Author: Ricardo Vidal, Chief Product Officer at Oradian

Before the advent of digitalisation, the process of obtaining a loan was extremely tedious and time-consuming, causing long wait times for approvals and a negative client experience. But things have changed as digitalisation has transformed financial services. Today, lenders are using the latest digital banking solutions to rationalise customer data, gain a holistic view over their clients, as well as target and deliver their products more efficiently than ever before. But how can financial institutions use digital technology to go beyond improvements in onboarding and take a lifetime view of their clients? The use of a cloud-based core banking platform…

One of the great advantages of a 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 programmes or at a more advanced level, taking the data from those integrations…

Traditionally, core banking systems have been regarded as a lender’s main database. While many banks rely on this core banking database, they also administer a range of other databases covering other aspects of the business. These independent data sources are seldom connected, so banks are missing out on a truly holistic picture of their customers. But there are enormous amounts of data available from across a bank’s operations, from risk scoring, marketing, and user generated data via interactions with agents or a digital interface. By failing to feed this into a centralised platform, banks are unwittingly hobbling their customer relations…