Account Creation: Allow customers to open new accounts, including savings, checking, and fixed deposits.
Account Maintenance: Manage account details such as balance, account type, and personal information.
Account Closure: Facilitate the process for closing accounts, including handling outstanding balances and account termination.
Customer Management:
Customer Registration: Enable customers to register and create accounts with the bank, including verification processes.
Profile Management: Allow customers to view and update their personal information, contact details, and preferences.
Customer Support: Provide access to customer support for handling queries, complaints, and service requests.
Transaction Management:
Deposits and Withdrawals: Allow customers to deposit and withdraw funds from their accounts.
Fund Transfers: Facilitate internal and external fund transfers, including wire transfers, ACH transfers, and peer-to-peer transactions.
Transaction History: Provide access to detailed transaction history, including statements and transaction records.
Loan Management:
Loan Application: Allow customers to apply for loans, including personal, home, and auto loans.
Loan Processing: Manage the approval, disbursement, and monitoring of loans, including calculating interest and managing repayments.
Loan Repayment: Provide mechanisms for customers to repay loans, including scheduled payments and early repayments.
Interest and Charges Management:
Interest Calculation: Automatically calculate interest on savings, loans, and fixed deposits based on predefined rates and terms.
Fees and Charges: Manage and apply fees and charges for account maintenance, overdrafts, and other services.
Security and Authentication:
Authentication: Implement secure login mechanisms using multi-factor authentication (MFA) to protect customer accounts.
Authorization: Ensure role-based access control for bank staff to access different functionalities based on their roles.
Fraud Detection: Implement mechanisms to detect and prevent fraudulent activities, including monitoring unusual transaction patterns.
Reporting and Analytics:
Account Statements: Generate periodic statements for customers, including transaction summaries, balances, and interest earned.
Financial Reports: Provide internal financial reports, including balance sheets, profit and loss statements, and cash flow statements.
Regulatory Reports: Generate compliance reports as required by regulatory authorities.
ATM and Branch Integration:
ATM Management: Integrate with ATMs to manage transactions such as withdrawals, deposits, and account balance inquiries.
Branch Operations: Support branch operations, including cash management, customer service, and transaction processing.
Investment Management:
Investment Accounts: Allow customers to manage investment accounts, including stocks, bonds, and mutual funds.
Portfolio Management: Provide tools for tracking and managing investment portfolios and performance.
Investment Transactions: Facilitate buying and selling of investments, including order placement and transaction confirmation.
Compliance and Auditing:
Regulatory Compliance: Ensure compliance with banking regulations and standards, including anti-money laundering (AML) and know-your-customer (KYC) requirements.
Audit Trails: Maintain detailed logs of all transactions and system activities for auditing purposes.
Non-Functional Requirements
Performance:
Response Time: Ensure the system has fast response times for customer interactions, transactions, and report generation.
Scalability: The system should handle increasing numbers of users, transactions, and data efficiently as the bank grows.
Reliability:
Availability: Maintain high system availability with minimal downtime to ensure continuous access to banking services.
Fault Tolerance: Implement mechanisms to handle system failures and ensure continuity of operations.
Usability:
User Interface: Design an intuitive and user-friendly interface for both customers and bank staff, making it easy to navigate and perform banking tasks.
Accessibility: Ensure the system is accessible to users with disabilities by adhering to web accessibility standards (e.g., WCAG).
Security:
Data Protection: Protect sensitive customer and financial data with encryption and secure storage.
Authentication and Authorization: Implement robust authentication methods and role-based access controls to safeguard the system.
Compliance: Adhere to relevant data protection regulations (e.g., GDPR, CCPA) to ensure privacy and security.
Maintainability:
Code Quality: Ensure high-quality, well-documented code to facilitate maintenance, updates, and troubleshooting.
System Updates: Support regular updates and patches to address bugs, improve functionality, and enhance security.
Compatibility:
Cross-Platform Support: Ensure the system is compatible with various operating systems and devices (e.g., desktops, tablets, smartphones).
Browser Compatibility: Ensure the web-based interface works across major web browsers (e.g., Chrome, Firefox, Safari).
Backup and Recovery:
Data Backup: Implement regular backups of system data to prevent loss and ensure data integrity.
Disaster Recovery: Develop a disaster recovery plan to restore operations and data quickly in case of major disruptions.
Legal and Compliance:
Privacy Policy: Clearly state privacy policies and terms of service to comply with legal requirements and build user trust.
Regulatory Compliance: Ensure the system complies with banking regulations, financial standards, and data protection laws.
