Must-have Features for a Banking ERP Systemby Anna Khrupa on November 27, 2019
The fintech industry is booming, and the financial sector is full of development opportunities to improve the banking experience, both from a business and consumer perspective. In 2019, the days of legacy-era brick and mortar banking are numbered; fewer and fewer customers are stepping into banks and are looking for ease, convenience, and quickness. On the consumer side, the answer is obvious — mobile banking.
But on the business side, things are complicated. You must be adaptable as your customers are. More importantly, you always need to be one step ahead of the competition. At QArea, we understand this and have a proven record of delivering high quality software solutions for several financial companies.
One way QArea can assist your company in keeping pace with technological trends is by developing a Banking Enterprise Resource Management Suite.
Enterprise Resource Management (ERP) is the integration of several management processes which can be used to collect, store, and interpret data from business activities. This is run on a number of computer software packages, often using a database, and can be accessed either online or through mobile applications.
What turns a good ERP suite into a great one?
There are several ERP suites on the market, all of which promise much. Therefore, this is a good question to ask ask. Features which make a great ERP suite are integration across platforms, effective use of data, and being able to react to trends in real-time with the help of data analytics.
Banking ERP: Customization, Integrations, and Easy Access
By being integrated across several platforms, a great ERP suite can be accessed through mobile applications and online. Furthermore, it can (and should!) have access to a common database, which can be used to improve customer service and business intelligence. By having a common database, data migration becomes easier and more importantly, your employees can react to changes to the data in real time. All of this can bring flexibility and unification to the decision making process across all platforms.
But that’s just the basics of a good ERP system.
A great ERP suite should have the capability to be paired with a third-party programmes via extensions and be customized to suit the needs of your financial business. Such extensions could include CRM integration, e-procurement, and reporting tools.
Customer relations is improved through greater communication and prioritising service. Likewise e-procurement can be improved through streamlining operations and forming stronger relationships between clients. Lastly, the inclusion of reporting tools will give employees and key stakeholders the information they need to make decisions exactly when they need it.
If an ERP suite has all these features and is designed correctly, it can lead to immeasurable benefits for the financial sector, including greater efficiency, fewer errors through the transaction process and opportunities for data-driven decision making. All of these are a prerequisite to spotting future opportunities and building upon current client relationships. If these features are utilised in an application which is simple to use, the banking process for customers is greatly improved, leading to the possibility of a growth in business.
With QArea, you will be sure that your application will have all these features and more. We’ve already helped hundreds of clients increase their performance and digitalise their businesses with solutions of the highest quality – delivering transparency, quality and reliability with every line of code written. Embrace change, contact QArea to enable your business to solve the challenges of the digital world and gain a leading position in the fintech industry’s development race.
Get top quality development services