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Flora Bank Core banking system has the modules to support web based online banking through ATM/ POS connectivity, internet banking, and mobile banking, among others. The system has been developed under service oriented architecture concepts. The solution creates value through back office SILO management, integration, and aggregation of legacy systems and non-standard in-house shadow systems. The solution can handle huge number of transaction volume including manual and system generated. The core banking solution supports DRS and clustering solutions for hassle free operations during the failover of the central site.
According to Rafiqul Islam, growing concerns in the retail-banking arena include data breaches, identity thefts, and malware epidemics. “The complexity of today’s security system make domain perimeters tough to penetrate from the outside and that is the reason for professional criminals to take advantage of human nature’s proclivity to trust via social engineering tactics,” he adds. “The software developed by Flora use contemporary state-of-the-art world class technology with robust security features.”
Banks have plenty of data but those are processing for transactional activity only—we have initiated a plan to create banks as digital business
Flora is also offering mobile solutions encouraging clients to complete transactions via mobile devices as costs are dramatically lower than in-person transaction costs. “The added advantage is that the generated real time data can be used to help customers more effectively manage their finances,” adds Rafiqul Islam. “Also, context-based offers through mobile devices can be effective incentives to retain loyal customers. We have incorporated these opportunities by creating a value chain through partnership model.”
Flora wants to transform the retail banking arena, “Banks have plenty of data but those are processing for transactional activity only—we have initiated a plan to create banks as digital business,” asserts Rafiqul Islam. “The era of digitalizing banking has presided and all bank capabilities need to be packaged as digital structures whereby products will be apps, processes will be APIs and retailing will be contextual.”
Forging ahead, Flora plans to continue evolving their solution so that it is effortlessly deployable in offline or online channels, so bankers can accurately symbolize the factors of their products with lucrative offerings, considerably minimizing the risk of misinterpretation. “For the days to come we want to change the retail banking arena with simple-to-use financial processes, calculations and modelers that understand the banks’ customer’s frame of mind and help to display customized product demonstration,” concludes Rafiqul Islam.