Banking Software is rapidly increasing its relevance in today's global society.
Typically Banking Software refers to Core Banking Software and interface software to allow banks to interface their core banking software to other modular software. Some of the core banking software providers include Temenos, Bank Mill by Mind mill, and Finacle by Infosys. Core banking software will typically cover the following areas: CASA Accounts, Loan Accounts, Deposit Accounts, Lockers, Remittances and Bills. It allows a customer to go to any branch of the bank and do its banking from there. In essence, it frees the customer from his home branch and enables him to do banking anywhere. Further, the bank's databases can be connected to other channels such as ATMs, Internet Banking and SMS based banking. In today's day and age almost all banks have to move to a core banking solution if they have to survive in the current scenario as customers are demanding these features else threatening to leave for banks which offer such services.
Banking software is used by hundreds of users across ten's of branches. This means that the software must be managed on hundreds of machines even in a small bank. This is a very difficult process and to mitigate this problem all banking software must be browser based. This will ensure that all new versions of the software download automatically and software management is not needed.
All banking and other financial institutions have areas in which they specialize in.Bloomberg is another privately held financial software, news, and data company located in New York, USA. It offers financial software tools such as analytic s and equity trading platform to financial companies around the world through the Bloomberg Terminal, its core money-generating product.
Reuters is headquartered in New York City, United States with thousands of worldwide employees, and their products specialize in financial information management, purchase order management, positions and risks, and financial instrument sales. Reuters software offers a complete line of Front to Back Office solution. Another important banking software company is Wall Street Systems, headquartered in New York, USA. It provides solutions for control and overall productivity for corporate treasury, improved workflow, central banking, bank treasury, FX trading and global back-office operations. Examples of these back-office tasks include IT departments that keep the phones and computers running (operations architecture), accounting, and human resources (customer relations). The front office tasks include sales and marketing: sales and marketing personnel come in contact with their customers.
A closer view of these firms shows how each of these organizations need each other. For example, when a company comes in contact with a customer who wants a product they do not have, that company could refer the other companies to the customer and vice-versa. Accordingly, each company can promote its brand name and even mutually profit from their agreements with a fellow banking software company.
With the help of these software companies, there is efficiency and proper management of transactions both in the front and back offices of the banking firms and other financial institutions. This in turn has a big impact on the consumers, making the process of banking run much more smoothly and quickly.