platform using a set of GUI based tools without changing the base product source code.

Multi-Capabilities

Multi-entity, multi-currency, multilingual, multi-time zone capabilities to support multinational operations.

Modern Security

Application-level security capabilities include identity and access management, user role management, limits, and exception management.

How banks reduce operational costs with Finacle?

Automate Core Banking Functionalities with Finacle

During the pandemic, banks were under constant pressure to reduce operational costs. The challenging situation continues in the post-pandemic. They need to balance the cost while customers’ expectation for better products, services and experiences. With ubiquitous automation, Finacle helps banks to reduce operational costs.

Rule-Based Automation

It utilizes traditional levers including rule-based, API-driven processing and BPM-led process orchestration to automate a range of banking operations.

Robotic Process Automation powered with Artificial Intelligence

It works with an array of AI-based platforms and applications. Robotic Process Automation tools can coordinate with Finacle Automation Platform to cut down cross-application process execution time.

Blockchain-based Networks

With Blockchain technology, Finacle empowers banks to automate their inter-organization processes. It is working with many clients to implement block-chain based networks for banks.

Multi-Country Operational Hubs

Banks can deploy regional or international processing hubs for different capabilities to reduce duplicate effort across various locations. 

Finacle Deployment and Upgrade Solution

Finacle offers the flexibility to deploy in anyplace at any time. It supports all strategies that include comprehensive digitalization, bank-in-a-bank, and digital-only bank, to make the deployment simpler and faster. The three foundations of Finacle risk mitigated transformation approach are:

Bank Model References

Finacle is packed with reference bank models for emerging and developed markets. It offers localized solutions to enable implementation in quick time. On top of the base product, the localization components are built to support regional requirements. 

Incremental Deployment and Upgrades

Banks have the flexibility to pick and choose the system components. They can choose customized solutions such as Finacle retail banking or single module such as demand deposits.

Agile Delivery Model

Banks can practice agile implementation with the ability to quickly deploy only the components they need at first and enhance them later as required.

In the post-pandemic era, banking customers strongly expect a smooth experience from banks more than ever. To deliver uninterrupted and seamless operations, banks should leverage the power of digitalization. Finacle addresses the core-banking requirements of financial institutions to drive business excellence. Banks can gain a comprehensive set of capabilities to transform themselves into the digital landscape.

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