Banking is one of the most complex business industries in the world. With so many functions, customers and accounts, it is not easy for banks and financial institutions to manage everything properly. Banking software is meant to help banking institutions with their core banking operations, tasks and management. There are available hundreds of banking applications designed to suit the needs of different financial organizations and to perform simple to complex financial tasks. It is important to know the features and functions of the particular software before choosing a banking solution.
Here are some common and widely used banking software and applications.
Core Banking from FIS is a complete banking solution platform. The software...
Celeriti banking and finance software is used by many leading banks and enterprises as a complete banking solution for various processes including cards, payments and lending.
Cleartouch by Fiserv is real-time, web-based banking software designed for banks to manage their tasks and workflows through a single dashboard.
Cloud Banking by Temenos is a cloud-based banking and finance platform aimed at providing banks with the innovative, flexible and cost-effective banking deployment models.
FinnOne Neo is complete banking solution integrated with several application and products, designed to provide assistance in risk management, decision-making and other operations of the lending lifecycle.
Siena banking solutions by Eurobase are used by financial companies worldwide.
Kastle is a corporate and retail banking software & platform designed for banks and financial organizations to efficiently manage their finance retail operations such as, internet and core banking, universal lending, fraud detection, and risk management.
EBANQ is a widely used online banking platform and mobile app.
Avaloq Banking Suite
Avaloq Banking Suite is a fully customizable, modular banking solution used by many popular financial institutions for managing back, middle and front office operations of their organizations.
Bank Core is a banking solution designed to meet the needs of any community-based bank or large financial enterprise.
SilverLake System from Jack Henry is a complete core banking system designed with the aim to provide the expertise and technology needed by banks and financial institutions to execute their business strategies, and to run their operations.
Sopra Banking Platform
Sopra Banking Platform is a component based core banking solution that allows financial institutions to opt the services based on their business modules.
SIT Portfolio Plus
SIT Portfolio Plus is banking & financial software used by major financial institutions around the world.
FusionBanking by Misys is banking software that can help banks and financial institutions to be more engaged and familiar with the needs of their retail and commercial banking customers by embracing the latest technologies.
iCore360 is complete bank management software designed to offer advanced and adaptive banking solutions.
COBIS UFS (Ubiquitous Finance Solution) is a complete finance and bank management solution, which comes bundled with a set of products and applications designed to suit all needs of the financial institutions.
KoenigFinance is a reliable multi-tool for creating robust financial systems.
Technology has brought about some ground-breaking alterations in the way we perceive the world and lead our lives. Businesses are adopting newer technologies to become more customer-centric and meet the expectations of their customers for a seamless experience. This digital disruption has also redefined the banking industry. Today, you no longer need to visit the nearest branch to make a payment for buying something from a seller located in another country. It has been made possible with various banking software tools that aim to improve the entire financial journey for individuals and businesses alike.
The need for a banking software
Banking software applications work on computer instructions meant to assist transactions. From sending immediate updates regarding money debited or credited to enabling users to use multiple accounts simultaneously, they define the working of transactions in the modern world. Banking software tools make banking available to customers round the clock. You can make a transaction at ten in the night or seven in the morning without a hitch. For banks and financial institutes, both corporate and retail, this means easier management and improved control of transactions at reduced operational costs. Some banking software caters specifically to fraud prevention in financial services so that your customers can enjoy secure transactions. The need for multi-currency accounting, digital lending, and digital wallets are also met with the help of banking software applications.
Mobile banking as a part of banking software solution
Mobile banking software offers a mobile extension to a bank’s financial services. Typically, they allow customers to use mobile applications to do transactions or simply view their account balance. Some may even allow booking of insurance policies. As a service much in demand, most banks are rolling out these features. It comes in the form of the bank’s in-house mobile application (often built with other banking solutions), SMS service, and via USSD (Unstructured Supplementary Service Data).
How are banking software applications implemented?
Different banking software applications specifically cater to different areas within the banking industry. For instance, a net banking system allows customers to make transactions from the bank’s website. A stock market management software would cater to businesses and investors dealing with a financial portfolio of bonds and securities. The loan management software keeps a tab on the number of customers borrowing money, the demand for different loan schemes, etc. ATM banking, on the other hand, allows customers to draw money with their bank cards and complete cash transaction.
Importance of core banking software
Another important aspect of banking software systems is the advent of revolutionary core banking technology. Core or Centralized Online Real-time Exchange banking software is like a conglomeration of the bank’s capabilities to offer internet banking, mobile banking, ATM service, and services through the bank branch. It stands as a direct influence of Information Technology on the financial industry. In other words, it is bank automation. The software is installed throughout the entire system to gather all data points within the network. It comes with Customer Relationship Management (CRM) support and helps with bank data analytics. This, in turn, also allows banks to make informed decisions to escalate profitability, customer satisfaction, and retention.