Role of digital banking software providers

Digital banking software providers provide banks with rich end-to-end ability and functionality to streamline their operations. They enable them to provide personalized top-notch services to clients. Backed up with innovative automation services and passionate expert consultants; no bank will ever be shipped out of business. 

Zenith of the banking system

Banking software providers enable financial institutions to manage their own finances and even provide convenience to their clients. Most developers have created platforms that distribute digital and assisted data across all channels. The software gives banks unlimited reach to clients today, tomorrow and even in the future. This helps them to understand customer needs even before they voice them, and come up with the best way to meet them. Online banking solutions are mostly characterized by their ability to do more of the following;

1. Restricting Digital Fraud: Best Practices

Banks face challenges to manage both intangible and tangible assets, security protocols are of great importance. While passwords have been used for a long time to protect important information, some banks have fallen victims of attacks perpetrated by cyber criminals who use key logging techniques, sophisticated technology and phishing to compromise the bank’s systems.

Today, banking software providers are gaining popularity as a solution to protecting banking systems. So, what is banking security software? The software controls access to any system by matching the behavioural and physiological characteristics of an individual to database information.

Banking software has been designed to improve operational efficiency by eliminating tedious administrative processes involved with maintaining access

cards, passwords and pin numbers. This technology has the ability to monitor, track and report attendance levels and access to equipment.

As a supplement to conventional password access, banks that want to beef up security can incorporate a combination of biometric procedures and digital access. In fact, many companies use this online banking solution today.

2. The Rise In Needs Processing – Merchant Services

The failure and success of any bank depend on its customer’s financial management. But finance management can be very challenging in today’s environment. Online banking solutions can be very helpful for digital banking, the leading digital banking software providers have worked with hundreds of clients in website design, strategy, marketing and data management. They help banks to get good control over customers’ finance management. 
A banking software is used by various banking companies to govern their income, lending, withdrawals, deposits, administration and much more. It helps maximize profits and ensures sustainability. Every bank should have good online banking solutions to face the challenge of administration services and management of customer finances.

3. Overview Of Motivation Credit

At present, electronic credits are the norm across the globe. Banks need a feature that manages online banking solutions, e.g., credit cards, debit cards, e-wallets and a range of systems. Thanks to digital banking software developers, banks can compute all credits rapidly and with a decreased likelihood of human-based errors.

Conclusion

Banks should look for digital banking software developers that can offer good financial management at cost effective value. A good banking software can keep track of liabilities, keep records updated, minimize paperwork, ensure data integrity and security, balance several customer accounts, coordinate balance sheets, income statements and even expenses, keep all transactions transparent and much more.

How UPI Service Providers Are Driving UPI Payment Growth In India?

Introduction

In 2016, UPI, or United Payments Interface, wholly revolutionised India’s digital payments scenario. UPI has enabled the seamless transfer of funds between banks, wallets, and merchant payment systems through a single-window payment system. This platform has emerged as a common platform for a real-time, interoperable system for all kinds of digital payments. 

The popularity of the UPI payment system can be gauged from the fact that in March 2022, there were over 540 crore UPI transactions happening across the country. In FY 2022, total transactions worth $ 1 trillion took place through this UPI payment gateway.

The front end of the UPI payment system could be custom-made apps or third-party apps for eCommerce sites or social media. However, at the core of the UPI, transactions are routed through banks, also known as PSPs. These third-party apps communicate with banks to facilitate transactions. As a result, banks have the dual role of securely transferring funds from one bank to another and using core-banking systems to facilitate these transactions on a real-time basis.

Role of UPI Service Providers

To facilitate such a high volume of transactions in banks, it is imperative for banks to securely connect their core banking systems with the UPI’s payments interface created by the NPCI. This is where the role of UPI Solutions Providers becomes essential. UPI service providers help build a flexible platform to facilitate real-time fund movement via the UPI network for various use cases like P2P (Between Person to Person) or P2M (Person to Merchant) and so on. It is expected that by 2023 over 55 billion UPI transactions will take place over the UPI network. 

To facilitate the growing number of transactions, banks need to upgrade their systems and adopt new use cases continuously.

Growing Use Cases

The next phase in the growth of the UPI volumes shall be driven by new use cases that UPI could help enable. Service Providers would be at the forefront in exploiting the new use cases that could be used in different industries. The Service Providers shall provide custom solutions for banks to cater to specific industries. As new use cases for UPI emerge, banks would need solution providers to integrate with the current existing payments infrastructure. This is where Service Providers shall play a key role.

Future of Digital Payments

UPI Solutions Providers will help the payments industry grow exponentially by focusing heavily on building solutions that enhance customer experience. Service providers are working on solutions that offer users numerous payment options, enhanced security, innovations for digital ledger technology (DLT), and emerging technologies like the Internet of Things (IoT). UPI Solutions Providers shall help banks build these new generation solutions on top of the already working digital payments infrastructure. 

Service Providers are working on solutions that enable recurring payments, IPO subscriptions, cross-border remittances, and solutions for parking, fuel payment, etc. This shall lead to a rise in UPI payments Growth in India. For example, Service Providers have been at the forefront in enabling banks to adopt the UPI123PAY that allows feature phone users to transact via the UPI network.

Opportunities for cooperative banks in the neo banking world 

image

The technological advancement and boom in the banking sector have led to the immense development of digital banking solutions. 

Cooperative banks utilise the power of technology and innovative banking solutions to provide the best services to their customers. 

Moreover, the introduction of the NEO banking world and digital models for core banking have turned around the operations of cooperative banks. 

The finance software companies in Mumbai are in great demand for their distinctive banking software and digital solutions. 

Here are some of the opportunities for cooperative banks in the neo banking world 

Personalised Services: 

Cooperative banks can serve their customers with personalised services. It can eliminate the need to visit a bank to carry out banking transactions physically. The delivery of services in the NEO banking world is swift and hassle-free. 

Hence, it provides cooperative banks immense opportunities to strengthen their relationship with customers. 

Upgradation: 

One of the most lucrative prospects for cooperative banks in the neo banking era is to overcome the hurdles of the traditional banking system. 

The digital banking solutions from the leading financial software companies in Mumbai provide significant scope to cooperative banks. The banks can upgrade themselves, refine their system and operate independently. 

Embrace the emerging technologies: 

Cooperative banks can enhance the formal banking sector and give it a modern twist with neo banking solutions. 

Concepts such as cloud computing, blockchain, database management, and machine learning can be beneficial in redefining the banking operations of cooperative banks. It can open new horizons for cooperative banks and escalate their growth. 

Cost-to-profit ratio: 

Traditional banks often face the problems of high overhead costs and limited scope of profit. The need for infrastructure, dedicated teams, and other expenses can limit the expansion of the cooperative banks. 

However, cooperative banks turning to neo banking and digital banking solutions does not require significant modifications.

Only a few changes, such as cloud network development and core banking software, can enable the cooperative bank to start operating effortlessly in the neo banking world. Thus, neo banking concepts open a sea of possibilities for cooperative banks. 

It allows one to explore the unexplored and achieves new milestones.

Flexibility and accessibility: 

Cooperative banks operate efficiently with the aid of digital banking software solutions. 

The flexible and accessible systems of neo banking make it easy for banking professionals to execute an array of banking transactions with utmost precision. 

Thus, the neo banking world makes it possible for cooperative banks to explore newer opportunities in the banking spectrum with the aid of the digital banking system.

The key takeaway

The effect of digitalisation is evident in private as well as cooperative banks. 

The banks are now setting new benchmarks and breaking the age-old barriers by embracing digital banking solutions.

The cooperative banks are now willingly recognising the scope of the neo banking world and how it can benefit them in the long run. 

Digital interfaces can change the facet of cooperative banks. It can pave a pathway to success and growth. It can improve customer relations, banking experience, and operations. 

How can mobile banking apps help serve Fintech?

The Finance Industry and banking sector are among the greatest beneficiaries of digitalisation. The introduction of online banking services has added more flexibility and accessibility to banking. 

The modern mobile banking system has changed the facet of Fintech. It has revolutionised the operation of the finance industry by reducing overhead costs and enhancing customer experience. 

Here are some of the points that state how can mobile banking apps help serve Fintech

Mobile Banking Apps Provide Seamless Interactions And Frictionless Transactions: 

Mobile banking services have brought a significant shift in the way individuals can handle their finances. It has provided great ease and convenience by allowing easy access from anywhere.  Mobile banking software loaded with user-friendly features facilitates frictionless finance transactions.

Whether it is allocating finance in funds, withdrawal of funds, or transfer of money, any type of finance transaction swiftly. 

Moreover, the increase in usage of mobile banking services for banking and finance transactions has shown a growth of around 64%. 

Mobile Banking Apps Will Help Target Your Audience And Improve Services:

 Banking and Finance is a client-driven industry. Experience and interaction play an essential role. Financial institutions and banks constantly are competing with each other and using customer service as a great differentiator.

The mobile banking system has opened doors of opportunities for these institutions. It has facilitated better connections with customers. The finance institutions can efficiently reach the target audience and communicate about finance products.

Furthermore, mobile banking services play an essential role in gathering customer insights for service improvement. 

The data obtained from mobile banking apps provide valuable information to offer customised services to the target audience. 

Building Mobile Banking Apps Can Reduce Cost And Improve Margins: 

Financial institutions are utilising the power of the mobile banking system to convert branch customers to mobile banking customers. 

Thereby reducing their cost and improving margins. The finance institution sees customers saving today as a prospect for upfront investment in the future. 

Mobile Banking Apps Present New Opportunities in the Lending Space: 

Mobile banking apps provide credible information and customer data to financial institutions. It is upgrading the functionality of financial institutions. 

The integration of Fintech has opened new avenues to locate new potential customers. Mobile banking apps have streamlined and systemised the loan process.

Build Mobile Banking Apps To Serve Underbanked Populations: 

A significant amount of the underbanked population still does not comprehend the banking system.

The introduction of mobile banking services and systems is bridging this gap. Customers are more likely to use their mobile phones to carry out financial transactions. 

Hence, Mobile banking apps are stimulating the growth of fintech by enabling them to explore untapped areas.

THE BOTTOM LINE

Without a doubt, Mobile banking services are the future of finance. They are changing the overall functioning and operations of the finance sector. 

Its impact on the customers and target audience is humungous. Hence, modern banks must unfold the fintech trends and incorporate mobile banking services strategically to boost their growth and development.

5 Key Benefits of Online Banking for SMBs

Digital banking has not been a boon only for individuals. Small businesses also experience a host of benefits with online banking. The “Digital India” campaign that was launched by the government in 2015 has played a crucial role in making digital banking popular across the country. The popularity of online banking has proven to be beneficial for small companies as they can save a lot of resources and time. Internet banking services have made keeping track of expenses convenient and efficient. Gone are the days when a person in the company had to go to the bank in-person to deposit a check or withdraw cash as everything can be done online.

online banking for SMBs

Seamless syncing with accounting

One of the biggest pains for small business owners is accounting. Online banking and accounting has made management of accounts easier than ever as all the transactions are added to your accounting without the need for spending hours manually adding the transactions. This saves a lot of time and makes sure that the financial reports are up to date.

Anywhere anytime access

One of the biggest benefits of the online banking system is its access round the clock. The 24×7 access throughout the year offers business owners the to manage transactions from the comfort of their home and office. Even if you have doubts; you can log in and check the transactions. You need not visit the bank every time you have to send money to someone or receive money. You can do various business activities such as to send money, view balance and receive money anywhere and anytime.

Fraud alerts

Digital banking allows you to see the transactions in real-time and if something seems fishy; your bank will give you an alert. They will verify the location and if something is off, a red flag will be raised. All the banking transactions will be done in a single window, so you will be fully aware of all the transactions taking place.

Increased security

Online banking is more secure compared to cash transactions. Since that transaction is done digitally, the risk of theft and burglary is ruled out. This overcomes one of the common problems faced by the businesses handling cash. With online banking, the risk of human error is also reduced drastically. You can customize employee access with online banking. Since not all the employees need to access all the accounts, certain features enable sharing content with the selected employee.

Mobile banking

Online banking not only offers a banking portal on the web but you can do transactions through a mobile phone too. Most of the banks have their exclusive mobile apps that can be used to perform any transaction on the go. Even if you can’t access a laptop or computer, you can still manage your transactions through your phone.

Our robust solutions

If you are struggling with business financial management you can try our FinCORE solution which is a Core banking solution. It helps in streamlining the business’s processes with Information Management and Risk Management as the key. It offers a plethora of features centered around the modern architecture of banking.

 Bottom line

It is never late to embrace a robust online banking system to manage all your transactions efficiently and meticulously. We are one of the best online banking software providers in India. We will provide you with the information needed and a demo.

How Can Digital Transactions Grow With UPI System

India has seen a huge transformation in the banking sector and economy over the past decade with the implementation of Jan Dhan Yojana scheme. The country is on its way to building a strong and prosperous economy with various banking solutions that bring people of all sectors under one umbrella. With the onset of digital payment software usage in India many came up with robust platforms. One such platform that made digital transactions in India more refined is the Unified payment’s interface. UPI was introduced by the National Payments Corporation of India in the year 2016. Over the past 4 years, digital transactions in India have seen new heights with the UPI payment system as the platform.

What is UPI?

The UPI is a simple and easy-to-use platform that is designed to transfer money between two parties. The UPI payments system allows interoperability and real-time transfer of funds with the help of a mobile number and a linked bank account. You can instantly transfer funds between two bank accounts with the account number of the beneficiary. The added benefit of the app is that you can link various bank accounts to a single banking app. Noticing the spike in popularity of the UPI system; the NPCI launched UPI 2.0 in august 2018. The 2.0 version is an enhanced version with features for sophisticated transfer of funds. The latest feature of UPI 2.0 is a reflection of how digital transactions have improved and increased over the past four years.

One-time mandate

In the latest version of the UPI system, the users can pre-schedule a transaction and pay later. The mandates of UPI 2.0 are designed to sport a one-time block functionality in whichthe transaction is committed in present and processed later. This has been a huge convenience for the users as the instant mandate generation leads to an automatic reduction of payments on authorized dates. This has provided individuals relief from the hassle of remembering endless bills generated at the start of every month.

Verification of invoice

The latest version of UPI payments has focused on making transactions easy for merchants as the days when merchants waited in a long queue for transfer of funds in the bank has long gone. Merchants can dispatch online invoices to the customers who can view the amount of orders and other relevant details of payments. Customers can also check the authenticity of the merchants by scanning their QR codes thus preventing the rise of fraudulent activities.

Use over-draft account

The merchants can withdraw money from their account even if it is cash-deficit.

UPI is the game-changer

In India, UPI has been the game-changer in the payment space of India and over the years it has become one of the fastest payment modes that have brought financial inclusion to the masses. Let us take a look at some facts that owe towards growing digital transactions in India with UPI.

  • Within January and December 2018, UPI saw 7x growth
  • The adoption of UPI grew in tier 2 and tier 3 cities apart from tier 1 cities.
  • In February 2020, recorded around 1.32 transactions that is worth INR 2, 21,995 crore
  • This is a growth of 1.4 percent from 1.30 billion in January of this year.
  • According to a report by world line UPI is the most preferred mode of online transaction in 2019
  • All the records were broken in December 2019 by UPI with 1.30 billion transactions worth INR 2 trillion.

Bottom line

These numbers are not going to stop here as the adoption of UPI solutions by people is increasing day by day. The UPI has proven to be one of the most downloaded apps in the year as digital transactions are more preferred than ever before.

UPI 2.0 – The new and improved Unified Payment Interface

Unified Payment Interface, also called UPI is a payment system where one application controls multiple bank accounts belonging to any participating banks. Numerous banking features like money transfers, merchant payments, etc. are available on a single platform. Moreover, the ‘Peer to Peer’ collection feature executes the scheduled payments according to the convenience of the parties involved.

August 2018 saw the launch of UPI 2.0, a new and upgraded version of UPI by the National Payments Corporation of India (NPCI). The NPCI is an organization that handles retail payments in India, which includes the UPI platform that helps instant fund transfers. UPI does not require any details of the beneficiary, which acts as an advantage. The improved version of UPI is said to be more secure, has an easier authentication process and comprehensive service.

With pre-existing features like all time instant money transfer facility, sharing bills with friends, etc. UPI 2.0 has new features.

  • Pre-Authorized Transaction: The Pre-Authorized UPI transactions allow you to schedule your bill payments. For a regular bill payment like that of a Mobile phone bill or electricity bill, the UPI solution allows customers to authorize payments to the biller on a particular date.
  • Biometric Authentication: UPI payments are set to become more secure with the fingerprint mapping technology along with iris scanner. The Aadhaar card will help with biometric authentication as the UIDAI has the database of biometrics of majority of Indian citizens. Cell phones with a high-resolution cameras and fingerprint scanners can be used to authorize a transaction.
  • Invoice in the Inbox: According to NPCI, this feature is for customers to check invoices sent by merchants to view and verify credentials before proceeding with the payments. Make the payments only after being satisfied with all the details mentioned on the invoice.
  • Check on Speed of Transaction: The NPCI has added a new feature of velocity checks for UPI transactions. These checks will help catch the fraudulent transactions are detected before they are completed. The app allows reporting a suspicious transaction to the bank for them to take necessary actions.
  • Aadhaar Based Payments: UPI solution providers have introduced payments using Aadhaar numbers. Unlike mobile numbers, which have the possibility of being handled by several customers, the Aadhaar number is unique to an individual. The Aadhaar cards can be linked with bank accounts, making transactions directly from the bank accounts easier.
    The UPI 2.0 does not only benefits banks, but also the customers as well as the merchants. It serves banks with a secure platform for universal transactions, and the payment doesn’t require details of the beneficiary. It helps the customer with its availability, single click authentication, and a single platform with access to different multiple bank accounts. The merchants benefit from it as well, UPI serves as a digital payment system for seamless transactions, which helps them tap into a larger pool of customers.

Finacus UPI2.0 solution offers a platform consisting of Application Program Interface (API) with NPCI and a universal mobile interface for the consumers. Their UPI solution supports a scalable architecture and has been developed keeping in account the complex security challenges people face in today’s date. UPI 2.0’s goal is to provide a reliable and simplified payment option with a virtual address for money transactions. A step ahead of the banks, it allows interoperability and presents an opportunity to push for a single interface for all existing retail payment systems in India.

UPI 2.0 is a better and enhanced version of the UPI payment solution. With a pack of new features, it has made UPI more beneficial, comprehensive and easily accessible.

Internet Banking- Banking Services at Your Fingertips

Internet Banking has literally made life easier by facilitating anytime, anywhere banking on the click of a button. Now, you have all banking services at your fingertips. Whether you need to withdraw cash, transfer funds, deposit cheques, generate bank statements, open fixed deposits, or pay insurance premiums, you can avail all banking services from the comfort of your office or home. Banking services are accessible online at any time from anywhere. Here is a list of banking services facilitated by internet banking solutions:

Easy Bill Payment

Currently, most of the financial institutions have tie-ups with utility companies and service providers. For this reason, you can easily pay your electricity and telephone bills online through your credit/debit cards. Further, you can automatically pay your recurring bills through your bank account. Now, you do not have to miss out on a bill payment due to a shortage of time. You can easily pay your bills with internet banking without any additional charges.

Instant Funds Transfer

With internet banking, you can instantly transfer funds to another account in the same or different bank. You can send instant money almost anywhere in India. All you need to do is to login into your account and add payee details regarding account number, bank, and branch. While money transfer through traditional method takes around three to four working days, money transfer through internet banking is executed with 24 hours.

Credit Card Management

You can effectively manage your credit cards with Internet banking. You can pay your credit card bills online and also apply for a loan on your credit card. Furthermore, you can request an increase in your credit line or apply for an additional card. In case you lose a credit card, you can instantly report about the lost card online.

Investment Management

Now you can easily open a fixed deposit account or FD using internet banking facilities. You can use an interlinked Demat account for trading in the stock market. You can directly purchase mutual funds through the online banking system. Manage all your investment with internet banking on the click of a button.

Mobile Phone Recharge

Is your phone balance running out? No need to rush to your nearby vendor for prepaid phone recharge. Simply login into your internet banking and top-up your balance with prepaid mobile cards. Select your operator’s name, enter your mobile number and select the recharge amount and get your phone back to working within a few minutes.

Easy Shopping At The Comfort Of Your Home

Leading financial institutions have tie-ups with maximum shopping websites. You can shop online, purchase all kinds of products, and conveniently make the payment through internet banking. Furthermore, you can purchase the railway and air tickets using internet banking facilities.

The Convenience of Banking Apps and Why Should You Use It

The banking industry is becoming more technology savvy with the progressive increase of smartphone users. More and more people are using banking apps these days. The reasons are quite obvious. Banking apps provide consumers with the convenience of using banking facilities without actually visiting banks. They ensure secure ease of access. Here are some advantages offered by the Banking Apps to the banking industry:

Reduced Expenses

Mobile transactions through Banking Apps increase overall efficiency by saving on operational costs. They help banks go paperless and save huge cost on printing and delivery. Mobile transactions are cheaper than ATM transactions and eliminate the need of hiring additional workers.

Increased Return on Investment (ROI)

Mobile banking through Banking Apps can significantly influence ROI through improved customer engagement. Statistics reveal a steady increase in the adoption of mobile banking over the past few years. It has been observed that mobile banking customers show better engagement to the financial institutions in comparison to branch-only customers. Mobile banking customers hold more products and use more banking services. Furthermore, mobile banking customers stay connected for longer with the financial institutions, thereby decreasing the attrition rate by almost 15% over the past years.

Another research suggests that instant access to financial information through Banking Apps can influence additional transactions. For this reason, mobile banking services generate better average revenue in comparison to non-mobile banking services.

Improved Customer Experience

Mobile banking solutions have significantly contributed to ensuring a positive customer experience which is paramount for successful banking services. Mobile banking apps ensure 24/7 availability. Hence, customers are not limited by fixed working hours or particular branch locations. Mobile banking apps provide round-the-clock services, thereby allowing the customers to access their accounts any time and from anywhere.

Mobile banking puts all banking services at the fingertips of their customers. An instant gratification makes customers more loyal to their banks. Furthermore, banking apps provide a personalized customer experience further increasing their credibility. Customers usually have complete control over their finances through banking apps. They can instantly transfer funds, check their deposits, monitor their balances, and get notifications.

Improved Security

Banking apps are further secured by additional hardware security making them highly reliable. Mobile banking apps use an added layer of security like biometric data and gesture patterns along with traditional two-factor authentication through passwords. Furthermore, financial institutions employ encryption to provide complete privacy of financial information, thereby ensuring worry-free mobile banking.

Use of Artificial Intelligence

Many mobile banking apps use Artificial Intelligence or AI to automate responses to generic customer queries. This further ensures speed, efficiency, and security. AI can be used to improve customer services through personalized notifications. Financial institutions can notify their customers about new services and send personalized offers according to their location, preferences, and buying history. AI services can help in detecting patterns or fraudulent behavior in real time. AI-powered mobile transactions ensure security at multiple layers.