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 Digital Banking Services Make Your Life Easy?

The banking industry has undergone a dramatic transformation during the previous decade. With the advent of digital banking came the worlds of online bill payments, phone banking, digital check deposits, person-to-person transactions, electronic wallet, and other services. These online banking solutions are all designed to make your life easier.

The Rise Of Digital Banking

Online banking solutions, believe this or not, dates back to the early 1980s, albeit the technology’s efforts during that period were at best basic. But it was not until the 1990s that so many banks began offering online banking services to their clients, and it wasn’t until the 2000s that the introduction of mobile phones with online banking software truly became a practical choice for many people. Throughout this timeframe, online banking has grown in terms of service offerings. 

Users, for example, have successfully been able to log in to their bank accounts, examine numbers, transfer funds between accounts, and arrange invoice or credit card transactions. Additional services, such as remote payments, have just recently become possible with the introduction of cell phones (and phone cameras).

Online banking isn’t technically the “norm”—at least, it wasn’t before COVID-19—but it’s well on its way towards becoming such. Almost all banking solutions now not only have portals designed to make internet banking simple and intuitive but also phone applications that put the majority of those services right on their clients’ mobiles in a secure manner, no less.

The Benefits Of Online Banking

The advantages of online banking software are the same whether you term their internet banking, phone banking, or online banking. Among the many advantages are:

  • An online banking solution system enables you to assess financial accounts with a few mouse clicks or keyboard inputs, which is significantly more efficient than checking your local bank services.
  • When opposed to the commitment of travelling to the bank, standing in a queue, and having a banker perform the transfer for you, digital and mobile banking makes transferring money between financial accounts a matter of seconds.
  • Mobile banking applications include a tool that helps you to deposit checks into your wallet using only your phone’s camera, sparing you a trip to the bank and offering you a speedier option to have your checks deposited so you can retrieve your cash.
  • Digital banking makes it simple to view old transactions, which streamlines expense management, cheque book balancing, and monitoring for questionable or fraudulent bills.

The Digital Banking Options

Internet And Mobile Banking: internet banking refers to getting some banking facilities like transferring money and accounts opening and closing online.

Immediate Payment Service (IMPS): Immediate Payment Service is an instant payment interbank electronic funds transfer system. The payment service allows inter-bank electronic fund transfer service on mobile phones. IMPS is available 24×7 365 days including bank holidays.

Unified Payments Interface (UPI): At the moment, UPI is the most popular kind of online banking. UPI employs a digital payment address to allow users to send and receive money without inputting their bank account information or IFSC code.

Mobile Wallets: Mobile wallets have completely removed the need to memorize four-digit card passwords, submit CVV information, or carry loose money.

Conclusion

In today’s world, your cell phone serves as your virtual front door to the world of finance. Bankers are now attempting to move away from traditional concrete block systems by spending heavily on financial innovation.

Digital banking services imply personalised interfaces, heightened security, superior and broader range of services; this is fantastic for customer relations.

While fintech companies and banks investigate the possibilities of AI in the financial sector, online banking systems may deliver more comprehensive services in the future.

What are the Payment Solutions that Banks Require in Modern Times?

The payment solution that banks require in modern times is Online banking. It is also known as Web banking and Internet banking. It enables the customers to make open payments from any application. There is no middle person and no unnecessary fees for the transaction. It makes communication easy with both parties. That is the customer and the bank. Online all banking solutions enable a customer to conduct any financial transactions via the Internet. 

Modern banking services contain innovative products such as Core Banking Solutions; Demat accounts; Debit card/Credit card; No frills accounts; Net Banking/ E-Banking; Mobile banking, Automated Teller Machines (ATM); Insurance, etc. These are some of the Modern banking services. This online banking provides customers with Services that are traditionally available in a local branch that contains deposits, transfers, and online bill payments.

Services that are provided in online banking services

  • To receive notifications, warnings, alerts, messages, this can be updated directly from the bank.
  • To chat with the bank and get information on the following:
  • To Pre-approved the loans
  • It enables Mini statements
  • Receive Card details
  • Fixed deposits
  • Credit Card balance and reward points
  • Helps in Funds transfer
  • Bill payments transaction 
  • To be notified about recent updates
  • Cheque Book requests
  • The payment feature is already underway and will be functional soon.

Core Banking Solution (CBS):

Core Banking Solution (CBS) is the connectivity of banks through networking their branches. It enables the consumer to manage their accounts. It provides available banking services from any branch of the Bank on the Core Banking Solution network. No matter where the account will be. The consumer becomes the bank’s customer. Under the Core Banking solution, they are interconnected with each other.

  • The core banking solutions are entrusted with protected services.
  • It sends notifications, warnings, information, and proposed Communication to customers. 
  • It also provides a keyboard-based auto-response
  • They provide the customer with a communication facility. That is two-way messaging.
  • They provide flexibility to their customers.
  • They have optimal control over their bank services.
  •  They enable us to obtain money online.
  • To deposit a cheque for credit into the account.
  • It enables the deposit of cash into the account.
  • To deposit cheques/cash into the account of some other person who has an account in a core banking solution branch.
  • To get the details of your account statement and online banking solution. 
  • To transfer the funds online from an individual’s account to some other account – have to provide both the accounts of Core Banking Solutions branches.
  • To obtain Demand Drafts from any branch on Core banking solution – the amount will be debited to the account online.

Net Banking:

It is the easiest way to go hand in hand with online banking. It is convenient for all, and the banking can be done from any place. It transfers the funds, payments, recharge, bills, balance inquiry, etc. without any delay. Each customer has his Identification no. and passport. It makes net banking easier. It is also known as electronic fund transfer. Online Digital banking solution enables the customer to conduct financial transactions through the internet. Consumers need not visit the bank for their basic transactions. A customer needs a mobile, their ID and password, an Internet connection, and a bank card to register. Once registered then the consumer is all set to use the online banking services.

Mobile Online Banking:

Mobile Banking is a medium provided by the bank for the customers. It enables them to make financial transactions through their mobile. It is also one of the easiest ways for online transactions. It enables us to transfer the funds, payments, recharge, bills, balance inquiry, etc. without any delay and query. 

Various online Banking services offer online banking varied by a different organization. Generally, many online services offer basic services like transfers and bill payments. While some banks allow their customers to open new accounts online. They also provide applications for credit cards through online banking portals. Other functions like change in address, ordering checks, stopping the payments on checks

Bottomline

Finacus has been one of the leading companies that is providing path-breaking banking products and services that are making banking easier, smarter, and safer for both end-users and service providers. To know more about these products, please contact us for a demo. 

Top 10 Useful Facts You Should Know Of Online Banking

Through online banking, you can manage your money online with the help of your mobile or computer. There is no need of visiting the banks but can do all the bank associated activities at all your convenience. Online banking is very easy to use. Electronic money is getting very popular. Many countries in the world are operating completely cashless. Banks have contributed a lot to this evolution process. Now you can conduct business from anywhere and at any time.

Let us see some of the most useful facts that everybody should know about Online Banking solutions. However, its facts are as follows.

Open Accounts

You can check all kinds of accounts online. There is no need to print or sign anything. Previously, there was a need for you to spend a long time with a personal banker during the business hours to fend off the sales pitches. With the electronic signature now in hand, it takes just 10 minutes now.

Pay Bills

With the help of online banking, you can transfer the money to the payee electronically. It can be done even if you had to transfer a different amount every month. There is no need to write a cheque to pay the bills now. The bank can just take a print and mail it to you.

Transferring Funds

To move money from the checking account to the savings account or to put extra cash to your certificate of deposit or to open a brand new certificate of deposit there is no need to visit a bank. There are also ways in the banking software to link the bank account at different banks and can zap the money back and forth.

Apply For Loans

Loans will automatically make us remember the intensive paperwork. But now with online banking, you can type all the required information. The process will immediately start to cheque your credit and the bank itself will get back to you with an answer. Some lenders operate completely online and they make instant lending decisions.

Guaranteed Good Rates

Online banking provides competitive rates. However, you have to shop around to know where the best interest rates are given.

Deposit Cheques

There are many ways to deposit the cheque given by someone. The fastest and easiest option is to use the remote check deposit. You can just snap a photo of the cheque and give it to the bank for payment. There is no need to visit a branch or mail the cheque. You can also do the same with the mobile device.

Stay Informed

There are options in the online banking software, to check your accounts manually. You can even use the text messages to manage your account, check the balances and many more. With everything being easily available, opening an app to find the balance in the account can seem to be a lot of work. Instead, you can send a text and avail of the information.

View History

It is very easy to get access to online transactions. You can download all the historical statements as well.

Speed

The speed of the transaction is very fast because of the use of online banking along with the ATMs in comparison to the customary banking. Updating and maintenance of direct accounts are very easy. The time taken for changing the mailing address is also reduced to a great extent.

Dodge Fees

Online bank services will cost very less and still, all the online banking providers are providing many offers for us to take advantage of.