Banking activity is one of the most favorable grounds for the introduction of IT technologies. Almost all tasks performed by bank employees in the course of their activities can be easily automated. An important task of any banking institution is the uninterrupted and fast processing of significant information flows.
In addition, in a highly competitive environment, banks are looking for solutions to improve efficiency, expand the range of services and increase profitability. To achieve these goals, comprehensive modernization of the automated banking system (ABS) is required. Fireart banking software development services can be ordered from an expert company whose specialists know their business, have extensive experience and are ready to implement the project in the best possible way. In addition, it is impossible to imagine a banking institution without computers, modern technology, innovative technologies, digital products, software in general, so it is simply necessary.
Key criteria for banks when choosing an automated banking system
There are a number of important factors influencing the choice of banking institutions of certain ABSs. Let’s name the main ones:
- functional completeness of the system – determines the maximum number of banking products with which it can work;
- an integrated approach – determines the variety of tools that are used in the processing of banking processes;
- centralized management and scalability – the ability of the system to adapt to the expansion of requirements and the growing volume of work by adding new resources to it;
- the presence of a single database – with multitasking, for which the first two characteristics are responsible (functional completeness and an integrated approach), the factor of ease of system management is very important, for which, in turn, a single database and centralized management are responsible.
Also, the choice of certain automation systems is associated with the ratio of price – reliability – performance.
What tasks does ABS help solve?
Banks identify a number of basic tasks that can be solved using banking software. Among them:
- increase in work efficiency;
- ensuring efficiency and automation of all banking processes, their maximum transparency, openness for control;
- integration of accounting and management accounting (optimization of workflow, reduction in the number of personnel engaged in low-skilled work, the introduction of a single information space for different accounting systems);
- improving the quality of work with clients and increasing the speed of their service.
Benefits of using banking automation systems
ABS allows banks to solve a wide variety of tasks. With its help, all intra-bank operations are carried out daily, accounting is maintained, and consolidated reports are compiled. Automation facilitates the communication of the central banking institution with its local branches and branches in other localities. Also, the use of ABS allows:
- to interact with customers through the “client-bank” system;
- to conduct retail transactions (ATMs and credit cards) and interbank settlements;
- to work on the securities market;
- to immediately receive the necessary information affecting the financial situation;
- to analyze all the activities of the bank and the ability to choose the best solutions in a particular situation.
These advantages eloquently speak of the need for banks to have a modern set of software and hardware aimed at automating their banking activities. If a bank considers itself a modern and technologically aware institution that can provide services to customers, the notion of automation is essential.
Despite the fact that the introduction and operation of the banking automation system require considerable costs for the acquisition of new software products and appropriate training of employees, as they say, the end justifies the means. Therefore, no matter what, every bank should have professional banking software that is made specifically for this or that institution, its advantages, services and specifics in general. This is what will ensure the smooth operation of the bank.