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11 Best Banking Software in 2020

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Buyer's Guide for Top Banking Software

Found our list of Banking Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!

What is banking software?

Banking software applications are relied upon by the banking industry for managing financial products and services. Customers use bank account software for completing online transactions, managing investments, insurance and other financial activities. Banks, on the other hand, gain out of the software's superior CRM capabilities, back office operations, onboarding, secured performance, credit evaluation and loan origination.

Banking as a service and business sector has grown tremendously in the past few years. From typical loan and deposit functions, the banking industry has moved on to cover a range of activities: from introducing new financial products to loans/accounts/transactions management and customer onboarding. Because the banking accounting system covers core services crucial to banks and customers alike, banking software is also classified as core banking software.

What is Finacle Software by Infosys?

Finacle software developed by Infosys is known for offering universal digital banking functionality to banks and financial institutions. Newly emerging and traditional banking institutions rely on Infosys Finacle for managing omnichannel banking support, treasury, payments, artificial intelligence, wealth, liquidity and blockchain requirements.

Infosys Finacle is trusted by financial institutes in and around hundred countries for managing their digitisation processes. In this regard, Finacle offers a comprehensive digital suite for looking after aspects of financial business such as liquidity, payments, virtual accounts, corporate online/mobile banking and accounts.
https://www.edgeverve.com/finacle/cash-management-suite/

Core Banking Software Features

Accounts management

Banking accounting systems provide accounting services to customers and can be operated easily through mobile applications or portals. Due to this feature, bank account software is relied upon for looking after communication, documentation and transaction information.

Bank account management

Monitor cards, check balance amount, analyse bank accounts, transfer money and view transaction history with core banking software.

AI chatbot support

Chatbots have been created by banking software companies for providing the best customer support service to its clients and customers. These chatbots are not just polite and customer friendly but also capable enough to be used in core banking services for answering several customers at one go.

Secure simple sign-in

Banking software functions with a secure and single sign-in process were signing in steps include simple password and login-id typing. Then there are biometric authentication methods where fingerprints, voice, etc. are being used. All these are time-saving mechanisms, preventing users from wasting time on multifactor authentication processes.

QR Code payments

Many banking accounting systems have QR code payment features enabled to let customers pay via these code scans. They are simple to use, convenient and fast.

ATM locator

As part of CRM in the banking sector, banking software has advanced search features for locating nearest ATM machines. Whether in a new area or searching for an ATM in an emergency situation, the store locator tool serves its purpose well.

Spending tracker

Track the amount of money spent and saved with banking software. With the help of analytical reports, end users can track spending/savings to meet their monthly or yearly saving targets. The feature also supports scheduled payments and bills notifications.

Customer onboarding

Customer onboarding improves and enhances customer/client relationships. Core banking software thus is helpful in leveraging customer data for proposing them the right type of product and services.

Transactions management

Managing transactions involve product designing, operational scalability and transaction processing. Banking software ensures the safe processing of above in a transparent and fully automated manner.

Benefits of Software Used in banks

Customer relationship management activities (CRM)

CRM obviously is a tool for ensuring happy and satisfied customers. However CRM in banking sector is equally important for handling customer service tickets, agent calendars, customer self service portals, analytics system and product up selling.
https://www.google.com/amp/s/www.selecthub.com/customer-relationship-management/crm-software-banks/amp/

Multiple account support

Software used in banks offer support in the form of different types of account creation options such as savings, fixed, open money market, etc. Besides this, software used in Indian banks also supports management systems for handling investments, bonds, stocks and insurance.

Safe online transactions

Banking accounting systems ask for double authentication in order to keep the data safe and secure. Network is encrypted thus preventing the possibility of hacker's attack. Further, the firewall system assures filtering of network traffic from malicious spyware.

Easy accessibility

Banking software companies trust the application for providing to its customers online access round the clock. The mechanism serves its purpose well especially when you are travelling, need to carry out an urgent transaction or supply information for verification purposes.

Simplicity of use

Core banking services need to be reliable, transparent and secure. All would go to waste if they are not customer friendly. Banking software companies have created applications thus keeping customer support in view. It is for this reason that you will find banking software simple and easy to use.

Reduced operational costs

Indian bank software has helped this sector reduce operational costs greatly by automating most banking transactional and financial services. With reduced dependence on workforce, the software is helping the banking industry save operational costs while at the same time guaranteeing efficient services.

How to Find the Best Indian Banking Software

Core banking services offer reliable support services that assure the customer and the bank of its transparency and security. Try to ensure that the best Indian banking software that you select has the following features attached to it.

First, is data backup. Encrypted and firewalled databases are safe from spyware or malware attacks. But then there has to be adequate data back up support for preventing loss of data due to faulty servers or any other kind of malfunctioning.

Second, look for strong technological support. Try banking software, which provides core banking technicalities as online banking, treasury, liquidity management, origination, wealth management and mobile banking. Thirdly, check for CRM support platforms. Data analytics, risk management, online banking, fund management and payments are critical functionalities attached to any CRM friendly banking platform.

Banking Software FAQs

Q1 -Which are the best banking software companies in India?

Banking software is used for organising workflows and managing transactional activities of the banking industry. The best Indian bank software companies are:

Q2 - What are the best banking software in India?

Some of the best available banking accounting systems in India are:

Infosys Finacle
BaNCS by TCS
Flexcube by Oracle
Nidhi Banking Software
Mini Banking Software Service
Urban and Service Cooperative Banking Software

Q3 - What is the banking software price in India on an average?

On average banking software solutions' license for up to ten banks would cost Rs 22,77,901. The cost may increase further depending upon implementation, migration, team's and bank's size.

Q4 - Which banking software is used by SBI?

SBI selected TCS BaNCS as the banking system for supporting its centralised information technology.

Q5 - Can I get any banking software applications?

Almost all banks today offer their supporting application to clients, customers and account holders. Once your account is created, the bank would send you a notification for downloading the banking software. Once downloaded, you would be asked to fill in account, personal and authentication details for access to full banking software's service. After completion of basic formalities, you are now free to access the banking application for online accounting, payments, investments, insurance, shopping, debit/credit card payments, ATM services, etc.

Q6 - How to perform bank reconciliation in Tally?

Bank reconciliation software in tally can be done by following the given steps. Go to banking reconfiguration and select Gateway of Tally. From here select the bank for reconciliation and click on the bank statement. Multiple options would appear such as total entries, number of reconciled transactions and additional bank entries. Select any of these options for reconciliation and your job is done.

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