Things To Know Online

October 9th, 2012

Posted on October 9th, 2012, 5:38

The banking industry round the globe has been witnessing massive changes over the past few years owing to the multiple economic changes and regulatory norms. Today banks are transforming their service type to a “universal banking” model that means scaling service beyond savings, loans and checking. This is done so that they are able to succeed in this aggressive and competitive market scenario. This apart, the constant innovations in the banking sector for instance micro payments, peer-to-peer lending, social savings, collaborative financial planning is also evolving the overall landscape in this sector. In addition to all this the regulatory compliance and its policies too are an essential aspect that needs to be given utmost priority in daily transactions.

Keeping these concerns in mind, the modern day banking software solutions focus on areas such as:

·         Lending and leasing

·         Fraud detection and prevention

·         Regulatory compliance

·         Financial reports

Today eminent companies specializing in agile product life cycle management have been experimenting and researching on the various technological knowhow such as open source software development, present day banking needs and regulations and have come with innovative banking software solutions that offer a comprehensive range of services. Some of them are listed below:

·         Helps in leveraging SaaS models to integrate SOA best practices

·         Helps to establish financial reporting that executes XBRL standards, comply with SEC regulations and produce statutory reports

·         Set frameworks that help in fraud detection and prevention

·         Helps to establish financial analytics and business intelligence tools

·         Set up mobile banking applications

·         Offers solutions that lead to software compliance

·         Helps in mitigating legacy banking software to a cloud computing model

·         Assists in designing lending applications that incorporate with credit reports and credit bureaus

Since banking needs are growing continuously, it is simple to analyze as to why a banking software solution is so essential to monitor collateral. Financial firms and banking institutions require systems that can systematize and manage a huge quantity of employees, consumers and confidential documents. Hence, a banking software is essential to enhance customer care services and running business operations seamlessly.

However, while opting in for a solution provider it is essential to analyze your banking requirements as well as your consumer demands. It is always advisable to join hands with a solution provider that caters to your service requirements, budget capacities and has a positive market feedback.

Related Links: advisory services, agile software development
By Josephmax, in: General