According to James E.
Staley, former CEO of JPMorgan Chase’s investment bank, one of the two things
that could help his industry survive in an era of lower returns is technology.
He is definitely right because in today’s fast paced hyper competitive business
environment, the financial sector need to embrace technology not only to
survive in the changing market environment but also to cater to the demands of
a growing population of technology savvy customers.
Today nobody has the
time to run to the bank every time to make payments, transfer funds or deposit
cash. This has made collaboration with financial software services firms and financial software vendors for developing latest
technologies highly imperative to make customer interactions smooth and
effortless. The results of such collaborations are, to name a few, online
trading platforms that give customers direct control over their investment
portfolios and mobile payment solutions that enable businesses to make
transactions on-the-fly. Thus, the financial services industry has become a
much more competitive landscape in terms of unique services and innovative
solutions to access them.
Like any other
industry, technology has permeated the financial sector to such an extent that
in banks even day-to-day errands like depositing a check, paying bills, and
transferring funds can now be done on a smartphone. Thus, thanks to technology,
financial institutions are able to work smarter and better by being able to
reach out to more customers and by providing better services to them.
On the flip side,
enterprises cannot ignore the technology related security and compliance
issues. Hence, as financial institutions mounts pressure on both financial
services firms and financial software vendors to develop online and Mobile social networking apps and to migrate
products to the cloud, they face the challenge of balancing customer demands
with the security and compliance standards that are critical to this industry.
Thus enterprises must partner with software product development firms that implement the most stringent security standards
and ensure that all products adhere to the latest compliance regulations. Here
is a look at the solutions developed by a leading financial software services
firm.
Banking
·
Loan origination &
processing systems
·
Anti-fraud & anti-money
laundering software
·
Risk management &
regulatory compliance
·
Integration with credit bureaus
·
ATM / POS / kiosk integration
·
Online & mobile banking
platforms
·
Client portals for self-service
apps
Financial Services
·
Trading, settlement & order
management platforms
·
Analytics & business
intelligence tools
·
Pricing & confirmation
engines
·
FIX/FPML exchange solutions
·
Online trading & technical
analysis platforms
Insurance
·
Rating & underwriting
software
·
Fraud prevention solutions
·
Claim management systems
Thus, with the help
of financial services firms, financial institutions can keep pace with
technological advancements and thereby make customer experience easy and hassle
free.
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