IT in Financial and Banking Sectors

IT in Financial and Banking Sectors

The widespread use of information technology in the financial and bank sectors has become an objective necessity. The dominant tendency is improving the quality and reliability of products and services, increasing the speed of payment transactions, and providing electronic access to the company’s clients banking products. Above all, banks are eager to achieve a competitive advantage in the financial markets.

Information systems for financial institutions have coped with a long way of development from simple, created on the personal database management systems (Clipper and dBase), to modern client / server solutions industry software (Oracle, MS SQL Server, Informix). The last one allows automating the full range of banking business processes: liquidity management, human resources, banking risks, etc.

Currently, the market of software products for financial institutions provides a broad range of systems, versatile in its technical implementation, function, hardware platform, network service levels, methods of information protection, etc. However, any banking information system should essentially meet the following requirements: credit-deposit operations, networking of multiple users, foreign exchange transactions, implementation of the entire range of banking operations on cash and settlement services, support for multiple hardware platforms; automated reports, etc. These requirements are currently basic for the financial and banking IT-market.

The key services which are now believed to be an inherent part of banking activity:

  1. Internet Banking and Mobile Banking
  2. Risk management automation
  3. Introduction of electronic document
  4. Business Process Management
  5. The integration of banking and other services
  6. Processing of retail products
  7. Ensuring regulatory requirements
  8. Creating financial counseling programs

Apart from bringing innovative functionality, financial and banking institutions are tend to provide even more progressive designs. Being under pressure of tech giants which develop different payment services, banks consider implementing more customer-based solutions.

“These tech giants are unlikely to ever become banks, but they are best placed to build user-friendly front-end tech solutions that answer to consumer demands for seamless payments and financial services.” – says Philippe Gelis, CEO of Currency and Risk Management Solutions Kantox.

However, when choosing a bank information system, you should be guided not only by the desire to use the latest advances in this field, but also the objective requirements. The first thing to take into account is the size of the pot: the number of employees and workstations volume and document structure, the amount of interbank and customer accounts, the presence of the branch network, foreign exchange transactions, etc. This defines the requirements for performance and functionality of the information system.

Information technology is now no longer a secondary service area in the bank, as it was some time ago/ It directly determines the possibility of organizing business development and improvement of internal processes and customer service system.

So, if you consider implementing some innovative software or eager to improve the exciting, Qubit Labs is here for you to achieve your goals and help to become a part of the IT revolution in financial sector.

Related Resources:

Set Up Dedicated Software Development Team

More on this topic:

FinTech Innovations and Banking Solutions in Ukraine: Interview With Yuriy Kostiv

Software Development Trends: Expert View on Web & Mobile, Cybersecurity, and FinTech

Can you Hire a FinTech Software Development Company With No Risk and Ensure Quality?

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