Best Core Banking Software - Page 9

Banks of all types (retail, business, corporate, or investment) need banking software to manage funds, financial transactions, and interactions with their customers. This type of software helps banks provide better services, and comply with laws and regulations specific to their industries. Some banking solutions also offer features such as financial marketing to attract and retain customers, or tools that customers can use to manage their personal finances. Banking software can improve customer experience by providing portals or mobile apps for account management and transactions. Managers can use banking software to determine which services are profitable, to track customer satisfaction, and monitor cash flows.

Integration with back office software, such as accounting or human resources, is provided by most solutions. For advances financial analytics, integration with business intelligence and data management solutions is also provided by most vendors.

To qualify for inclusion in the Banking category, a product must:

• Manage account holder information, transactions, documents, and communications
• Allow customers to manage their accounts online or using mobile apps
• Create and manage financial services for various types of customers (individuals, companies, etc.)
• Track the financial history of customers, as well as credit scores or background checks
• Ensure compliance with security and privacy regulations
• Deliver features to easily create financial or tax reports
• Provide features for cash and funds management in multiple currencies