You know the front-end of banking software: ATM machines, online banking and banking by phone. But an entire revolution on the back-end -- the internal workings of banks and their far-flung branches -- has made that front-end customer possible. Online banking software systems now run transaction inside and between financial institutions, help private banks and investment fund administrators and track customer accounts, credit and loan approvals and integrate accounting and corporate payment systems.
Some key banking software suites include:
1. Core banking systems software including deposits and payment cards
2. Loan origination and servicing banking software
3. Customer relationship management and cross-selling bank software
4. Financial risk management and investment management bank software
Selecting core banking system softwareThe primary banking software systems handle the traditional functions of a bank: deposits, withdrawals, check handling, debit and credit card accounts and savings accounts, like money markets and certificates of deposit. For international bank systems, core banking can include multi-currency bank software, foreign exchange and ACH automated check clearing.
Learning about loan origination and servicing bank softwareThe way banks make money is by lending. And that takes scores of sales people working phones and following up on leads. Online banking software designed for loan origination or loan servicing can keep that sales effort on track. Loan origination bank software is meant to be simple to use but flexible enough to handle varying lending scenarios even if sales people are inexperienced.
Customer relationship management and cross-selling bank software are keyChances are, you interact with your bank or credit card company over the phone as much or more than in a branch. That's where customer relationship management (CRM) banking software comes in. Using the right CRM bank software means your customer-facing front line can up-sell and cross-sell at each touch with all the current data for that customer in hand.
Financial risk management and investment management bank softwarenternational and private banks, as well as investment banks, use banking software systems for financial modeling and customer relationship selling. Bank software is available for tracking trades, investment analysis and other banking software needs, including foreign and international bank transactions.
- Often the key to getting the most from multiple banking software investments it to ensure that they will work together. Consider hiring a consultant before signing off on a new system.
- Most, but not all, bank software systems will work with legacy banking systems. If not, your investment might need to be larger than planned.
- Look carefully at Web-only or Web-centered online banking software systems. If the security is right, it can save money by allowing for distance workers to log-in and sell.
- Bank software cannot replace salespeople, but it can make them -- if properly trained -- much more productive. Budget for training classes as well as bank software.