In the mediaeval days, people stored coins or valuable items deep in the earth or recently, under their mattresses. These days, most individuals keep their money in banks and other institutions besides their homes. This is because it is safer and the money is always insured so that in the event of heft, they can get their full balance back.
Banking software is aimed at enabling the customer to do their banking from anywhere in the world. This requires integration of mobile banking, ATM’s as well as Internet banking. Technology is a big factor here because it would determine how efficient the banking solution is by gauging speed, accuracy and encryption. Processes such as wage garnishment, liens as well as direct deposits and wire transfers have to be done in a smooth and seamless fashion because any delays could see the bank lose customers to a more well planned out institution.
Collateral management systems are used in loan origination processes and can help the borrower as well as the lender by looking for the best rates factoring in income, age, occupation and credit score. The aim is to lower the credit risk that is involved in lending especially after the financial crisis that brought the world into a standstill.
A bank has thousands of customers at one time and all will have different needs which have to be met in a timely manner and their information kept safe. Collateral management systems should note what assets the customers who are borrowing money have put up in case of defaulting on their loans. It should also show what the scenario would be like if there was no asset provided as collateral and different hypothetical situations of defaulting.
The banking software should have ideal features that protect the customer from identity theft. For instance, many people go to the internet to perform online banking. It is the institution’s responsibility to ensure that hackers cannot access personal information such as social security numbers, balance amounts, birthdates or even account numbers. In the event that these are exposed, then the institution may have to compensate customers who lose money.
Using of plastic provided by the institution to make payments online or at brick and mortar stores helps customers avoid carrying of cash and also helps merchant manage their cash flow through transferring of cash wires upon completion to their designated accounts for payment from the banking institution. The card is protected through banking solutions that monitors transactions that are above a certain dollar threshold or those that occur in locations not frequented by the customer. This is with the aim of protecting personal details and to help stop fraudulent activity in case the card is lost.
The banking solutions are also connected to telephone banking so that when a customer calls the institution, the representative can immediately see who they are and then verify their information. Since most of the numbers to reach a bank are toll free, the institution is billed for these calls so when a customer calls and their information immediately pulls up, then the representative can provide them with information in the shortest amount of time in order to avoid high phone bills.
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