The Main Types of Online Banking Software
Banking institutions have a variety of matters to solve and bear the responsibility for customer data securing safe transactions. However, it would be impossible without online banking software development.
The Juniper Research, outlined that the number of users of online banking apps is expected to reach 2B by the end of the year, doubling from what it was 5 years ago. The world undergoes digitalization and banks are not an exception.
Online banking software development is aimed at optimizing the core processes, switching the operations to online, securing safe transactions, and automatizing the core banking processes. Various types of baking software exist. Here are the most common ones:
1. Software for CRM Systems.
A contented client is an aim of any service supplier and banks are not an exception. Exist a special type of banking software that enables effective customer relationships management. It assists in records documentation, sending special offers, communication services, and marketing data. CRM management software allows improving the quality of service receiving and processing data and users behavior generated from the existing customer base.
2. Online Transactions.
Because of the situation with the pandemic, the volumes of cash have decreased significantly. According to a recent survey, 63% of people think cash is not sanitary. And almost 80% of respondents claimed that contactless payment is much safer. Thus, most of the customers seek quick and convenient apps enabling them to make payments contactless or online.
3. Trading Platforms.
Since banks are the institutions allowing their clients to make the investment. Exist a type of banking software designed for traders on a stock market. Banks offer the opportunity to use common investing strategies and manage the investment through trading platforms.
4. Payments Networks.
This type of software allows customers to access their money through various networks and open more access to banking services. It enables faster transparent transactions, allows the bank to access more markets and clients.
5. Data Management.
These programs help banks to provide the clients with the highest quality of service, be scalable enough to keep up with the changes, and improve the functionality based on users’ needs.
This software is oriented toward providing the service to businesses, not individuals. It offers features for collecting, processing, and storing information (accounts information, history of trades) and provides the highest level of security eliminating the possibility of day leaks.
Functions of Online Banking Software
The idea of walking to a bank institution to handle some issues sounds rather odd. People are not ready to leave the comfort of their homes and strive for easy management of banking issues with the touch of their fingers. Exist various types of banking software, however, the features it comprises are common. It can be explained by the shared aim to provide the best customer experience.
- Ability to manage bank account information
- Enhanced security and fraud alerts through multiple layer authorizations, data encryption, biometric authentication etc.
- Core banking functionality enabling immediate transactions, loan management, CRM, record maintenance etc.
- QR code solutions for instant payment options
- Mobile deposits for the transition of the required digital images to the needed financial institution
- Advanced payments ( peer to peer payments, bill payments)
- Assisting chatbots using personalized approach and providing excellent customer service
- ATM locator
Benefits of Banking Software Development
Apart from rich functionality and significant benefits for customers, banking software development is also beneficial for banks. Here are the main advantages of banking software for banks:
- Advanced planning and reporting
- Enhance customer-oriented service
- Improved analysis of customers for creditworthiness
- Free third-party software I get ration.( ATM,POS , etc)
- Ability to set the parameters for transactions
However, apart from the above-mentioned benefits, the biggest one is that security increases. The risks levels are lowering, since the banking software presents the centralized tools for management of CRL, accounting, reporting etc.
Challenges of Implementation of the Banking Software
- Difficulties with the choice of reliable architecture for complex banking structures.
- Due to the complexity of bank data and many bureaucratic processes, it may be difficult to transfer it into a code.
- Extensive research to uncover the main customer objectives and satisfy the needs.
- Integration of third-party API’s.
With a reliable tech partner, it is much easier to cope with these challenges and design the banking app fully corresponding to the business needs of a client.
GBKSOFT, a leading tech partner, will provide a high-quality service offering online banking software development. We develop native iOS and Android apps for banking. Our apps offer unique intuitive and navigable UX/UI designs, integrating solutions with core banking systems offering the best possible user experience.