Banking Software

Streamline customer relations and keep sales on track with banking software systems
By Greg Brown 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 software

The 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.
Try: Take a look at core banking software systems from Precision Computer Systems, i-Flex Solutions, Temenos, and Probanx. Info-tech giants IBM and Oracle are working in this space as well.

Learning about loan origination and servicing bank software

The 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.
Try: Generally, online banking software for loan origination integrates with web sites that capture initial customer data as leads. Some of the top loan origination banking software systems include Calyx, Byte, LoanAce, and FICS.

Customer relationship management and cross-selling bank software are key

Chances 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.
Try: The online banking software CRM market is full of huge tech players, including Oracle, Onyx, SAS, Infosys, Microsoft, and SAP. Increasingly, too, there are web-only options, like Salesforce.com.

Financial risk management and investment management bank software

nternational 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.
Try: The more sophisticated the bank software installation, the more likely your institution is to hire a developer or system integrator to consult on the purchase and how to integrate advanced bank software into your legacy banking software systems. Some investment management software suites include FundCount, Infinity Info, and GCI Financial.

• 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.