Banking software is primarily used by commercial or retail banks and is more commonly referred to as core banking software. The software records and manages clients’ accounts with the banks and the transactions they carry out from these accounts. It also allows the customers to do banking from anywhere. This also means banks have to invest in the software that will allow them to fulfill all the requirements of online banking.
The software lets you connect from front office to back-office and helps you turn into a customer focused bank which is a vital part of banking industry. The software offers a wide range of features some of which may be part of the package while some may be optional wherein you would have to pay for it separately. This allows you the flexibility to choose a software that best meet all your requirements.
Focusing on the day to day banking side the features the software offers you includes having unlimited account holders, accounts in any currency, various types of account classes such as current, saving, deposit, loan and commodity. Within the account classes the software also offers a set number of client bank account types for each account class. Also, you have the flexibility in structuring your service fees based on the type of account or client.
Further, you can have fixed or variable interest or even no-interest rates. For ease of use the software offers notifications in multiple languages. This automatic notifications keeps everyone from staff to clients engaged and informed. The software helps hides reviews of client’s transactions.
Online banking is increasingly becoming popular amongst clients and hence banks have to offer them as many services as possible so they don’t have to physically walk into a branch. The banking software solutions offer many online banking features such as dealing in multiple currency, ability for existing clients to open new accounts, clients are able to order for wire transfers and are able to track it, clients are also able to purchase term deposits without intervention, it allows clients to set up periodic payments and transfers, clients are able to communicate with the bank in encrypted messages and there is also an option available for online enrolment of new clients.
Most banking software solutions offer you both core and other modules of the software where the technology involved is the same and uses common platform. You can host this software which offers you integrated solution in-house or it could be cloud based. Process high volume of transactions with the help of core banking software which also provides you consolidated general ledger (GL) solutions including multiple currency GL, financial statements, reduce posting errors with transaction type control, GL based reports, fee and service charges attached to customers transactions and much more.
Some of the other features offered by core banking software includes treating commodities as currencies, support for digital commodities, integration with third party debit and credit card providers, processing payment from client to merchant and notification to both of the transactions, posting of transactions to the GL, support for smartphone and ATM banking, and many other features.
The software allows you to print reports in various formats with its integration with MS Office applications. Most core banking software solutions offers you easy interface to navigate through the system. The software ensures that advanced functions are delivered in clear layout so that the staff training time is reduced considerably while helping to increase productivity.