The banking industry round the globe has been witnessing massive changes over the past few years owing to the multiple economic changes and regulatory norms. Today banks are transforming their service type to a “universal banking” model that means scaling service beyond savings, loans and checking.

1. Services Offered By Innovative Banking Software Solutions
The banking industry round the globe has been witnessing massive changes over the past few years owing to
the multiple economic changes and regulatory norms. Today banks are transforming their service type to a
“universal banking” model that means scaling service beyond savings, loans and checking. This is done so that
they are able to succeed in this aggressive and competitive market scenario. This apart, the constant
innovations in the banking sector for instance micro payments, peer-to-peer lending, social savings,
collaborative financial planning is also evolving the overall landscape in this sector. In addition to all this the
regulatory compliance and its policies too are an essential aspect that needs to be given utmost priority in
daily transactions.
Keeping these concerns in mind, the modern day banking software solutions focus on areas such as:
Lending and leasing
Fraud detection and prevention
Regulatory compliance
Financial reports
Today eminent companies specializing in agile product life cycle management have been experimenting and
researching on the various technological knowhow such as open source software development, present day
banking needs and regulations and have come with innovative banking software solutions that offer a
comprehensive range of services. Some of them are listed below:
Helps in leveraging SaaS models to integrate SOA best practices
Helps to establish financial reporting that executes XBRL standards, comply with SEC regulations and
produce statutory reports
Set frameworks that help in fraud detection and prevention
Helps to establish financial analytics and business intelligence tools
Set up mobile banking applications
Offers solutions that lead to software compliance
Helps in mitigating legacy banking software to a cloud computing model
Assists in designing lending applications that incorporate with credit reports and credit bureaus

2. Since banking needs are growing continuously, it is simple to analyze as to why a banking software solution is
so essential to monitor collateral. Financial firms and banking institutions require systems that can
systematize and manage a huge quantity of employees, consumers and confidential documents. Hence, a
banking software is essential to enhance customer care services and running business operations seamlessly.
However, while opting in for a solution provider it is essential to analyze your banking requirements as well
as your consumer demands. It is always advisable to join hands with a solution provider that caters to your
service requirements, budget capacities and has a positive market feedback.
Related Links: advisory services, agile software development