Banking and financial services are one of the most lucrative sectors for the IT industry. The market size of the BFSI sector is estimated to be currently at $35.3 billion. In comparison, it is expected to grow to $66.02 billion by 2026. Banking software helps the customers connect with their respective bank branches from anywhere. Multi-channel banking software helps the customers complete their transactions through multiple mediums like mobile, internet, and branch.
Banking software provides a high level of convenience to the customers, which in turn helps increase the banks’ customer base. Many banks and financial institutions want to build banking software to fulfill the needs of their clients but they don’t know where to start. As a leading software development company, we have tried to address this as well as other questions about banking software development. In this guide, the banking and financial institutions will find the A to Z of building efficient banking software for their project needs.
The demand of banking software market
The growth of the banking sector has accelerated in the digital age. Today customers rarely need to visit the bank as most of the banking operations are completed with the help of mobile banking app or by logging on to the online bank portal.
The global banking software market was estimated to be valued at around $9.84 billion in 2020 and is expected to grow at a CAGR of 7.8% till 2028.
The most successful banking software
There is a wide range of banking software available in the market today. While going for readymade banking solutions, businesses need to choose a solution that will fit well based on their requirements. Mentioned below are some of the most successful banking software.
- Temenos
- Avaloq
- Cleartouch
- Mambu
- Finastra
- Oracle FLEXCUBE
- CorePlus
- FIS Profile
- EBANQ
- BankWare
Advantages of mobile banking app software
Banks are fast digitizing themselves by equipping themselves with high-quality software. Banking software makes the lives of banks as well as their users easy in a lot of ways. We have listed some of the major benefits of using banking software.
- Reduce operating costs by using integrated technology solutions.
- Ensure regulatory compliance and security.
- Shorten delivery time for client services.
- Provide banking solutions to the customers on the go.
- Gain a competitive advantage.
- Increase productivity of the team.
- Build customer trust through multi-channel communication.
What kinds of software are used in banks?
Multiple kinds of banking software are present in a bank. Let us discuss the main ones.
- Software for managing the financial operations and transactions
- Document management software
- Administrative management software
- Customer service solutions
Software to manage financial operations
Software for managing the financial operations and transactions consists of the following features
- Management accounting
- Balanced scorecard system
- Management of consolidated financial statements
- Transfer management of financial resources
- Financial planning and budgeting
Continue reading: A Comprehensive Guide on Banking Software Development
Why Should You Build a Mobile Banking App?The main reason for developing a mobile banking app is competitiveness.
An application stands out among numerous ordinary tools, as it has turned into the most convenient and effective channel of interaction with customers.Today’s consumer would rather choose a bank with a convenient website, Internet banking, a user-friendly mobile application and speedy services; indicators such as interests and deposit rates, or the place of a bank in some ratings, are placed on the back burner.
Hence, to win the loyalty of clients and remain competitive, a bank should be mobile.Some statistics to prove the increasing popularity of banking apps: Mobile banking users are expected to exceed 1.75 billion by 2019, representing 32% of the global adult population, according to Juniper research.45% of respondents named convenience the main reason they started using mobile payments, Statista found out.As of June 2018, the financial business is in the top of the most popular Android app categories worldwide, taking 53% of the market share.Statista also provided data on the availability of the world’s leading payment providers Apple Pay, Samsung Pay and Android Pay in global regional markets.
It turned out that the Asia-Pacific region has the highest number of total active markets across all three payment systems.
What are the main reasons you started using mobile payments?NCrypted has deep knowledge of banking processes and expertise in implementing banking software solutions.
With our solution, you can be assured of providing the best digital services to your customers.
