Increase Customer Satisfaction through Banking Software Solutions
Today, banks are equipped to provide services that are most efficient in supporting the liquidity of its corporate customers including the trade finance, cash management and risk needs. The services comprise on-boarding, world-class payment across multiple channels and real time information around cash. With new business products being launched every day, banks are also keen on channelizing their investments in technology in order to satisfy the needs of its diverse range of clients through banking software solutions.
The software companies have several offerings for its corporate banking customers. It takes care of application development and maintenance, legacy modernisation and re-engineering, data migration services, quality assurance and testing, integration services and product customisation, its implementation as well as support and maintenance. The corporate banking applications are designed for various areas in a bank across multiple channels.
Diverse range of areas and products
The areas cover sales, CRM, account origination, agency services, core banking, cash management, credit checks and rating, securitization, product and pricing, collateral management, fraud and AML management. They also design applications for regulatory reporting, account servicing, loan processing, trade processing, FX booking and settlements, payment processing, reconciliation and syndication processing. They include products, such as leasing, project financing, corporate deposits, corporate loans, trade finance, fund transfer and forex.
Core banking is the new language
Some IT firms specialise in few of the chosen core banking products. Core banking solutions allow the flexibility of making changes in the banking and lending products and launch new ones with ease. They also take care of the full integration of back, middle and front office processes. They effectively manage the customer relations through timely and accurate information.
Financial institutions often look for banking software solutions to set themselves apart from others as the client expectations are rising along with their demand for service excellence, ease of use and differentiating services and products. So, it becomes crucial to look for application components that offer service-oriented architecture and horizontal enterprise processes for a less risky approach and lower cost.
Advantages of core systems
Smart banking is backed by modern core processes to get more benefits and explore new possibilities. The idea behind this is to introduce systems which promote reuse of enterprise assets and reduce duplicity. The dashboards should appear up-to-date with information about the entire portfolio so that people can make better decisions and choose the best for themselves. Also, a flexible infrastructure offers improved customer service and better risk management.
The modern core banking application has a unified software platform for management of operations in a strategic manner. It breaks the wall between the bank and a customer and enables transparency of data. It also identifies fraudulent activities before happening by keeping track of the transactions taking place throughout multiple business lines. While this goes on, another staff sitting in the same bank can study the analytics to know about customer preferences and behaviour.
