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 to satisfy the needs of its perse 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 modernization and re-engineering, data migration services, quality assurance and testing, integration services and product customization, 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 https://www.standfore.com specialize 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 https://www.standfore.com/banking-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 https://www.standfore.com/banking-solutions/standfore-online 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 https://www.standfore.com/banking-software-company 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 analytics to know about customer preferences and behavior.
The changing demographics and lifestyle of consumers today have paved way to provide services to consumers on the go. They are constantly looking for solutions that help them take care of their daily tasks in the most time efficient and convenient ways. These changes have forced banks and financial institutions to sense the consumer market and demands and respond to innovation by designing solutions to meet these constantly evolving expectations and create a competitive advantage over others.
However, retails banks and financial institutions must be aware that one-size-fits-all approach in designing banking software https://en.wikipedia.org/wiki/Banking_software solutions may not work as each segment of the customer is highly differentiated from the other. Thus an attempt must be made for understanding the needs of each customer segment to leverage resources and capabilities for implementing mobile-based banking fully. These segments differ in usage, awareness, demographics and features expected. A corporate consumer needs may differ extensively from a regular senior citizen’s banking needs. Features like mobile chat customer support may be desired by affluent internet users while cautious senior citizens may desire real-time account alerts. A major section of mobile banking users today fall in the age bracket of 25-35 years who have adopted both smartphones and tablets for performing their banking operations on a day to day basis.
Security has always been a topmost priority for both mobile technology service providers as well as customers. There is a constant threat of information hacking and identity theft, and thus due awareness and diligence should be employed while using mobile banking, including close monitoring of your bank accounts and backup plans in case of loss of device or theft. It can be easily concluded that mobile banking has enabled institutions to deliver better customer experience.