Banking Software System – Top 3 Features to Look For

With an increased focus in the banking industry to automate exception tracking and manage loan files, many financial institutions find themselves in the difficult position of evaluating the pros and cons of implementing a banking software system. Although there are many variables that a financial institution should consider when looking at banking software systems, evidence suggests there is a common set of features that lead to successful integration. Financial institutions should heed the following suggestions when considering different software solutions.

Take A Look In the Mirror First

Before evaluating the specific features of a banking software system, it is wise to first review your existing internal processes. Current workflow and exception tracking processes are important to take into consideration before seeking out a banking software vendor. By fully documenting and understanding your internal processes, you can put your financial institution in a better position to locate banking software companies that fit your needs.

Once you have roughly documented your existing processes, it is advisable to begin your search for a banking software system provider. The search for bank management software is similar to shopping for any B2B product. Many organizations start by doing a Google search for keywords such as “bank loan document imaging” or “loan file imaging software”. However, to streamline your search efforts, many industry organizations such as the ICBA (Independent Community Bankers Association) offer a convenient search tool, which allows you to drill down into more specific vendor information.

Background of Banking Software System Technology

The term “banking software system” can actually have a lot of different definitions depending upon your community bank’s specific needs. Many systems feature a wide variety of functionality that can range from loan tracking, compliance tracking, bank operations management, and deposit tracking to name a few. Although many of these more advanced features are great for certain banks, other financial institutions may only need a more simplified offering. At a minimum, the following features should be present in any reliable banking software solution.

What To Look For In A Banking Software System

  1. Bank Imaging – Simple, yet dynamic bank document imaging. The bank document imaging software should provide streamlined enterprise-wide scanning and imaging, facilitating cross-departmental economies of scale.
  2. Integrated Loan Portfolio Software – Helps you automate the loan management process from start to finish. More advanced systems may also provide tools that help automate loan application, underwriting, and approval processes as well.
  3. Automated Exception Tracking – Exception management software that eliminates the need for a manual tickler file system.

So What Does It All Mean for My Community Bank?

In summary, following the steps outlined in this article can simplify the process of choosing a banking software system. Although many features likely exist, even the most basic systems should, at a minimum, include bank imaging, integrated loan portfolio software, and automated exception tracking.

Retail Market: Thrust in Software Solutions

Here is a list of various retail management software used in different departments of retail industry to enhance the performance and profitability of stores.

  • ERP Software-as-a-Service (SaaS)
  • Point Of Sale (POS) Solutions
  • Inventory Management & Control
  • Supply Chain Management
  • Reports On Performance
  • Customer Solutions
  • Accounting & Financial Management
  • Mobility Solutions
  • Social Networking
  • Business Analytics
  • Affiliate Marketing

Cloud solutions & Software-as-a-Service (SaaS)

E-tail and retail companies gets cloud support by leveraging the powerful ERP solutions. Retail operations can be managed online using a centralized database without making investments in infrastructure like server, firewall, licensing, anti-virus, etc. This software is easier to install and provides a number of benefits which include offline storage support (without an internet connection), push notifications, and supports multiple mobile platforms like iOS, Android, etc.

Point of Sale (POS)

POS software solution helps retailers to face some of the difficult challenges of retail market. A right POS software provides better shopping experience, improves productivity and drives sales of customers. Point of sale includes payments, cash management, security control, and employee management.

Inventory Management & Control

Retail business is supported by a robust inventory management and control software offering multiple channel and multiple location support. This software is flexible and can manage orders, billing, pricing, shipping and sales. You also get SMS alerts if a specific order level for each item is reached and also helps you to track the goods in various warehouses or locations.

Supply Chain Management

Supply chain solutions involves shipping products and services much faster, with better quality. The various components of supply chain management solutions are warehouse management, inventory management & control, wireless tracking, and point of sale solutions. Retailers can manage orders and stocks efficiently and can also make the supply channel very effectively.

Reports

Retailers can generate reports and analyze performance of stores, departments, customers, employees, stock, sales and products using the Reports software, which also helps retailers to maximize their efficiency and profits.

CRM Solutions

Customer Relationship Management (CRM) software allows retailers to capitalize on customers’ database and their history of transactions across sales channels and meet the challenges in retail market. CRM strategies provides a 360 degree view of customers and makes retail marketing solutions easy. It paves way for long-lasting and enduring customer relationships and is surely a loyalty addition for retailers and support them through some aggressive marketing campaigns and promotions at point of sale.

Accounting & Financial Management

All the accounting and financial needs of stores can be successfully managed, controlled and made easier with Accounting & Financial Management software. This includes bank accounts, inventory, vendor, billing; employees and payroll management which help retail companies to make some quick decision-making.

Web Store

Retailers can integrate eCommerce features to host their existing site adding online shopping, payment gateways, multiple language and currency options which are cost-effective and provides intuitive shopping experience to customers.

Mobility solutions

Retailers can harness the power of mobile technology on POS solutions to service customers anywhere, anytime – on the go. Mobile POS makes customer interactions engaging and they can get up to date product and store information by integrating GPS in smartphones and tablets. This helps retailers to provide high quality customer service, improve efficiency and increase profitability.

Analytics

With Analytics, business data can be transformed into meaningful information and enables retailers to take informed decisions and also gain a competitive edge over their rivals. Analytics software doesn’t need higher investments from retailers. It helps retailers to customize Analytics features thereby increase their sales volume, which will in turn increase their profitability and provide better ROI.

Affiliate Marketing

Retailers can create email marketing campaigns, search-engine optimization and affiliate marketing strategies which will increase revenues, reduce costs and improve ROI in real time basis. Discounts, deals, promotions, coupons, volume pricing and customer-specific discounts will drive sales exponentially and promote customer loyalty.

The Importance of Financial Services Technology and Banking Software

Financial institutions like banks, security companies and other lending institutions must have some type of system in place that can manage their staff, customers and sensitive paperwork. Financial Services Technology and Banking Software is a necessity for any financial institution if they wish to make their services run smoothly.

Financial Services Technology / Banking Software

Banking software should address the clerical aspects of any business, fund disbursement, collateral maintenance and management. It should be in place to regulate trading, securities, lending, interest rates and changes that are constantly happening. It should also have applications for customers, staff and management.

Benefits of Collateral Management Software

This type of software is used to reduce cost, decrease time, speed up loan processing, track customers, staff and paperwork. It also allows for staff analysis, it reduces duplicate data storage, and it offers electronic storage. It incorporates document linkage and tracks cash flow, and offers payment solutions and application modernization. Banking and collateral management software brings less risk and it helps with decision making.

Purchasing Software

Financial Services Technology and Banking Software can be purchased through online sources. There are several reputable companies that will offer a free consultation that will evaluate the customers business and determine the software that is appropriate for the business. Whether it is a large institution or a small business, there is a collateral management software package out there. It is best to do the research of the software company to determine if they have the years of experience, references, favorable reviews and the customer service to back it up.

Conclusion

Banking Software has improved over the years and it has been upgraded to include securities, investment areas, loan processing and several trading applications. Customer applications, financial portfolios, staff paperwork, market interest rate, and current management solutions are all available through the right software. Any type of baking software should reduce cost and make every aspect of the business come together with automatic updates and easy transition between departments.

Decreasing processing time with applications is a necessity for any efficiently run banking institution. Time is money and in today’s economy any way to cut down unnecessary cost is welcomed. Time management, money management, interoffice communication and interchanging quickly between financial applications are needed to run a financial institution. A financial institution wants to be able to get the customer in and out quickly, but with complete satisfaction and financial banking software allows them to do that.