Standfore banking is a banking system software implemented across networked branches that allows customers to access their bank account and perform most common transactions through multiple channels: ATMs, web platform, mobile app and branches.
What is Standfore Banking Software?
Standfore banking system’s purpose is to support core activities such as record keeping, deposits accounts, checking, lending products, interest calculations on loans and deposits, savings management, payments and withdrawal. On top of these, some institutions’ range of products and services includes foreign exchange, means of payment, insurance, trade finance, etc.
Information and communication technologies and Internet that connect all servers and terminals allow anytime anywhere banking, centralized data storage and the real-time and secure sharing of information across the network.
In addition to allowing customers handle daily banking transactions, private banking software is linked to the accounting system as well as reporting tools for automated update of accounts, financial records and customer files. Thus, it doesn’t just meet users’ mobility and speed requirements, but it also reduces IT costs and improves the bank’s staff efficiency in several ways: less manual work, integrated processes, accurate and timely information about customer’s actions.
Which Banking Software to choose?
There is a broad spectrum of core banking solutions software to address the needs and constraints of all banks in terms of number of customers, main activity, set of functionalities and diversity of products and services offered.
Furthermore, each company has to decide whether to use customized applications or modular packaged solutions, and in-house implementation or rely on an external service provider. In any case a scalable architecture is required to quickly adapt the market changes and more responsive to customer needs.
Implementing online banking software vendors represents a significant expense for any bank, but it is also a vital and strategic investment. For a comprehensive IT architecture, it needs to be integrated with Front Office and Back Office systems (and maybe other external data sources) to encompass all aspects of banking business. Last but not least, interfaces insure smooth communication and single view between bank and customers.
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