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.
· 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
· Trading, settlement & order management platforms
· Analytics & business intelligence tools
· Pricing & confirmation engines
· FIX/FPML exchange solutions
· Online trading & technical analysis platforms
· 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.