Today, many financial institutions are thinking about introducing a different software to their businesses, because it can eliminate excessive bureaucratic hurdles in the bank infrastructure. Many business processes can be automated and simplified, thereby taking out all the obstacles employees need to go through before the exact process could be considered complete.
The most apparent examples of a banking software are CRM systems that help to build an effective "Client-Manager" infrastructure, banking systems for management and financial operations control, mobile banking applications, which greatly simplify the service and make it more accessible to ordinary customers, etc.
Today we will try to find out what are the best banking software solutions, determine the main directions and purposes of the banking software development, as well as basic features and requirements for such software.
Ideal Banking Software
The ideal banking management system is that which:
Allows to build the planning and reporting system for an effective financial management and bank risk control;
Increases the efficiency of customer service;
Automates the implementation of operations and complex banking transactions;
Broadens the channels of communication with customers;
Helps to increase “sale per customer” rate;
Improves accuracy of the assessment of the customers creditworthiness;
Provides free integration with other software, such as mobile applications, ATMs, POS-terminals, etc.
Allows to configure standard parameters needed for implementation of all banking transactions.
Alongside the automation of the key processes and ensuring a sufficient level of information security, the automated bank system should constantly improve the quality of banking services at their optimal input intensities.
Also, for the risks minimization, such a system must become kinda tool which optimizes the workflow and provides centralized control of all bank's activities, enhances the efficiency of the management accounting and reporting systems.
Areas for the Banking Software Development
Banking software developers generally identify several development directions for this kind of software. These are:
Software for management of the financial operations and transactions;
Document management software;
Administrative management software;
Customer service solutions.
Often, one program can combine different functions. Let us consider all of them in more detail.
Software for management of the financial operations and transactions. Programs for the integrated management of the banking processes that provide:
Balanced Scorecard System.
Financial planning and budgeting.
Transfer management of a financial resources.
Management of consolidated financial statements.
For the operational control, bank authorities and managers are provided with a wide range of financial management tools, including tools for the bank's financial structure development, planning, budgeting, management accounting and others.
Such banking automation solutions provide transparency of business objectives and results of operations, allow to involve more managers in the process of managing and get a coordinated work of all participants in the business.
Document management software. Banking document management software creates opportunities for comprehensive automation of the banking office, namely, it can automate all the processes connected with the compilation of incoming and outgoing documents, memos, organizational and administrative reports, contractual documents and so forth.
The main advantages of the introduction of banking document management software - it helps to dramatically reduce the time spent on paperwork, documents’ negotiation, signing, an introduction of the resolutions, etc. Document software greatly accelerates the process of decision-making and execution of tasks. It increases manageability and security, simplifies control over the orders implementation in a timely manner, pinging the document location at all stages of its life cycle.
Administrative management software. An example of such a program can be a financial calendar of a banking system, which maintains a list of weekdays and weekends of the bank employees. All the weekends and weekdays can be marked there in advance. The date to which refers the current working day of the bank is always active in the program. All previous dates can have one of three states - off-day, open-day or closed-day.
Off-days – these are weekends. Closed-days, according to the name, are days in which all the financial operations have been already closed by the managers. Open days – these are the dates with which work is held.
During the open days, it is possible to perform payment transactions. If the user has special rights he can delete or edit accounting documents in an open day. There can be any number of open days in the program, thus managers can work in a several operating days at once. While editing a state of the trading day, the financial calendar automatically tracks all regulatory procedures of the day, performed by one single employee.
Customer service solutions (CRM systems). Banking СRM system usually includes marketing automation module, the banking automation module and module that provides customers with background information. Thus, the CRM banking system is a suite of applications which ensures the process of interaction with the customer. It covers all stages of the interaction: from the “attraction” (or marketing stage) to a banking, and after-sales service.
The main idea of CRM systems is that they are designed to address two major problems associated with increasing the business processes efficiency. These systems allow, firstly, to determine the intentions and capabilities of customers, and secondly, on the basis of analysis obtained from the communication processes with the customers to increase the effectiveness of work developing individual strategies for a particular type of a client. CRM technology establishes a shift from the strategy of massive sales to individual sales or services, customized or modified they would conform to a personal requirements of the customer.
СRM systems involve marketing automation of business processes, based on a personal work with each of the clients, as well as their maintenance and support. It is important to know if the customer is not satisfied with something so that the bank would offer him better service in the future. CRM system should provide quick access to all available information, taking into account that different users can be granted with a different kind of information. For example, sales managers of banking services need a history of customer payments and forecast of its preferences, while the marketer - data analysis of target groups, and so on.
Requirements for the banking software development
Development of software for banks must submit to certain requirements:
Security. Development of core banking system implies the creation of software that is resistant to hacking, system failures, and errors. Such programs work with the personal information of customers so they must be reliable.
Speed. The software has to work quickly, without any delays. This is the only way to succeed if we are talking about banking software development.
Comfort. Development of a banking software implies the creation of a reliable and intuitive graphical user interface, which is convenient and safe for health if we need to work with it for long hours.
Profitability. Establishment of a banking software is the procedure in which the bank authorities are looking for high quality services and cost-effectively return.
The software development for a banking industry - one of the most promising areas of modern IT market. Banking is experiencing its heyday, new bank branches are opening, increases speed of development of business companies. The opening of new banks and the growth of the old ones means only one thing - they definitely will need to get their own banking software for specific tasks and specific requirements.
For banking software development hire banking software company which has a good portfolio of products and who is able to give answers to all your questions at the very beginning. Contact us and our managers will get you all the information you need about IT products development for the banking industry and possible financial software development costs. email@example.com.