Main Features of Banking System Software

Features of Banking System Software

The banking system software markets are global with vast territory. Worldwide distribution of banking system software presents a challenge to software developers. However, the banking system software development in Asia-Pacific region presents unique challenges that must be addressed by software developers. The banking system software markets in Asia-Pacific region are expanding at a high rate due to rapid growth of local and foreign banking system. Expanding application of online banking and cellular phone banking by local consumers that looks high level of trend towards accessing their bank details and perform different financial activities by a convenient digital platform driving the growing demands for banking system software.

The demand for online banking in the Asia-Pacific region is increasing tremendously with users increasing preference for mobile banking rather than traditional desktop banking to reduce operational cost and access their bank details any time. Mobile banking application facilitates easy online banking option with multi-lingual interface and multi-user access capability. This feature has made mobile banking system software market in Asia-Pacific very competitive.

Online transaction systems in banks are built upon strong IT foundation. These are designed to facilitate smooth functionalities at all times. Automated transactions are integrated with complete security measures to prevent security breaches. In order to get optimal performance from this software it is important to choose the most suitable operating system and application from authentic software providers. The banks have to keep on reviewing and updating their system as the latest technological trends emerge and security issues arise.

The core banking software market of the software applications is segmented into two segments – consumer and enterprise. For enterprise system it includes high-end enterprise software and middle market offering. In enterprise segment companies like SAP, ERP, MRP, C Suit, etc play a crucial role. The application consists of various modules which are required for managing business. The primary modules include risk management, sales and service, finance, control, human resources, manufacturing, supply chain management etc.

The second segment consists of mid-market banking system software products. In this segment people who are not experienced with online banking or e-commerce prefer such solutions. These software solutions are offered by many companies like XoftSpark or NetERP. In mid-market segment the software is geared towards medium size businesses and retail sector. It offers basic functionalities required by small and mid-sized businesses in order to handle online banking, online invoice processing, e commerce facilities etc.

Global market scenario has brought about several changes in the core banking software market. Technological change has brought in new requirements like scalability, performance impact and operational efficiency. As a result software solutions are designed to address these demands. The following six segments comprise of global banking system software market:

Mobile Terminal: In the global banking system software market mobile terminals refer to hardware that is used to access online banking websites. The hardware can be stand alone units or embedded in enterprise-level systems like ERP systems. A mobile terminal can be either plug and play or client/server models. The embedded models allow remote monitoring of transactions via mobile phones, mobile devices and the web.

Credit Union Portal: A credit union is a financial institution composed of several banks that perform similar functions. Each bank belongs to the network and all the banks have an interface with the public. The public is referred to as the credit union portal. A credit union can be a member of any one of the national banks or it can be an independent bank also. In this segment banks help members to fund their accounts by providing credit unions with debit cards.

Risk Management: In the global banking system software market risk management refers to the identification and analysis of risks in order to minimize the risks to the shareholders and the depositors. This segment also takes into consideration the demand risk in the market. Demand risk pertains to the fluctuations in value due to fluctuations in the supply of various credit products. Supply risk pertains to the fluctuations in value due to fluctuations in the supply of various credit products. The banks use various techniques and tools for assessing and managing risks.

Banking System Software: This is one of the most important segments in the banking system. The banks use this system to process the business transactions. They use this application to process customer information, prepare to bank statements and perform other accounting functions. They use the tools and techniques for risk management which involves long range forecasts, demand forecasts and pricing forecasts. Since the main aim of the banks is to minimize their risk in the market, they use tools for maximizing their profit and minimizing the losses in order to meet their objectives.

As per the research banks have found that more than 70% of their clients now use online banking and the popularity is increasing day by day. Online banking systems are available in different types. Some of the most popular ones are Internet-based, desktop systems and Internet-based mobile devices such as Blackberries and PDAs. With the increasing demand for online banking the developers of banking software have developed systems in order to support the needs of the customers.

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