Banking Software System – Top 4 Features to Look For

Digital innovations have transformed various industries in the past. One such industry that underwent a huge transformation is the banking sector. To meet the changing demands of the customers, banks had to adapt to transformations swiftly. The banking sector made it a priority to provide customer-first digital service and it paved the way for digital core banking initiatives. If you are planning to up your game today with the best digital software system it is time for you to adopt one with the best features. Here are 4 features that you must look for in a banking services system.

A banking software system will offer a myriad of features and applications. This list is to help you pick out the best based on its features:

Advanced security integration

The banking solution should allow advanced security integration. As banking activities tend to become more and more online, money mismanagement and fraudulent transactions are highly likely to occur at any time. One of the key features that you must focus on in a core banking system is high-priority safety features across all verticals of the banking sector. Options like dual authentication processes and digital identity management make sure tight security is on spot from both the bank and customer sides. The banking software should comply with the latest banking rules and regulations of RBI, NPCI, UIDAI, and IDRBT and support banking at different levels. 

Digital management of cash

Day-to-day activities such as deposits, withdrawals, and transfers can be processed digitally without any in-person contact. This makes the regular manual activities highly safe and efficient. As banking activities tend to become more and more online, money mismanagement and fraudulent transactions are something that may occur occasionally. With continuous upgradation of the hardware, the software should extend its support for changes in the future. 

Customer onboarding

In the traditional banking system, onboarding is one of the highly complicated tasks considering the factors such as compliance with regulations, making most of the talent etc. with the Video – KYC & Centralised KYC application, you can make customer onboarding less cumbersome and seamless. The software helps in easy verification of the customers right from the processing of applications. The customer onboarding features helps you escape the hassle of endless paperwork and verifications. Customer onboarding feature curbs operation costs spent on customer visits & time spent. The entire process of taking a new customer becomes possible with only a few clicks.

Other features

The banking software systems must also support other processes conducted throughout the day.

  • Loan management
  • Customer relationship management (CRM)
  • Integration with new financial products
  • Record maintenance
  • Best safety practices like firewall and DCDR against common software attacks. 

These modules make the daily banking operations much more efficient. It also helps the bank boost customer engagement and generates better revenue. This is because customer engagement and excellent banking experience are the two most important pillars that make any banking experience outstanding.

Bottom line

The online banking sector is about to transform the world of banking. Maximum proficiency and outstanding efficiency are what banks desire and to attain that, hire the best online banking software provider who offer an integrated solution to every problem.

5 Inherent Features of Top Banking Software Companies

The banking industry today had to go through several changes. One of the changes was to integrate a blockchain in the financial services of the bank. For the bank to remain with many customers, it has to invest in banking software and technology. The technological changes affect even the banking industry. Therefore it is essential to keep up with the technology changes to offer quality banking services to clients. With these increasing demands, the banking software companies are coming out with robust software that provides the ideal solution to financial institutions.

When the banks are very keen to build the software that provides the mobile solutions, and when they plan to hire the services that build such software, banks need to consider some important features before choosing the best software provider.  Read on more to know the five integral features of the top banking software companies.

Wide range of clients

While a bank wants to hire the best company to get the best online banking services, it should pay attention to look into the list of clients belonging to the software company. A reputed company in the market will have a wide range of clients. They will also take pride in its rich clientele that unveils clients from the far corners of the globe. The established ones offer the best solutions for the customers belonging to the finance, banking and insurance industries.

Experienced team

The reputed online banking software providers are well equipped with the modern trends and technologies in the market. The best company will have the best team with lots of experience that paves the way for ideal banking solutions. The team comprises the subject matter experts, financial specialists, portfolio managers, investment managers, bankers and other specialists. They all work together to provide effective solutions for clients across the globe.

Customized solutions

One of the features that sets experienced companies apart from the ordinary ones is their ability to offer customized online banking software solutions. The reputed companies that build online banking software should have rich experience in offering customized solutions. These establishments mainly deal with the specific needs of financial institutions and come up with solutions that address the needs of financial institutions.

Software with high-value performance

The software company that earns acclaims from various quarters is a company that is known for its high-value performance. The software they develop gets implemented easily and quickly and gets maintained efficiently. The complete integration of modules, low operational and maintenance costs, and the rapid deployment of various mobile products become the inherent elements of the software that gets built to offer online banking solutions.

Good support

A company that develops the software to offer online solutions to financial institutions provides good support. They make sure whether the software functions efficiently and smoothly at all times.

Therefore, when the financial institutions plan to hire the particular online banking service provider, they have to pay attention to these five integral features, which helps to pick the best one in the process.

FINACUS is one of the best banking software companies. One of our products is FINLUNA that helps the bank provide the loan originating system with excellent support in creating flawless documentation and delivering effective service to its customers. If you want something that can support different loan products and loan types, you can get help from FINACUS.

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.