Anytime Banking Gains Prominence with Banking Software Solutions
Technology and its innovative applications is something that every firm and industry sector is putting into use. The same holds true for banking and the financial sector. They have identified the innumerable benefits of implementing advanced technology to enhance the speed, elasticity and the value of the products and services offered to the customers at large. Especially, in today’s competitive banking industry it is the core banking technology that is a performance differentiator of banking technology. This is truer in case of retail scenario. However, today’s new age banking software solutions allows numerous banks to offer efficient technology oriented avenues to customers, for instance the benefits of internet banking, ATM’s, online payments that eliminates the concept of traditional branch banking.
Today, it is the era of “Anytime Banking”. Features and facilities such as “real time banking” allow customers to go ahead and fulfill their transactions to be completed over the internet, almost instantly. Another essential benefit of technology is the significant reduction of testing lead times and product development that helps in to launch the new bank products fast and smooth. This improves the agility and innovativeness of the bank.
Transformations in the Banking Industry
There has been several layers of transformation that has been ongoing with the global banking sector. The two important factors that have resulted in this transformation is the overall change in banking regulatory policies and economic conditions. Most prominent banks today are switching over to a “universal banking” model that allows them to succeed in this aggressive market.
Collaborative planning, micropayments, social savings, peer-to-peer lending and other banking sector innovations are undergoing layers of innovations. In addition to that, regulatory compliance too is a crucial aspect that is given great priority in daily operations. Eminent service providers dealing in R&D services offer efficient banking software solutions. The important focus areas are listed below-
- Lending and Leasing
- Fraud Detection and Prevention
- Regulatory Compliance
- Financial Reporting
Innovative Banking Software Product Utilities
The service providers today put into use proprietary as well open source software development technologies and the present day market regulations and needs to service their customers better. The utilities are listed below-
- Control SaaS models to integrate SOA best practices
- Sets up financial reporting solutions that implement XBRL standards, adhere to SEC norms and generate statutory reports
- Establish lending applications that incorporate with credit bureaus and credit reports
- Design and set up frameworks for fraud detection and prevention
- Build business intelligence tools and financial analytics
- Migrate legacy banking software to a Cloud Computing model
- Develop mobile banking applications
Banking software solutions help in making the conventional banking services more user friendly and utility oriented for a huge customer base. The aim is to cater to the concept of easy and anytime banking.
Also read on – Application lifecycle management , Product lifecycle management
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