The top three challenges faced by financing companies

Your new core banking system needs to help solve some of the challenges faced by your financial institution. This article outlines some of the most common problems your organisation might be experiencing, and how a cloud-based core banking system might help you meet them.

The aim of adopting a new core banking system is to make your operations faster and more efficient, ultimately allowing you to focus on your core business, better serve your existing clients, and reach new ones. 

You will also expect your new core banking system to help solve some of the challenges faced by your financial institution. In this article we’ve outlined some of the most common problems you might be experiencing, and how a cloud-based core banking system might help you meet them. 

1. Slow and manual processes 

Traditionally, data input was a slow, manual process. Many of you will be familiar with the steady grind of entering information customer information into a spreadsheet – or even by pen and paper. It’s a tried-and-tested method, but one that saps significant amounts of your time and effort – time that could be better spent on serving your clients and working on your core business proposition. 

Cloud-based core banking, of the kind provided by Oradian, automates many of these processes. Stored securely on remote servers, data is now available all the time to everyone with permission to see it. It can be entered into a ledger or customer account, and then updated in real-time across all relevant systems. 

This makes all your processes much more rapid, and allows you to gain an instant, holistic picture of your customers. With automation, you can work smarter and more efficiently than ever before. 

2. Lack of expertise 

A cloud-based core banking system like Oradian doesn’t require you to hire a brand-new team of engineers and developers to maintain it, requiring you to compete for a limited pool of talent with other financial institutions.  

With Oradian, you’ll never be held back by a lack of internal expertise because our own team handles everything. Our developers are constantly updated and maintaining our core banking system to ensure it remains at the cutting edge, and since our service is hosted remotely on the cloud, you won’t need to maintain any server infrastructure either. 

Better still, if you do run into any technical problems, we have expert customer service teams located in your market, armed with local knowledge and a willingness to help. 

3. No local customer service 

Although you may have found an advanced, market-leading core banking system that meets many of your needs, you may find it has been developed by an organisation with very little knowledge of your market or your community, with no reliable customer service based in your country. 

Even if their platform is good, can you be sure it meets the very specific needs of a financing company based in an emerging market? 

Oradian has teams with decades of collective experience based in the very markets they serve. With over 50 institutional customers across 12 countries, we have the knowledge of the problems and challenges businesses like yours face, with a core banking system designed to meet the needs of financial institutions in emerging markets, from Nigeria to the Philippines, and many more. 

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