Top 5 Software Banking Solutions for All Financial Institutions

In the recent past, mobile banking has become a trending topic. More people have mobile phones, and they want to do all transactions without visiting the bank. Most financial institutions have seen software banking solutions as a way to cut running costs through self-service.

When mobile banking began, most of the companies embraced it to stand a chance to compete with their rivals. Now, banks have seen the importance of mobile banking, and they are not just using it to compete. Software baking solutions improve the overall consumer experience which builds customer satisfaction and loyalty. Recent studies indicated the need for digital banking to deliver useful and usable banking software solutions that exceed the customer’s expectations and anticipate their future needs.

What do customer’s expect from software baking solutions?

Any software must be designed to meet the user’s expectations, needs, and wants. Those that do not meet the customer’s expectations are abandoned and forgotten, leading to wastage of time and resources by the financial institution. The customer’s wants may vary depending on the level of technology in the country and personal preferences. For instance, millennials in America may prefer applications with cool functionalities and intuitive interfaces while those in rural communities may want a quick and efficient service that saves them the time to go to the nearest bank.

Good software banking solutions are flexible. Customer’s need may change with time. The software solution should be able o adapt to changes and remain usable. Research showed that clients frequently use some features in banking software such as check balances and transaction history. Banks should analyze their clients and target consumers to understand their needs and how they can best serve them with software banking solutions. The software vendor can also make suggestions to help a financial institution optimize its software solutions.

Design of software banking solutions

The user interface should be user-friendly and intuitive. For banking apps, the goal is to have an uncluttered interface with minimum swipes and taps to have the desired function. This is the set standard of usability that all banking software should strive to attain.

Inside the application, the things to prioritize are rapid development and release and performance. The tech company should use suitable frameworks to ensure these goals are met. The software development team should make the software modular, to allow for maximum code reuse. This way, they will reduce release time and cost of production.

Back-end System implementation

When it comes to software banking solutions, flexibility is very essential. As the front end changes to adapt to the current customer needs, the back end should also be able to adapt to the changes. Back-end infrastructure should be scalable to support an increased number of transactions and database connections as the number of users increase. Outages and delays are not allowed in banking applications.

Software providers should use a microservices architecture as it is well adapted to ensuring maximum availability and zero delays. In a microservices architecture, each functional component run as a microservice to communicate with each other to serve the front-end. Additional features can be in one or a few microservices module. This will ensure the faster release of the software.

Security

This is a very critical feature in banking apps. However, the app should not be too secure to provide the required functionalities. At the customer level, two-factor authentication for registration and confirmation of transactions is good enough. The back end should be secured before the operations begin. Security threats and vulnerabilities should be eliminated. The servers, server room, and database systems should be tightly secured.

Compliance

All software should be compliant with the laws of the country where it is being used. The laws include data protection and privacy of the clients.

Market overview of software banking solutions

Here are some of the software solutions available for use by financial institutions such as banks and credit unions.

1. Capital Banking Solutions

The company provides integrated software for financial institutions. In 2010, the company merged with AdTek and IntellEval create an international organization that provides cutting-edge software tailored to the banking and finance industry. After the merger, the company’s reach has extended to Latin America and the U.S.

2. Bankingly

Bankingly.com provides world-class digital banking software for all financial institutions. Their solutions are future-proof, meaning they won’t be rendered useless by unforeseen changes in the future. Bankingly offers short release periods, and all their software solutions are highly secured. They have mobile banking applications for both iOS and Android operating systems. Mobile apps have a native browsing experience which makes them easy to navigate and use.

In addition to mobile banking applications, Bankingly also offers other software such as conversational banking. This app utilizes the power of artificial intelligence to enables the financial institution to exchange direct messages with the clients through recognition and establishment of dialogues and requests.

The other outstanding software solution from Bankingly is online banking, which is the traditional web channel where the customers can access their products through a web browser.

In Bankingly, the financial institutions only pay for what they use. In other words, monthly prices are based on the number of clients who log into the application. This lowers the cost of their services.

3. Backbase

It is a fast-growing financial software provider based in Amsterdam, Netherlands, and Atlanta, GA. Backbase aims at accelerating the digital growth of financial institutions with their Omni-Channel platform. The company provides seamless customer experience through the unification of functionalities from traditional systems with new fintech features.

4. Dais Software

It is a software development institution that offers software solutions for the banking and finance sectors. Some of their products include mobile and web banking. The company has served many Financial institutions operating in Central and Eastern Europe.

5. Finacle

It is a banking software developed by Infosys, An Indian based company. Finacle uses a holistic and integrated approach to serve more than 450 million customers across 84 companies.

Conclusion

In the future, the general principles of good software banking solutions will remain intact. The priorities will be efficiency, effectiveness, and contextuality. Financial institutions prefer mobile applications with unique qualities to serve their customers well and reduce operational costs. To meet the customers’ needs, banks should buy software products from suitable third-party providers.