Digital Software Solutions for Banking Industry

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  • Which software should be used for banking?
  • Best software used by Top Banks?
  • Mobile Banking App Development
  • Banking CRM

Brands like Amazon and Walmart have set a new standard for how customers, especially millennials, expect to buy things. They are trained that if it’s not simple and convenient then they’ll not do it. Such standards apply to banks as well.

Online abandonment rates for products like deposit accounts, credit cards, and loans average 85%.

Customer hates friction. Standing in line, holding on a phone, or having to sign endless documents. All they want is to focus their time and energy on the activities they value. Even such a primitive onboarding stage like opening bank account pose multiple challenges:

  • Face-to-face meeting with bank representative;
  • Multi-stage verification of personal ID;
  • Filling in long forms;
  • Multi-step procedure to get microloans;
  • Multiple constraints, fees, and deadlines;
  • Hidden fees;
  • Obligatory depositing;

On top of that, the existing clients are required to go through the same multi-stage process. Mobile banking was called to reduce such friction, and probably your bank already made an app for onboarding.

In 8 out of 10 cases banks already have access to 90% of the information they require from clients to fill in during registration.

But, let’s face the truth, when it comes to real business needs, there are still old-school problems: papaerworks, delays, and countless verifications. All because you haven’t changed the underlying architecture of your processes and banking software.

Which software should be used for banking?

If your goal is to bring digital transformation to your bank and increase sales through the online channel, then the software is your new challenge. You are required to implement a solution that provides exceptional experience inside your banking structure and, of course, works perfectly across phone, laptop, branch, and call center.

Most banks struggle to make such software for their products. It takes 12 to 24 months to build a digital capability for one financial product. Plus, 6 – 9 months to make changes and adapt those products.

Delivering omnichannel digital sales capability is complex because banks are trying to build customer experience system on top of their core systems.

Problems you may face during development:

  • Legacy code;
  • Software smells;
  • Unaccounted data;
  • Intervention into core business logic;
  • Software zoo – too many different software languages and frameworks working together.

In such cases, even powerful players choose to rely on existing software products instead of creating their own.

For example, PayPal has selected Temenos’ T24 core banking system to support its financial needs.

But there is a way to tip-toe such heavy redevelopment. We are talking about integrations of separate services or existing software that would communicate with your core infrastructure or take over parts of the functionality.

Best software used by Top Banks?

  1. NexorONE – is a Scalable Online Banking Platform with a broad diversity of modules to serve different financial institutions. The system can also be used to adapt to your specific business needs.
  2. TEMENOS T24 – used by PayPal, Credit Suisse, Banque Raiffeisen Luxembourg, FirstOntario, etc.
  3. EBANQ – The EBANQ banking app loads fast on all devices and works great with all major browsers. No additional investment required for Mobile Banking. It also has transparent forward pricing.
  4. CoBIS Microfinance Software – provides core banking solutions for clients that reside primarily in developing countries in Africa.
  5. CorePlus – is used by Societe Generale Bank, Cayman National Bank, Luxburg Carolath Group, Housing Finance Company LTD.

Mobile Banking App Development

It may seem that things haven’t changed much since the internet banking was invented. Mobile banking requires the same functionality and set of features as it happened with online banking.

Although, there are some unique core features you need to implement into your mobile banking to make it better than simple internet banking.

  • Uniform performance across all devices and platforms.
  • End-to-end encryption across all services and products.
  • Implementation of NFC technology.
  • 360-degree relationship in site, all transactions visible.
  • Integration with online assistance.
  • Tailored offers and coupons.

On top of that development of mobile banking app require exceptional proficiency of specialists to address the bank’s need for agility.

The design for mobile devices should provide banks with the flexibility for an extensible ecosystem that is intuitive
and rapidly addresses business changes.

Banking CRM

There are multiple benefits a CRM system can bring to your financial institution. Obviously, you will take most of it is you’re from retail banking or dealing with loans. But, even if you’re from risk management sector or from investment banking, you might find CRM helpful too.

Benefits of CRM for Banks:

  • Maximize up-selling and cross-selling.
  • Optimize marketing.
  • Enhanced communication with VIP-clients.
  • Improved overall customer relations.
  • 24/7 assessment and support for your clients.

The main challenge you’ll face while developing a CRM for banking is a consolidation of user data.
You’ll need to surface all the information that takes place across your enterprise in one common interface.

Quite often our new banking clients have several applications, some legacy, some best-of-breed, some cloud-based. Thus, quite often we have to go through several applications to get a complete view of the customer profile.

Data sources we can aggregate into your banking CRM:

  1. Core banking system;
  2. A data warehouse/dump;
  3. Email management system;
  4. Loan management software;
  5. Mobile/online banking application;
  6. Risk management software.

Whatever your data sources are – we can extract and structure information from them and make a complete mapping of the customer flow over you financial products.