Skip to content
Baseella
  • Home
  • Features
  • About
  • Pricing
  • Contact
Schedule a demo
Schedule a demo
  • Home
  • Features
  • About
  • Pricing
  • Contact
Baseella
  • Home
  • Features
  • About
  • Pricing
  • Contact
Baseella
  • Home
  • Features
  • About
  • Pricing
  • Contact
Schedule a demo
Schedule a demo
  • Home
  • Features
  • About
  • Pricing
  • Contact
Baseella
  • Home
  • Features
  • About
  • Pricing
  • Contact
Modern core banking system happy robot

Core banking and payments technology

11
  • What is a Core Banking System? 7 Key Features
  • What are Legacy Core Banking Systems? The Complex Nightmare
  • What are the key advantages of using a SaaS cloud-based banking system? Top 7 reasons why to avoid developing your own
  • Is using an open-source technology in core banking software development safe and secure? 
  • What are the advantages of using an open-source database in modern cloud-based whitelabel bank software? 
  • What advantages RESTful API has over SOAP API?
  • How does the use of GraphQL Federation enhances RESTful APIs?
  • Key principles and advantages of the microservices architecture in payment software solutions
  • What are the benefits of integrating container and orchestration technologies such as Docker and Kubernetes into the deployment of cloud-based software for bank systems?
  • What are the typical security measures undertaken by the cloud core banking systems developers to address the security concerns of financial institutions?
  • What is required of the SaaS cloud-based core banking software to enable the financial institutions to provide banking as a service or a superapps?
Modern core banking system happy robot

Regulations and compliance

11
  • What is PCI DSS? The best explanation
  • What are the key concerns when choosing the core banking system from the perspective of regulatory compliance?
  • What is Open Banking, and why do banks, payment institutions and e-money institutions in the EU must publish Open Banking API?
  • What is strong customer authentication (SCA) regulatory technical standard (RTS)?
  • Can push notifications be considered compliant with SCA RTS?
  • Why is it important to use multi-factor authentication (MFA) when accessing a cloud-based core banking system?
  • Why is it essential to have comprehensive user management in the banking software?
  • Why is it important for the modern cloud-based core banking system to be built around a general ledger and have a chart of accounts?
  • Is it possible to obtain necessary information for regulatory reporting if an institution uses a core banking system with no general ledger and chart of accounts?
  • Why is there a need for customer risk scoring and transaction risk scoring?
  • Why is it ineffective or even dangerous to outsource the risk scoring from a third party without having it as a part of the cloud-based core banking software?
Modern core banking system happy robot

Banking, payments, and e-money

15
  • What is payment initiation service, and how it can be used?
  • What is a banking superapp and what does it offer?
  • What is banking-as-a-service, or BaaS?
  • What is an Account Servicing Payment Service Provider?
  • Who are Third-Party Providers (TPPs), and what is their role?
  • What is Account Information Service, and how it can be used?
  • What is Original Credit Transaction (Visa and Mastercard) and how is it used in payments?
  • What is SEPA, and what types of payment transactions it facilitates?
  • What is Step2 and what types of payment transactions it supports?
  • What is Target2, and what types of payment transactions it supports?
  • What is Faster Payments (UK), and what types of payment transactions it supports?
  • What is Bacs, and what kind of payments it supports?
  • What is NACHA (USA), and what types of payments it supports?
  • What is SWIFT, and what types of payments it supports?
  • What is a correspondent bank, and what is its role in payments?
View Categories
  • Home
  • Knowledge Base
  • Regulations and compliance
  • Why is it essential to have comprehensive user management in the banking software?

Why is it essential to have comprehensive user management in the banking software?

4 min read

In the realm of core banking systems, comprehensive user management is far from a mere convenience—it’s an absolute necessity. Let’s delve into the critical elements of user management in a banking software and uncover its significance in fortifying security, ensuring compliance, and enhancing operational efficiency.

Robust Access Control: The Guard at the Gate #

A core banking software is like a vast castle, teeming with various rooms—each room containing a treasure trove of information. Not every castle occupant should have access to all rooms; this is where access control comes into play—the master key to user management.

Access control is all about precision and personalisation, enabling system administrators to assign distinct access levels to different individuals. Just like a vigilant castle guard, the role of access control is to ensure that only authorized personnel—each equipped with their specific set of keys—can access the castle’s rooms. These ‘keys’ are actually specific roles and permissions assigned to users based on their responsibilities and job functions within the financial institution.

Take, for example, a customer support manager and a head of treasury —while both are integral parts of the institution, their roles and responsibilities differ significantly. A customer support manager doesn’t need access to the high-level financial reports and strategic planning documents that a head of treasury does. Conversely, a head of treasury may not require real-time access to customer complaint details that a customer support manager handles daily. Effective access control recognises these differences and assigns access rights accordingly.

Ensuring Data Security: The Digital Vault #

User management serves as a protective shield for sensitive information, ensuring that critical financial data and customer information can only be accessed and handled by authorized personnel. It acts as the digital vault of your banking system—reliable and impenetrable. Proper user authentication and authorization mechanisms erect an extra layer of protection to safeguard your precious data.

Regulatory Compliance: Walking the Line #

Navigating the labyrinth of financial regulations can be daunting, but user management in a banking software acts as your compass. It ensures you stay on the right path of compliance by facilitating proper access controls, segregation of duties, and audit trails. These features serve as clear evidence to regulatory bodies of your dedication to preserving the integrity of your customer’s data. With robust user management, you can demonstrate that the necessary controls are in place to protect customer data and financial transactions. Moreover, user management in banking software ensures that regulatory compliance isn’t a one-time effort but a persistent feature of your banking operations, thereby nurturing trust among regulators and customers alike.

Internal Controls and Risk Management: Balancing the Scales #

User management plays a crucial role in establishing effective internal controls and risk management practices within the realms of banking. By enforcing the separation of duties, it prevents any single user from gaining excessive control over critical operations. This balance minimizes the risk of fraudulent activities and errors, requiring collaboration for sensitive actions—a safety net that catches mistakes before they fall through the cracks. Moreover, with user management in banking software, your institution gains an additional layer of scrutiny and checks, ensuring operations stay aligned with internal and regulatory guidelines. In essence, user management in banking software acts as a guardian, maintaining a watchful eye over the proceedings, ensuring standards are upheld, and the integrity of transactions is preserved.

Auditability and Accountability: Keeping Track #

User management enables transparent tracking and accountability within financial institutions. It delivers a clear audit trail of user activities, providing a comprehensive record of user actions, data changes, and system activities. This traceability is invaluable for investigations, forensic analysis, and compliance reporting—it’s your detective on the inside. Further, user management in banking software brings about a systematic approach, methodically recording each step, leaving no room for ambiguity. Essentially, user management in banking software acts as an open book, displaying a clear narrative of transactions and operations, thus empowering your organization with complete visibility and control.

Scalability and Flexibility: Adapting to Change #

An effective user management system is not static—it’s built to grow and adapt alongside your organization. As your institution evolves, user management allows for the addition, modification, or removal of user accounts and permissions. This scalability and flexibility empower your organization to adapt to new business requirements while keeping system access aligned with user needs.

In conclusion, comprehensive user management is more than just an integral component of a banking software—it’s the catalyst for maintaining data security, meeting regulatory requirements, enforcing internal controls, and ensuring accountability. By safeguarding sensitive information, mitigating risks, and enabling efficient and controlled access, user management plays a pivotal role in driving the security and efficiency of your core banking system.

Updated on July 16, 2023
Share This Article :
  • Facebook
  • X
  • LinkedIn
Why is it important to use multi-factor authentication (MFA) when accessing a cloud-based core banking system?Why is it important for the modern cloud-based core banking system to be built around a general ledger and have a chart of accounts?

Powered by BetterDocs

Table of Contents
  • Robust Access Control: The Guard at the Gate
  • Ensuring Data Security: The Digital Vault
  • Regulatory Compliance: Walking the Line
  • Internal Controls and Risk Management: Balancing the Scales
  • Auditability and Accountability: Keeping Track
  • Scalability and Flexibility: Adapting to Change
Pages

  • Features
  • About
  • Pricing
  • Contact
Resources

  • Knowledge base
  • Blog

Copyright © 2025 Baseella Ltd

  • Privacy
  • Cookies
  • Terms and Conditions