Best Internet & Online Banking Software For SMEs

Table of Contents

1. What Is Online Banking Software?

2. Key Features of Online Banking Software

3. Benefits of Online Banking Software

What Is Online Banking Software?

The banking industry is fast-growing, with its attempts to integrate technology into financial services. If any bank wants to stay ahead of the curve and retain customers, they need to invest heavily in technology and internet banking software.

Online banking software is nothing but a set of programs that are designed to streamline different activities of financial institutes. It supplies the infrastructure to build, deploy, and administer financial products.

It offers a wide range of functionalities — from holding accounts data in compliance with laws to handling financial transaction processing and accounting to providing customer self-service portal, and more.

Online banking software vendors can tailor the platform by the specific needs of financial organizations, such as retail banks, investment banks, and more.

Key Features of Online Banking Software

Some of the critical features of electronic banking software include:

1. Speed and Reliability: The most critical feature of online banking software is speed and reliability. When choosing a banking solution, the software should run smoothly without any glitch.

2. Security: Bank usually carries a massive amount of sensitive data. No compromise should be made when it comes to the security of the data. Thus, you need to make sure that the software takes high-level security measures. Otherwise, customer information remains exposed and at risk.

3. Support Availability: Whichever solution you choose, make sure that the vendor offers reliable and active support in case of any trouble.

If you suddenly start facing any kind of issues with the system, or it suddenly stops working, you will need immediate technical assistance. Nowadays, many online banking software vendors provide 24/7 support via live phone calls or emails. They ensure that their clients stay on top of all tasks.

4. Multi-Currency: An effective banking software will be capable enough to support multi-currency as well as different languages. It should enable you to carry out accounting procedures or create balance sheets in base currency along with other currencies if required.

5. Integration: Your banking solution should seamlessly integrate with your existing system or any other third-party applications. This is important because whenever you want to try to add any module, it shouldn’t disrupt your whole operation.

For instance, you want to integrate your banking software with social media tools to grow your business, it should happen without any breakdown. Similarly, you want a system that easily integrates with mobile banking software or is able to include widgets/shortcuts for online shopping, flight booking, etc. into your internet banking software.

6. Single Sign-on Feature: Internet banking software should support sign on to applications other than the ones not supported by core banking software — like fixed asset management package, CRM system, trade finance package, cheque transaction application, and more.

7. User Interface: One cannot ignore the importance of having an interactive interface. A useful online banking software enables quick navigation with an intuitive panel. It should be easy to use, which allows you to carry out all your functions from a single dashboard.

The main focus of online banking software vendors is flexibility and customization to enable personalized experience to every financial institution. Besides the common features, many banking solutions go beyond to provide non-banking functionalities, such as marketing content management or marketing distribution. Given the compliance concern in the financial and banking sector, content distribution can be of great use.

Benefits of Online Banking Software

There are several benefits associated with using online banking software. Some of which includes:

1. Reduces Cost of Operation: Electronic banking software simplifies and automates the daily operational activities of the bank. It results in increased efficiency when it comes to handling customers. Moreover, the use of the internet banking system, mobile banking, and payment gateways have drastically reduced the number of footfalls in the bank daily.

Thus, it reduces the requirement of the workforce in a bank. And also, ensures that all the work is performed at a much efficient rate than before. It brings down the operational and support expenses.

Furthermore, the automation of mundane tasks leaves employees with more time to focus on additional development such as better customer service.

2. Improves Compliance: Some industries like banking, food and beverage, automobiles, and more, need to stay compliant with specific industry standards set by the government. The best thing is that the banking solutions are developed keeping those compliance rules in mind. It protects you from breaking any laws unknowingly.

For instance, it ensures that an application passes through the next stage online when all the compliance is in check. Besides, the system stores all the documents and case log history in a secure and organized manner. It can be of great help during the audit period as it saves a lot of time and effort.

3. Reporting and Analytics: The modern banking solution comes equipped with reporting and analytical tools. It enables you to gather valuable information and analyze them in the back-end system to provide actionable insights on a daily basis. It allows you to make smarter business decisions.

Many electronic banking software also provides customized real-time data as per your requirements. It helps in rectifying any mistakes immediately, and thus, makes the whole banking process more transparent.

Besides, these insights allow businesses to study long term impacts on a particular business process and formulate their strategy accordingly.

4. Increases Customer Loyalty: Another core benefit of using a core banking solution is that it enables you to provide exceptional customer experiences.

By integrating mobile banking software and net banking software, customers are allowed to access their bank accounts from across the world. They can access their accounts at any time, from anywhere.

Such facilities enable banks to attract new customers and retain the old ones as it provides them with more transparent banking experience. Besides, banks can come up with more customer-centric financial services and products with the help of technology.

As we all know, the mantra to success is happy customers for any business.

5. Automates Workflow System: The main aim of electronic banking software is to automate the workflow and reduce the need to perform tasks manually. It not only saves time and effort but also increases productivity at work.

And since the operations are in real-time sync, so even if a staff member is absent, it doesn’t affect the daily operation. Any other employee can take over and carry out the required tasks quickly and easily. Moreover, the system also enhances communication at work as it allows you to send alerts or any reminders immediately via email or instant chat messengers.

6. Creates Paperless Environment: The business world is becoming paperless and moving towards digitalization.

Online banking software comes with an in-built document scanning system and stores all the files centrally. It removes the need for filing cabinets, photocopies, or paper files. In fact, it also stores exchanged text messages, emails, and voice recordings for audit purposes.

Furthermore, it allows for easy sharing of files or any documents via email. Plus, you can easily create standard templates. Thus, it reduces paper waste and also increases efficiency as the likelihood of documents getting misplaced is eliminated.

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