Key Banking & Finance Functions Where You Can Employ Smart IT Solutions

In today’s digitized era, the banking and finance industry is witnessing an unprecedented level of change - be it a fierce competition, changing customer demands or stringent regulations. Banking and finance institutions are transitioning from a product-centric approach to custom-focused one as a response to changing market conditions. 

Banking institutions are also slowly realizing the need to partner with a reliable, enterprise-grade banking and finance IT solution provider to deliver superior financial services to customers, improve operational efficiency as well as strengthen their market position. 

To stay competitive and meet the growing customer demand for hi-tech services in the banking and finance domain, companies are looking to digitize almost every aspect of their business. Integrating smart IT solutions in core operations is just a part of that. By doing that, banks and financial institutions are focusing on streamlining their payment processes, transaction processing, and overall workflow. 

There are a number of areas in banking and finance where integrating smart IT solutions can work wonders for companies in terms of optimizing financial operations and speeding up innovation.

Learn More: Key Real Estate Areas Where IT Solutions can be Employed by Realtors

So, let’s dig deep and discuss each banking & finance function where smart IT solutions can be deployed one by one: 

Loan Servicing and Organization

Performing loan servicing and management tasks at financial institutions is a high-precision job. Any small error in manual loan servicing can lead to huge financial loss for banking firms. Hence, requesting for a custom loan servicing software from an expert banking & finance custom software development company can be a very good idea for you, as a financial services provider. 

To perform loan processing, servicing and management tasks faster, a variety of IT software solutions can be used: 

1. Loan servicing and management system: Such software tool helps you manage the entire loan processing lifecycle - right from loan disbursement till its closure. Maintenance and coordination of activities like loan apply, onboarding, and collection becomes smooth and error-free with such a tool. You can also request a custom loan servicing and management software for your specific business needs. 

2. Loan decision support software/system: Performing loan processing tasks like background checks and credit reporting bureaus (Experian, TransUnion, etc.) can be easily performed by companies using a quality loan decision support software.

3. Loan settlement platform: To manage loan settlement activities like debt reduction from debtors account, receiving of payment, etc. can be easily managed through a loan settlement software or platforms by financial institutions. Such software comes integrated with automated billing and auto-debit features to ease out the loan settlement process. 

Finance Management 

To manage all finances and economic transactions better, one can definitely rely on a quality finance management system or software solution. Such software streamlines financial management operations at any banking and financial institution. One can integrate a custom financial system software in their organizational symmetry to minimize errors during financial record keeping, perform budget planning, and ensure compliance with tax & accounting regulations. 

Features in financial management software:

• Cash Flow management and tracking
• Budget planning and forecasting
• Support for global financial processes 
• Advanced reporting and analytics 
• Cashflow management & tracking 
• Audit and Data Security function

Customer Communication/Relationship Management 

One of the important challenges banking and finance institutions faces today is meeting the growing demand of customers of superior banking products and services. Also, maintaining superior relationships and understanding the unique need of customers by offering the right solutions is becoming a must in the banking sector for firms. 

To achieve this, firms can integrate custom CRM software for banking and finance operations to manage customer relationships better by delivering personalized services. Such software boosts marketing and sales efforts, improves productivity and inter-departmental communication at banking institutions. 

Benefits of Banking & Finance CRM Software:

• Improved Sales 
• Improved Customer Relationships 
• Personalized Customer Journeys 
• Inter-departmental Data Tracking 
• Personalized Customer Experience 
• Better Banking Services 

Read Also: Why CRM integration is essential for marketing data analytics and lead profiling?

Mobile Banking 

Smartphones have completely changed the functioning of the banking system as it has swiftly moved from desktop to mobile screens of users today. Whether it is getting account balance updates or performing a quick transaction, all can be done swiftly through a banking app by users. In order to deliver a superior banking experience, banking and finance institutions should definitely need a mobile banking solution.

Banks and financial institutions can integrate or request for a custom mobile banking solution from a banking & finance software development company, so they can offer superior banking services to their customers.

Mobile application development offers unlimited benefits to both financial institutions and their customers. Some of these benefits include 24/7 availability & support, ease of access, improved security, improved customer experience, accurate financial planning, faster payment, lower expenses, etc. 

Read Also: 7 Reasons Why Your Business Needs On-Demand Mobile Application

Insurance Claims Management 

In the banking and finance domain, insurance companies can also utilize an insurance claim management software to better manage their insurance products or services. Right from processing client applications to settling insurance claims - insurance management system assists providers at every key stage; thereby, eliminates the possibility of slightest human error. Insurance management portal also maintains a centralized record of all claims made by customers as well as automated their entire claim settlement process. 

One can easily connect with a top-quality insurance claim management software development company to build their next custom claim management solution to deal with related tasks efficiently. 

Document Management 

Despite numerous advancements in data management and transmission, most of the internal and external transactions with customers at banks in many parts of the world are still paper-based. 

Such documents are mostly managed using some kind of obsolete data management software with limited storage and access options. Hence, integrating a quality document management system is a necessity for banking firms today. It helps banking institutions maintain accurate financial records with security and 24/7 accessibility. Banks can also save their valuable time and human efforts by automating the document management tasks. 

Key Benefits of Document Management Software 

• Seamless document Management 
• Cost Reduction  
• Time-Saving 
• Improved Customer Service 
• Improved Audits Trails 
• Regularly Compliance 

Data Analytics 

Similar to document management systems, data analytics software provides endless benefits to companies engaged in finance and banking. Right from systematic recording to proper analysis of data - data analytics tools perform all tasks with ease enabling superior performance at organizations. Some other key benefits delivered by data analytics software for banking institutions include easy fraud detection, better liquidity planning, faster customer acquisition, etc. 

Gaining new business insights, proper risk management and performing marketing and sales tasks with better efficiency are all possible when banking institutions employ business intelligence in their operations. 

Also Read: How Big Data Analytics Can Benefit An Enterprise

Credit Processing 

Whether you are an owner of a multinational supply chain business or run a small retail shop, you need a reliable credit processing software solution to deliver a smoother payment experience to your customers. You can also opt for a custom credit processing software solution by partnering with a top-grade banking & finance software solution provider if you require specific features for your firm. Such a software solution also ensures smooth data transfer and sync between discrete payments systems at your organization. It can also be integrated with the ERP system for minimizing the need for manual data entry in your firm.  

CORE Banking 

Employing Centralized Online Real-time Exchange (CORE) banking solutions is utmost necessary for banking firms today to automate and streamline their organizational workflow as well as ensure seamless exchange of data across their front end and back end systems. 

Integrating Core banking systems in organisational symmetry also enables banking institutions to unify their core processes, products, services and transactions, and thereby, meet the growing customer expectations of superior banking services.  

Getting a single-consolidated view of customer data across all bank branches and transmitting that information on various delivery channels is all possible through a Core banking software solution. 

Summing Up…! 

In a nutshell, employing smart IT solutions in core banking and finance functions enables modern-day firms to deliver a seamless personalized experience to customers across all channels, improve their product and services and customer satisfaction level. If you are looking to transform your banking and financial services business,  connect with A3logics, We are a leading IT consulting and software development company delivering tailormade banking and financial software solutions to businesses of all kinds from diverse industries.