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Banking services are the heaviest regulated industry in any country. To meet the high demands of AML/CFT and sector standards, an entity should implement accurate measures. Do banks need digital solutions and how to choose them?

What are custom IT banking solutions?

Large number of clients leave their personal and financial information while cooperating with the banking sector. It is virtually impossible to secure and safely process them manually without the risk of bank secrecy violation. To guarantee the highest level of security, financial institutions invest a lot of money into digital tools designed for keeping and tracking all important data.

Custom IT banking solutions are the exact opposite of on-premise software. Fully tailored software not only raises operational efficiency but also enhances customer experience. Unlike out-of-the-box platforms, custom banking software delivers useful features for companies. It may be, for example, an entity from retail banking, corporate banking, or investment banking sector. Each of them has slightly different needs.

While custom-made software can be costly and its implementation usually is time-consuming, these disadvantages are counterbalanced by high-end technology. The platform is usually created to fully utilize the technology stack. For companies, it means higher performance and no need for constant upgrades for at least a few years.

Benefits of tailored banking software

Investing money into custom-made software allows players of the banking sector to choose features that are important and point the way they should work. As a result, the company gets a digital platform that is reliable and works the exact way it should.

Fitted IT solutions utilize the hardware capabilities without slowing computers down. It means smooth processing and high capacity. When a bank has to deal with thousands of tasks simultaneously, high performance is vital.

Custom solutions for the banking sector are usually module-based. You can choose which parts to implement first and which ones can wait. At the same time, all information from modules connected is available from one platform based on cloud services. Cloud computing allows bank employees to access data from any computer or mobile device.

Banks have to comply with several international regulations, like AML/CFT, KYC or GDPR. A specialized software helps to track the compatibility with legal acts in these matters.

What should you expect from an IT solution for a financial institution?

The heart of custom-made software for the financial sector is diversity. Each platform will vary, but most of them have core standards aimed at enhancing productivity. What are the most common elements of banking software?

  • Customer Relationship Management module;
  • online banking platform;
  • centralized banking transactions;
  • mortgage and loans management;
  • Business Intelligence prognostics;
  • AML and GDPR compliance monitor;
  • solutions for stock exchange and investors;
  • API development for integration with third-party software.

Conclusion

Custom-made platforms for banking can be implemented by small-scale institutions as well as large enterprises. When choosing the right software house for the job, it is important to check its experience with the financial sector.

The specialists should not only streamline and automate business processes. Check out if their service also covers data migration, system modernization, and integration with other technologies. The complex support has a chance to generate much higher revenue.

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