Modernization of banking processes goes hand in hand with the intensive implementation of the latest technical achievements, the development of electronic computing technology, and the use of mathematical modelling. For the timely and high-quality processing of the ever-increasing volumes of information, the use of sophisticated technology and tools is required. This is where banking automation solutions (BAS) step in. The high-tech tools are aimed at making the operation of banking systems more efficient and error-free.
Reasons to Purchase Banking Automation Solutions
With this in mind, it is no wonder that a lot of banks and financial organizations order banking automation solutions development services. The main objectives of integrating the ABS in traditional financial processes are as follows:
- Reduction of time for carrying out operations and paperwork, increasing the bank’s throughput;
- Reduction of the number of personnel engaged in routine work;
- Improving the quality of customer service;
- Increasing the qualifications of bank personnel;
- Integration into unified banking systems.
The banking sector is the most regulated niche. It needs proper optimization and automation of its processes. This is the most effective approach to reducing operating costs, ensuring security and improving the performance of financial institutions. The development of computer technology and information solutions made it possible for most banks to create their own computer systems. The latter can then be used to automate the most critical and time-consuming banking operations.
What’s the Current Situation?
In most banks (52%), the IT strategy is formed by the IT department based on the requirements of business units. Such an approach allows organizations to fully meet both the business needs of the bank and the realities of today’s banking automation market. In 90% of cases, the existing IT strategy correlates with the general business pipeline of the bank. This is the main prerequisite for increasing demands on IT solutions.
Financial establishments that have developed an IT strategy aimed at developing the entire business make timely and well-grounded decisions. They have a clear idea of what they are going to achieve and how to meet the basic needs of the bank (its customers/ partners).
The development and implementation of a banking IT strategy lead to an increase in the share of the IT budget of the bank. The absolute majority (69%) of banks have reported an IT budget increase, and only 2% of those surveyed have mentioned the decrease in assets.
A traditional banking system can be quite informative and transparent. In today’s world, the requirements for data consolidation are becoming more stringent, and leading organizations have long begun to use products aimed at optimizing information sources in their activities. Financial applications and automation solutions are aimed at increasing the transparency of the financial condition of companies, regardless of their industry or size.
That’s why buying modern BAS is worth considering. Of course, instead of investing in the very first product that you come across in search engines is never a good idea. We strongly recommend you to carry out extensive research, make a list of your business needs, and make a purchase decision only afterward.