Next Generation Technology And Software In The Banking Industry

Over the years, the banking industry has been through an immense transformation. Today, with the latest cutting-edge technology, the banking sector offers a wide range of services. With the increase in the use of virtual banking, this industry has been able to adopt new techniques to keep their customers happy and at the same time to maximize security and maintain a low budget. The banking sectors have been able to achieve this with the introduction of RPA – Robotic Process Automation in banking. Let us get into a little detail of how RPA works.

-> Robotic Process Automation in Banking:

RPA or Robotic Process Automation in banking is a software that automatically mimics human actions in a set pattern. This marvelous software can easily perform tasks that previously required human involvement and can accurately run 24/7. The interface to automatically run the program is so terrific that it can run as a virtual workforce based on rules and repeatable tasks. Advantage of using Robotic Process Automation in banking is that it has significantly reduced the amount of time needed for processing data, while giving the staff a breathing space to perform other jobs that require human intelligence instead of doing the same monotonous jobs. Robotic Process Automation in banking has indeed completely changed the face of how the banks have worked in times gone by. Now you may have a question as to what exactly is a banking software solution.

-> Banking Software Solutions:

Banking software applications or solutions are a series of encoded computer instructions that help the banking sector to administer financial products. In simple terms it means that banking software solutions refer to core banking software that allows banks to record customers account transactions. Almost all banks around the world have been using banking solutions or software in some or the other way. Let us now discuss some amazing details about the banking industry. We will understand what core banking software is, what its advantages are and the top list of banking software applications. Let’s begin with-

-> Core Banking Software:

Technology has played a huge role in the way the banking system looks today. For some time, just visualize the banking system that was setup over the past few decades, can you picture how the banks operated? Customers waiting for their banks to open on time and then waiting in long queues for their turn to deposit a cheque or to encash it. Gone are those days when banks were known only for cheque deposits and for providing loans. Today the banking industry has grown so tremendously that it provides a whole wide range of products and services that are brought under one umbrella. This has been one of the greatest achievements for the banking industry and that is exactly where core banking solutions come into the scene. But you may ask – What is core banking solution?

-> Definition of Core Banking:

CORE banking solution, which also means Centralized Online Real time Exchange or Environment is nothing but a networking of all the branches of a particular bank. Which means that there is a centralized system put in place, or you can say that the data of all the branches of that particular bank is stored in a central server, which allows the head office, regional offices and all the local branches to view recorded details like customers information, transactions, mortgages, money transfers and loans with the use of internet or appropriate banking system software.

The use of core banking software allows customers to operate their banks and manage their accounts from anywhere, that is from any part of the world and at any time. They do not have to physically visit their particular bank branch where they have opened an account, but can enjoy the banking services from any of the nearest branches which are connected to that particular bank and is on Core banking solution or CBS.

The question now is that there are so many core banking software systems out there available in the market and it could be a daunting challenge as to how to choose the right banking software solution in this vast banking software market.

To help you make your choice, let’s first look at the advantages of core banking solutions, this will give you an idea as to what you can expect and what CBS offers.

• For the Banks:

• Improved and simplified banking operations which help the bank staff to focus on introducing the new products and services from any locations.
• Helps in minimizing errors.
• Provides high security.
• Continuous merging of back office with self service operations.
• Accurate information about the customer and documentations.
• Standard procedures followed throughout all the bank’s branches.
• Providing excellent services which helps in successfully retaining customers.

• For the Customers:

• Easy to open bank accounts.
• Ability to access banking services 24/7 from any location.
• Accessible and fast payments through any channels.
• Quicker service which helps to immediately reflect the account details in any branches.
• Smooth sailing of fund transfer from cities to villages.

-> Importance of Digital Banking Software:

By now you have a clear understanding of core banking software and this will help you choose the right banking software solutions. But the point to remember is that customers demands more for less, and so the new generation of customers is all about digital life. In order for the banks to provide excellent services and to meet the ongoing expectations of newer generation customers, they must move quickly and catch up with the latest digital software.

The digital era has had an enormous affect in the reshaping of the banking industry, and even in the future there are a lot of changes that can be expected, and so it becomes even more important that the banking sector must step up their game towards success and gaining profit. The benefit of digital banking software is that it enables complete networking, starting from front office to the back office of all the branches of the bank, to use multiple channels like internet banking, mobile banking, ATMs and so on for steady operation. Hence, providing excellent digital service must be the top most priority for any banks.

So, far we have been able to appreciate how banking and technology go hand in hand; and without the use of the latest technologies, banking industry cannot operate efficiently. Hence, for better performance, there are many banking software companies available that specialize in offering a wide range of services and software programs that help banks accelerate their processes. These software companies believe in providing ‘The Best’ customer experience throughout all the accessible channels. We will now consider some of the top banking software that banks can use for that outstanding and high-quality service.

-> Banking Software Products:

The following is a list of the 5 best banking software ruling the top of the charts:

1. SAP:

Systems, Applications and Products in Data processing, also known as SAP is a German based company that specializes in enterprise application software which is used to satisfy the needs of an organization or industry. SAP is among the top financial banking software.

2. Fiserv:

Fiserv is a US based provider which is among the best IT leading companies. Most of the banks in US operate on Fiserv because it provides a variety of software applications that are easy to amalgamate for banking operations like mobile banking to online banking to core account processing. Some Fiserv’s software like ClearTouch, DNA, Precision, Premier and Signature are among the most famous financial banking software.

3. Finacle:

Finacle is an Indian company that specializes in core banking products. This banking software Finacle became part of EdgeVerve systems limited, which is a fully owned subsidiary of the Indian company Infosys.

4. Oracle:

Oracle Financial Services Software Limited is a subsidiary of Oracle Corporation. It is exclusively made to specialize in IT consulting for the banking industry like the retail, corporate and investment banking.

5. FIS:

Fidelity National Information Services, as known by its abbreviation FIS, is an international provider with its headquarters in the US. FIS provides agile services to a wide range of banking needs like commercial lending, cash management, treasury and capital market’s needs.

Advancement in technology has been a necessity of today’s modern era and the banking industry has adopted and embraced it very well. It is true that meeting the dynamically changing market’s and customer’s needs is not a simple process because each customer has their own unique need and requirements. So, as a whole it is the responsibility of the banking industry, to adapt to new technologies and improve the banking experience for their customers.

To do this, banks are required to invest and spend more resources towards the development of having quick and secure IT services and products for their banks. There are yet a lot of changes that technology is bringing in to the banking industry, such as – AI or Artificial Intelligence and Blockchain, which will add to the big boon in this industry. So, to conclude, the future of the banking industry is bright with the innovations of newer technologies and software.