Banking Software

Banking Software:

Banking Software is a software that is used to manage the financial products provided by the banking industry. Banking software refers to core banking software in retail banks. Other modular software and the inter-bank networks can be connected with all its interfaces. Banking software refer to the trading software used to access capital markets in investment banking.

Core Banking Software:

The transactions made by customers of the bank to their accounts are recorded and managed by the Core banking software which is used by commercial or retail banks. The software allows a customer to do its banking not only from its home branch but also from any branch of the bank. Other channels such as ATMs, Internet Banking, payment networks and SMS based banking are connected to the databases of the bank. As Banking software is used by millions of users across thousands of branches, the software is required to be managed on many machines even in a small bank. Therefore, the core banking system is a must for a retail banks to maintain and manage the system that can help reduce the cost of running a bank.

Investment Banking Software:

The trading desks and the accountants of the clients are managed by Investment Banking Software for Investment banks. Financial markets such as securities exchanges or third party providers of such as Financial data vendors are connected to these software. Solutions for control and  proper management of transactions both in the front and back offices of the banking firms and other financial institutions. l productivity are provided by these companies for corporate treasury, improved workflow, bank treasury, central banking, Forex trading and global back-office operations. IT departments that keep the phones and computers running, accounting, human resources, sales and marketing are some of the examples of these back-office tasks where they come in contact with their customers. Proper management of transactions both in the front and back offices of the banking firms and other financial institutions is possible with efficiency by using banking software.

Benefits of Banking Software:

There are several benefits of using Banking Software. Some of these include:

• As the software is user friendly, it is easy to use for both the bank and the customers. Statements, reports, and messages can be generated very easily and can be send through email by the functionality of integration.
• It helps in reducing the workforce that a bank requires at each branch to run its operations professionally.
• As the software is available 24/7, customers can make transactions around the clock from any part of the world by accessing their account at their ease.
• Some banking software also permits multi-branching and multi-banking operations.
• Transactions that are made online are very secure as the software provide the access only after double authentication from users. As the data on the network is encrypted while being transferred, the software provides security against direct hacking. The network traffic is also filtered by the firewall provided by the software and hence, any kind of malicious attacks can be prevented.
• User can access and open multiple accounts, including open money market accounts, health savings accounts, IRA, and many more by using banking software. Users can also manage their investments, bonds, stocks, and even buy insurance online with more advanced software.