Tech Update
Leveraging latest technologies
The underlying technologies for the Fincentric core banking technologies are:
- Microsoft Visual Studio 2005 (C++ and C#)
- Microsoft SQL Server 2005, running on Windows 2003 Server editions.
- Microsoft .NET 2.0 Framework used for front end Client Application Manager - CAM.Net. In addition, we adopted the .NET 2.0 Framework to build services which allow backend operations to run as Windows Services.
New core banking functionality that supports current consumer life-styles and business trends
Fraud protection
With fraud growing at an alarming pace in the last few years, Fincentric core banking technologies integrate with Verafin software to offer the ability to enhance compliance programs and identify and decrease fraud losses. Our customers can utilize the early detection algorithms to increase the level of protection against internal and external fraud schemes and prevent significant losses while saving time managing only necessary alerts.
Cognos ad-hoc reporting
Through Cognos drag and drop reporting tools your business - branch managers and business analysts - can view real-time data from the Fincentric core banking system to make business decisions.
FAST time-to-market tool for new product launches
With competition growing and the pressure to roll out new products fast to maintain market share, an up-to-date, modern system will give you the flexibility to get a product to market in days or weeks.
Here's how one of our customers did it using Fincentric Wealthview Banking
Stanford Federal Credit Union is serving Stanford University students, staff, academics and alumni around the world. Stanford Federal Credit Union had money market accounts since 1987, which required $2,500 minimum deposit and paid 2% more than the regular savings accounts. In 1997, with a new CFO on-board and they introduced a tiered interested rate: standard rate with $5,000 deposits and higher interest rate with $25,000 deposits. They attracted $50-60 million dollars a year. In the late 90's people wanted their money to be liquid to invest in a fast growing stock market.
A year ago, Stanford Federal Credit Union found that people wanted to lock-in the money to protect against decreasing interest rates. The money market accounts were not as attractive in this rate environment. They found that a 7-month "lock-in" period was just right for customers to be comfortable with. As a result, they wanted to introduce a 7-month certificate with a minimum of $10,000 deposit. They launched this new product in only 5 weeks. Out of the 5 weeks, 4 weeks were User Acceptance Testing to minimize risks. Another week was getting through the internal approval processes required for new products.
This new product was designed and set-up using Fincentric Wealthview Banking. The 7-month certificate attracted $130 million in deposits in just one year.
Person-to-person online payment engine
As consumers are looking beyond the traditional paper check to more convenient ways to make payments directly to friends, family, or colleagues the Fincentric core banking system enables this option through real-time integration with leading Internet banking services to provide me-to-me money transfers and Interac email money transfers.
Document management going green
Despite the fact that computers were promising to make paper obsolete, printers have actually made our universe, whether at home or in the office, even more avid for paper. Do your staff members or customers ever comment on all the paper work required with banking transactions of any kind - whether opening accounts, applying for loans? Fincentric is making your paper universe easier to manage through access to digital document management and e-statement solutions.
Cash recyclers - technology of the future
The Fincentric banking system is integrated with teller cash recycler machines, allowing branch staff the ability to make cash deposits and withdrawals directly to/from recycler machines. This integration not only enhances security for your institution, but also increases user efficiency and accuracy, thereby reducing user errors and increasing customer satisfaction.
Commercial lending
As commercial lending in various sectors - such as commercial real-estate - is on the rise, Fincentric is developing a commercial lending module to meet needs and business rules which could be dramatically different than retail lending.
You stay current in a way that also protects your investment
Our technology architecture makes it easier for you to take on new versions of the core banking software, with minimum risk and effort.
Compared to other core banking systems in the market, which need to be completely redeveloped when new technologies emerge, the Fincentric banking system is architected to protect your investment.
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What you gain by working with Fincentric
1. A system designed to support today's consumer & business trends
2. A high-performance system that remains flexible to meet tomorrow's needs
3. A plan to keep you current - ask for our product roadmap!
4. Over 150 installations worldwide
5. Minimize conversion risk with our Accelerator methodology
6. Proven, robust, reliable system
7. In 2006 we added 4 customer successes
- Community Savings Credit Union
- First Calgary Savings
- One of Canada's largest retailers
- Bridgewater Bank
All projects were on time, with budget and NO impact to the overall the business of the institution.
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