One of the great advantages of Oradian’s cloud-based core banking system is its inherent extensibility – that is, it has been designed to allow for the addition of new features in real-time, and to be configured by the user without external input.
Although financial institutions fundamentally want something that works straight off-the-shelf, extensibility means they can continue configuring their core banking system whenever they need new features and functions.
That might be something as simple as using APIs to connect to third-party software like messaging or accounting programs or at a more advanced level, taking the data from those integrations and storing it directly on their core banking system.
Extensibility enables financial businesses to transform their core banking system to meet long-term organisational needs, add and configure features as required, and build a platform that unlocks growth now and into the future.
Having the scope for configurability is particularly useful when it comes to management reporting, where specific information is required to meet regulatory requirements or create detailed customer profiles.
Introducing custom fields
Oradian’s cloud-based core banking system includes full custom fields functionality.
A custom field is a value added by the user to gather extra information not captured by one of the existing fields in the core system. That might be additional personal information used to enhance loan decisioning, or data required to meet local regulatory rules.
These are a key part of Oradian’s commitment to extensible banking. They allow our customers to configure their own data inputs so they can collect the exact data the organisation requires without the need for updates or development.
The ability to input and gather the data required means custom fields transforms a financial company’s capacity for reporting and analysis, deepening the insights they can learn about their portfolio.
Due to Oradian’s extensible-by-design approach, custom fields are simple to use and can be quickly added or removed in real time, allowing users to update, add, or remove any number of fields as needed.
Oradian supports many different field types to collect and store data in the correct format: string, description, date, integer, decimal, toggle, timestamp, dropdown. Users can configure these fields for individual and corporate clients, persons, and loan and deposit accounts.
Adding custom fields to Oradian’s core banking system does not require any coding or development. It is totally ‘no code’, achieved with little more than the click of a button.
Oradian goes further
When it comes to custom fields, Oradian delivers the full package.
Custom fields not only increase the scope of data gathering – they enable our customers to refine their entire reporting process.
They provide real-time data on the variety of topics most important to an individual business. This custom data can then be instantly utilised in reporting and integrated with dynamic reports. This produces much more accurate reports than before, with the additional information needed to deliver services or meet compliance rules.
This allows users and management to enrich existing data, adding more layers of information to personal accounts, compliance, collection, recovery, credit scoring and much more. The sheer scope of custom fields makes it a gamechanger for banks and lenders.
Oradian has the capacity to include an essentially unlimited number of custom fields.
This unlimited number also includes zero. The advantage of Oradian’s core banking system is that businesses can only use the features and functions they need. Custom fields are therefore entirely optional; users can simply retain the standard fields without adding any new ones if that is what they need.
Oradian custom fields are even available as an API end point. Users can immediately begin deploying them to collect or export data to or from a third-party system, taking the data generated by another app and rapidly and automatically adding more and more essential information to reports.
All this means custom fields extend what a core banking system is capable of, adding a whole new layer of configurability.
Oradian’s core banking system goes far beyond custom fields – it is built for extensibility and designed for configurability, so our customers can adapt it to their specific business requirements.
Custom fields are the first of many revolutionary features to come as Oradian champions extensible banking.