One of the major benefits of a cloud-based core banking system is its inherent extensibility, or the ability to be adjusted by the user independently of external input and to support the addition of new features in real time.
Although financial organizations in general prefer something that is ready to use right out of the box, extensibility allows them to keep customizing their basic banking system when new features and functions become necessary.
At a more advanced level, they might take the data from such integrations and store it directly in their core banking system. That could be as simple as using APIs to link to third-party applications like messaging or accounting programs.
Financial companies can modify their fundamental banking systems through extensibility to suit long-term organizational needs, add and configure capabilities as necessary, and create a platform that permits growth both today and in the future.
When it comes to management reporting, where precise data is needed to satisfy legal standards or generate in-depth customer profiles, the ability to configure is quite helpful.
The use of custom fields is the best illustration of this. But what exactly are custom fields, and how do they affect how businesses use their basic banking systems?
What are custom fields?
A powerful tool for configuring a fundamental banking system is custom fields.
A custom field is a value that a user adds to the main system to collect extra data that isn’t captured by one of the pre-existing fields. That could be extra personal information used to improve loan decision-making or information needed to comply with regional regulatory requirements.
Users can set up their own data inputs, which enables them to gather the precise data the organization needs without relying on updates or development from the core banking provider.
Custom fields change a financial company’s capacity for reporting and analysis, enhancing the insights they may learn about their portfolio because they allow for the input and collection of the necessary data.
Users can change, add, or remove any number of custom fields as needed because they are typically easy to use and can be added or removed fast in real-time.
They can be used without any coding or development because they are a “no-code” solution.
Custom fields take you further
Custom fields allow users of the core banking system to improve every step of the reporting process, in addition to broadening the area of data collection.
They offer current information on a range of issues that are crucial to a specific company. Then, this unique data can be used right away in reporting and combined with dynamic reports.
This generates reports that are significantly more accurate than they were previously and include the extra data required to provide services or adhere to regulatory requirements.
Adding additional layers of information to personal accounts, compliance, collection, recovery, credit rating, and much more enables users and management to enhance existing data. For banks and lenders, the sheer size of custom fields is a game-changer.
Simply said, custom fields bring a whole new level of configurability to the capabilities of a basic financial system.