Banking software companies which you can trust
Standfore – one of the best banking software companies. As technology revolutionizes how the financial industry works, banking software has enabled many of those institutions to centralize their records, store data safely and access them from their many branches seamlessly to carry out their core functions, which includes transaction accounts, loans, mortgages, and payments.
This has in turn allowed all banks solution to operate lean and efficiently by eliminating the processes that were earlier carried out manually such as keeping records of transactions, calculations of interests on loans disbursed and deposits received, maintaining of customer records and creating balance sheets, among other roles which are now covered by software for banking system.
Core to the success of banking software has been the expansion and developments in the telecommunications scene that enables the interconnectivity of branches and data centers through computer networks currently mostly centered on the internet as well as telephone and satellite, especially in the remote and rural areas in various parts of the globe.
Given the huge role they play in these institutions, it is to no surprise that banks are willing to spend huge amounts of capital on banking software as well as the requisite supporting infrastructure. Other words, banking software allows banks to reach more customers and serve them efficiently through easier scalability, integration of various departments and at faster timelines than would have been possible manually. According to statistics, banking and financial services software market worldwide is currently estimated at $24 billion in 2017 up from 23 billion in 2015 and expected to grow exponentially in the coming years.
Whilst there is much off-the-shelf bankingFor consumers banking software allows them to operate their accounts from anywhere including outside their branches through various channels including automated teller machines, mobile banking, and even internet banking.
Whilst there are many off-the-shelf banking software products, many banks will go for customization of many of these programs to respond to their current needs and challenges. Among the main considerations for banks’ shopping for such software is that a product should help them simplify their operations, help them manage risks and handle compliance. They also seek for that software that would enable them to build a customer-focused business model and above all allows them to innovate. There are dozens to hundreds of different banking software solution providers like Misys, Polaris, Oracle, Temenos, and Fiserv, to name just but a few. It is clear there are many providers of such products globally but StandFore FS integrated front end platform stands out as a revolutionary product due to the various functionalities that allow maximized user experience and support through persified e-channels from a retail digital banking point of view. In other words, a user on this platform can have a similar experience across the various digital platforms whether online, on mobile, via the virtual branch portal or while accessing help from the customer service center. Under corporate and small and medium banking StandFore FS has modified the platform technical architecture enhancing security profiles and increasing business functionality through capable middle & back office bank interfaces which can be accessed through a number of applications for smartphones and tablets. Further, the bank does not need to engage a third-party service provider to perform upgrades and customizations as the platform allows quick functionality changes without code modification in a period of two to four weeks.
This thereby saves on expenses surrounding support and maintenance and enables banks to tap from their in-house development teams, who are more familiar with processes and the online bank systems. Even more appealing the platforms modular structure allows the bank to continue using existing infrastructure to build the best solution.With StandFore FS, Banks are also now able to target and segment their customers much easier as the platform’s integrated marketing system allows more business interaction with the clients by storing the personal and CRM data, conducting behavioral analysis, customer profile segmentation and content targeting. This means that the bank can increase sales by creating products as per the needs of the customers as well as managing promotion channels effectiveness.
Above all, the efficient engagement through the various channels allows the bank to transform its customers to happy and faithful clients thus retaining existing clientele and attracting new ones through referrals.Lastly, another platform’s merit is that it allows no per user and per server/per processor licensing through a one-time license purchase and non-compulsory technical support.This said despite there existing reputable and proven banking software such as Standfore FS platform the persity of business environments such as different regulations and technologies will continue to pose a challenge for the various software creators trying to develop a one-stop shop banking software.