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Analysing Modern Banking Software Features

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Banking requires highly complex and intricate software with many different features. It stores and analyzes a wide variety of data while handling financial transaction processing and accounting. It also allows clients to proceed with online transactions and mobile banking.

Banking software features are highly sophisticated. They are also improving on a regular basis. Since financial institutions need to comply with a variety of regulations, such software needs to offer them a smooth and compliant operation.

Banking software is flexible and customizable, allowing companies to grow and develop while improving customer experience and offering quality.

Since different kinds of banks exist (retail and corporate) some software providers offer solutions tailored to the needs according to the bank type. To achieve high efficiency, flexibility, and security, banks require custom software to cater to their specific needs.

Modern banking software features depend on the companies’ and banks’ requirements. Let’s look closer at what to expect.

1.   AI customer support

Immediate customer support is highly important for banking software users. To personalize the interaction with the clients regardless of the time they need assistance, banks use artificial intelligence.

The intricacy and functionality of AI chatbots are improving by the hour. That’s why implementing them into banking software can improve customer experience tremendously. A chatbot can answer a huge variety of simple customer questions without a live person interaction. The feature works 24/7 and never gets tired.

2.   Simple and secure sign-in process

Bank software users need the ability to sign-in safely. For that, the banking software is using multi-factor and biometric authentication. Custom software development companies focus on the sign-in features suitable for each software to simplify the banking experience.

More than 75% of consumers are using some kind of biometric technology. Taking advantage of it for banking can boost the security and simplicity of software use.

3.   Bank account management

This feature is integral for both banks and consumers. Users can monitor their bank cards and accounts, check balances, look up history of transactions, transfer money, and much more. With the majority of financial transactions turning digital, such account management is a must-have.

The complexity of this management depends on the software the company uses. The more options a user has, the fewer mistakes are likely to be made, and the more interested they’ll be in continuing their collaboration with the bank.

Complex account management features include setting savings goals, making investments, creating payment templates, and much more.

4.   Fraud detection

The safety and security of banking software are highly important. When creating custom banking apps, companies bet on advanced security options. Modern banking software has fraud detection features, which allow discovering a problem before it leads to data loss.

5.   Online invoicing

Invoicing is a complicated and time-consuming process, which many companies would like to automate. Banking software providers use many options to create and pay invoices online without overwhelming paperwork.

The takeaway

Modern banking software has a variety of important features customized to suit each client’s needs separately. While many different off-the-shelf options exist, custom software is usually a great way to pack all the necessary features in one program.

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