Introduction To Banking Software

Banking Software Selection & Use
INTRODUCTION TO BANKING SOFTWARE
Banking software solutions are new jargon frequently used in banking circles. The advancement
in technology, especially Internet and information technology has led to new ways of doing
business in banking. These technologies have cut down time, working simultaneously on
different issues and increasing efficiency. The platform where communication technology and
information technology are merged to suit core needs of banking is known as core banking
solutions. Here, computer software is developed to perform core operations of banking like
recording of transactions, passbook maintenance, interest calculations on loans and deposits,
customer records, balance of payments and withdrawal. This software is installed at different
branches of bank / or at centralized location and then interconnected by means of
communication lines like telephones, satellite, internet etc. It allows the user (customers) to
operate accounts from any branch if it has installed core banking solutions. This new platform
has changed the way banks are working.
Gartner defines a core banking system as a back-end system that processes daily banking
transactions, and posts updates to accounts and other financial records. Core banking systems
typically include deposit, loan and credit-processing capabilities, with interfaces to general
ledger systems and reporting tools. Strategic spending on these systems is based on a
combination of service-oriented architecture and supporting technologies that create
extensible, agile architectures
Many banks implement custom applications for core banking. Others implement/customize
commercial Independent Software Vendor packages.
AUTOMATION – A NEED FOR BANKING SOFTWARE
Automation is the use of control systems to control processes, reducing the need for human
intervention. Putting this into context, automation is having technology do things for you so
that you don’t have to.
Automation is all around us. When you’re at a set of traffic lights, there isn’t a traffic light
operator that decides when to change the light from red to green. It is done automatically. The
street lights come on at night automatically. There are no lamplighters running around turning
each light on anymore. We can apply this same idea to our own life. Granted, most of us can’t
create complex control systems, so we will have to do our best with what is available, but
having the most mundane tasks automated will help free up some time.
Banking Software Selection & Use
The advantages are clear. If every time you checked your e-mails, all the messages had been
sorted into folders before you logged on, you save time that you would have previously spent.
If you spend an hour a day doing small tasks like these, you’re wasting a considerable amount
of time. Automating these tasks will allow you to be able to work on what you consider is
important. All you have to worry about is the technology working…
A good starting point is to automate the things that we don’t want to spend time doing.
Sorting e-mails into folders, de-cluttering your hard drive, updating all of your social media
profiles. These little monotonous tasks can begin to take up a significant part of our day.
Ask yourself how you can apply the same idea to all aspects of your day. What do you spend
your time doing that you could automate? Free up some time and you could be spending it
doing something worthwhile. Let technology do things for you while you get on with the things
that are important.
Some of the tasks that are automated in banking;
 Cash Counting Machines

 Cash Deposit Machines
 Cash Dispensing Machines
 Elimination of Manual Record
 Preparation of Operational/Periodical Reports
 Payment of Profit
 Deduction of Zakat
After you get one task automated, you’ll find others that you can automate too. Having all
those small tasks automated will really affect the amount of time you have which you can serve
in servicing customers. That’s how you can provide better customer services to meet
customer’s expectations.

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Banking Software Selection & Use

INTRODUCTION TO BANKING SOFTWARE

AUTOMATION – A NEED FOR BANKING SOFTWARE

Some of the tasks that are automated in banking;

 Cash Counting Machines

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