Top 12 Banking & Financial Software That Can Boost Your Business Profits
Are you a financial institution looking to employ high-quality software? If yes, then you have made the right decision. Advanced banking and financial software solutions help you process transactions in a fast, easy and secure way.
Fintech technology solutions like Robo-advisors, chatbots, and contactless payments are no longer a surprise for banking customers today. Digital banking and financial services are the need of the hour. It helps you attract, retain, and grow your customer base.
The global banking and financial services market will be worth $33.2 billion by 2023. This is due to the ever-rising demand for financial software solutions. You can build a custom banking system to improve operational efficiency, streamline payments, and reduce costs.
So, let’s explore the top banking and finance software solutions that you can use for accelerated business growth:
Loan Management Solutions
Performing loan servicing and management tasks at banks is pretty difficult. Making errors while performing loan management tasks can lead to a huge financial loss for any firm. So, its important businesses leverage advanced technology-driven software solutions for this task. Identifying what type of software your need is vital. Some of the most popular loan management software are listed below:
1. Loan Servicing and Management System
Loan lending companies need to leverage modern software solutions to better serve their customers. A loan management software can help you with tasks like loan origination, underwriting, disbursement, and more. Key benefits include higher customer satisfaction, fewer errors, and improved loan processes. When picking a loan servicing software lookout for things like customizability, cloud services support, and compatibility with your business workflow.
2. Loan Origination Software
A loan origination software solution helps you manage the entire loan lending lifecycle - from application, document verification to credit approval. Using this tool, you can fast pace the loan approval process while ensuring higher customer satisfaction. With a loan approval system in place, you streamline the approval process and make it highly efficient.
Popular Features of Loan Origination Software
3. Loan Settlement Software
Also known as debt settlement software or platform, these tools help customers in consolidating or negotiating their debt. Using such software, you can receive automatic ACH and EFT payments from customers' bank accounts, e-wallet or other payment options. These are an ideal platform for automated billing and auto-debit. You can request a custom loan settlement solution from your financial software development company partner.
Mobile Banking Solution
Mobile application development is an ideal option for financial firms to deliver better customer experience. flexibility and convenience. It helps banking customers make real-time payments, pay bills, locate nearby ATMs, and more with few easy swipes on their mobile devices. Some of the most popular banking app solutions include insurance mobile apps, investment apps, accounting mobile apps, risk management apps, asset management apps, and more.
Below are some useful mobile banking software solutions that you can use in your business :
4. Mobile Banking Apps
Building an online banking app can benefit financial institutions greatly. Bank customers can perform common tasks like balance check, fund transfer, statement generation and more via mobile apps with ease. It saves their time as they don’t need to visit a physical bank branch. When you Implement chatbot in banking apps, your customers get personalized assistance 24/7 with minimal human intervention.
Benefits of Mobile Banking Apps
- Lower Expenses
- Higher Customer Engagement
- Boosted ROI
- Better Customer Experience
- Better Security
- Detailed Customer Insights
- Push Notifications
5. Digital Wallet Apps
E-wallet app development can boost your business profits, visibility, and reputation among tech-savvy customers. You can send push notifications, alerts and provide offers to your customers easily via such apps. You can work with e-wallet app developers to build custom solutions like cryptocurrency wallets, mobile wallets, etc, Key benefits of mobile wallets include faster settlements, better security, convenience, and higher transaction speed.
Key Features of Mobile Wallet
- User Registration
- Bank Account Authentication
- Add Balance
- Fund Transfer
- Bill Payments
- Balance Check
6. Banking CRM Software
Most financial institutions - from private & public sector banks to credit unions - use banking CRM solutions to manage customer and business clients. CRM tools assist them in maintaining personalized customer relationships, automating sales & marketing efforts, boosting productivity, and delivering better customer services. For better connectivity and 24/7 availability, SaaS-based CRM software is a must. You can receive real-time customer reports and data on any device via cloud-based CRM tools.
Popular Features of Banking CRM Software
7. CORE Banking Software
Centralized Online Real-time Exchange (CORE) banking solutions refers to the back-end systems that process the routine transactions at various branches of a bank. Some of the core banking activities performed by these systems include servicing loans, calculating interest, managing CRM, processing payments, etc. By using core banking software, financial institutions can reduce operations cost and manpower needs. It ultimately results in better customer services and streamlined banking processes which boosts bank overall market reputation.
8. Insurance Claims Management Software
Most insurance companies use IoT and mobility software alongside powerful insurance agency software to deliver better customer experience. By receiving data from IoT devices, insurance agency software performs the risk assessment tasks to categorize costumes eligible for personalized loan offers. Apart from this, tasks like billing, data management, claims processing, etc. are also handled by such software.
Benefits of Insurance Management Software
- Streamlined insurance workflow
- Single Platform to manage the customer lifecycle
- Save costs with powerful tools to target potential customers
- Improved customer service with automated follow-up emails facility
9. Financial Management Software
You can integrate quality financial management software in your banking operations to streamline tasks like invoicing and bill generation, tax compliance, budget planning and more. It also helps you keep track of liabilities, ensure data integrity and minimize overall paperwork. While you opt for a custom financial tool look for things like customizability, ease of use, integration support and alignment with your overall business goals.
Benefits of Financial Management Software
- Accurate Budgeting, Planning and Tax Reporting
- Seamless Tax Compliance
- In-depth, data-rich Reports
ATM software Solutions
Banking firms require a dedicated development team who can configure and customize their existing ATM software, and also provide end-to-end ATM software development services. Some of the popular ATM software solutions that you can use include:
10. ATM Monitoring solutions
These solutions can help you in remote diagnostics, monitoring, and back-end portal programming. You can work with an expert enterprise software company that offers automatic delivery of system updates and security patches for these systems. The entire domestic and international ATM network can be managed easily via a cohesive self-service network.
11. ATM Migration Solutions
You can work with a banking software solution provider for EMV migrations and integration in your bank’s ATMs. Meeting EMV standards is mandatory in the US and many other countries when you design payment technology solutions like ATMs, PoS terminals, etc. They can also assist you to build capabilities (like improved credit transfers, currency exchange, multi fraud protection, etc.) in your banking CRM system.
12 Payment Processing Software
Such software allows financial firms and customers to send and receive payments in an automated manner without any hassle. In technical terms, a payment processing system is a combination of computer processes that process and verify credit card transactions through the internet.
A payment processing system has three primary components: merchant account, payment processor, and payment gateway. A merchant account is a bank account of the company or merchant who receives payment from the user. A payment processor is a financial institution that handles transactions between respective banks of merchant and customer. Lastly, payment gateway (e.g., Amazon, Paypal, Stripe, etc.) acts like an online point of sale and ensures security during transactions.
Benefits Of Payment Processing Software
- Fraud Protection
- Multi-currency payment processing
- Integration with shopping carts
- International Acceptance
- User-friendly experience
Ready to Implement Banking and Financial Software in Your Business?
Implementing modern banking and financial services solutions help you boost efficiency and improve the customer experience across all business channels.
If you’re ready to automate and streamline your banking processes with custom software solutions, connect with A3logics.
We offer custom banking solutions that suit your business needs. Our financial tech experts leverage cutting-edge technology to build innovative banking applications like payment gateways, banking CRM tools, e-wallets and more.
Drop us a line to know more about our banking & financial software services.