Some Useful Banking Software SystemsThe computerization of banking sector has been possible because of the availability of a number of banking software products. Banking software systems are available for all banking areas like core banking, retail banking, credit card section, mortgage and lending, investment banking, insurance, automatic payment and manual payment systems, investment banking and private banking. Banking software systems related to core banking sector are meant for banks, which are very large in size and generally have overseas operations spread far and wide. These banking software systems provide the ability to a bank to enable its customers to do inter-bank transactions as well as international transactions. The major factors which make banking software systems for core banking, a must have for everyone are that they have a low total cost of ownership and provide fast returns on investments. These banking software systems are modular and can be extended as per the requirement of the bank.
Banking software systems for retail banking are yet another requirement for banks. These systems are generally meant for customer transactions, which are larger in number but lower in volume. These banking software systems are used more for bank to customer interaction instead of bank-to-bank interaction. Banking software systems for credit card operation provide a comprehensive credit card solution right from integration of new customers into the network, to keeping track of all customer transactions, credit records, credit availability and credit limit. Banking software systems of this family also provide statement generation for all credit card customers, email of transaction to customer's given email address, intimating them of any change in rules and regulations and sending reminders to customers with lapsed payments. Payment systems is another family of banking software systems. These systems allow for both automated systems of payment like ATM software as well as check processing software. Banking software systems of this type are very advanced. They use advanced technologies to match debit card data with account data, or matching signature and bar code or other authenticity verification systems embedded in checks in case of check processing. Banking software systems are also available for Investment banking sector. Since these banks rely a lot on the transaction in securities, by deployment of banking software systems related to investment banking, these banks can not only cut cost but according to the Security Industry Association, they can even increase revenue by up to 9% per income generating employee. Apart from these specialized banking software systems, they also allow banks to provide services related to mobile banking, telephonic banking and Internet banking. Banking software systems allow banks to provide a number of value added services to the customers and help them have an edge over the competition. |