Why choose software banking: Advantages for hiring banks

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Software banking refers to every computing technology and instrument used by banks and financial entities to improve their working processes, being actually the ground base for other known platforms in the field like retail banking, mobile banking, CORE banking and more.

In the same way, all of these processes of connection, management, recording and automation that are provided by banking software come with a cost that is actually very substantial, which frequently involves thousands of dollars in expenses and investment.

However, no bank would make such a purchase without the certainty of getting a powerful platform that will bring more efficiency, reliability and competitiveness that on the mid and long run will mean more profit and general benefits to the bank, in direct comparison on not having a technology of this nature.

It is absolutely certain that banking software offers plenty of advantages for direct users and bank clients, but this type of platform in fact provides great potential for the institution that actually hires it, by changing completely a legacy approach to a more innovative and technology-based functioning that with no doubt brings everything the bank and its users need.

Particular benefits software banking means for banks
With a general or with a more specific approach there are quite a few benefits banking software provides to financial intuitions, involving different natures and with more or less influence but letting a clear mark on the bank´s developing that applies it.

Having such advantages are with no doubt the final purpose and reason for financial entities to invest on proper software banking solutions, in order to enjoy of a quite set of functions and possibilities that will bring nothing but earning in general. These are the advantages for banks that are developed by banking software:

Permanent availability

With banking software financial entities have the chance to offer permanent availability for their clients, which increase the number of operations and transactions that is directly translated into more profit. For example, according to studies loan payments are successfully paid in time more than fifty percent in comparison to previous times with no software banking.

This 24/7 functionality has to do with compatibility respecting mobile and local devices through the internet, which provides more comfort to bank clients to perform operations anytime and anywhere, having great impact for them and the financial entity that attract more and more clients every day.

Interconnection between branches

Thanks to CORE banking it is possible for financial entities to connect all of their branches and physical offices at once, with real-time updating on every transaction and operation, as well as their recording on data bases for later use and checking purposes.
Also, such interconnection function involves ATMs, mobile applications, web-based pages and any other platform from which clients perform operations, always updated instantly and showing every account movement like a deposit, money drawbacks, service payments and more.

Security

Computing technologies in which banking software is based on provides great security, both for the financial entity and the users, with a set of protocols and encryption possibilities that do not permit intruders or any data leak. There are different technologies banking software uses to offer a secure service, such as biometric devices, DDoS protection, two-way verification and more.

Also, every data and paper existing on a bank has its similar digital version saved on computers, which at the same time are usually backed-up in case of losing, so any information that results relevant is protected against complete loss, as it would not happen with physical documents that are exposed to risks.

Customer interaction

Continuing, banking software offers different elements that are designed to improve interaction with the customer, in a direct way and through mobile applications and web-based tools in which clients can ask for support, service and deal with any doubt or issue. Chats, instant messaging and even social networks are the main tools banks use these days to interact with their clients.

Previously there was not such a valuable possibility of interaction remotely, since for the client to present a doubt, complain or problem the issue had to be addressed face-to-face or by telephone, with no possibility for instant feedback or simply natural communication between client and financial institution.

Personalization and customization

With software banking financial institutions have the chance to offer a completely personalized and unique service, which deals with some sort of feel to it, color, logos and environment related to the hiring bank, as well as the integration of the actual service it offers to clients thanks to existing modular approach.

Like this, these organizations have a service that actually is related to what they are in terms of intentions, provided services, idiosyncrasy, approach, focus and general and specific aspects, as a unique possibility that strength the intuition from the very beginning.

Recoding functions

Verification tasks and backups are very important for banks these days, and recording functions of banking software allow them to have every event, operation and transaction registered for further checking. In this way, corrections can be applied and analysis can be performed to know data related with performance, increase and decrease in clients, product hiring and more.

Of course, recording functions are also very important for the clients of financial institutions, since like this it is possible to check every operation, expended and received money on the account, credit card status and more, as valuable information to have to manage financial matters and better.

Management and automation

Lastly, automation is the thing that really makes possible all the previous functions addressed above, thanks to computing technologies, coding and programing that allow banking software to perform complex tasks in an autonomous way. Since, many of the processes carried out on financial entities are performed with partial or not human presence.

For example, management functions are performed automatically when necessary and have to do with tasks the system carries out for its own better behavior, as well as organize and manage information and data in a better way, which in most cases is triggered instantly in with no need of human support for that matter, increasing efficiency and profitability.