OUR SOLUTION FOR BANKING AND FINANCIAL SERVICE INSTITUTIONS – BANK ON IT FOR SUCCESS
The banking sector is full of challenges and operates in a volatile environment which is prone to dynamic changes on a regular basis. Changes in the economic environment have a considerable affect on the working of the banks, insurance companies and organizations working in the Financial Sector.
It is not easy for organizations in the banking sector to beat the odds and emerge as winners. Continuous innovation is required on a regular basis to restructure and exercise an assertive control to protect the organizations from macro- and micro-economic changes and the risks that follow. The organizations have to comply with the regulatory norms. In this way, they can meet the various demands of customers and give a huge boost to the revenue.
We, at Online24x7, provide BFSI industry solutions that are innovative and intuitive and which are customized to meet the requirements of the banking industry in a highly efficient way. Our software solution provides a number of services ranging from point-solutions to large-scale deployments which cover a large number of processes. It helps the banking and financial service institutions (BFSI) in becoming ‘model enterprises’ which can be easily expanded and customized to cater to the new or changing business processes.
We provide BFSI solutions which are model-based and are developed by using VirtualWorks®. The best part about these solutions is that they are made and not coded by using the already existing or new assets which easily adapt with the changing business requirements. The software solution is based upon service-oriented architecture (SOA) standards and facilitates easy integration with the existing or new applications.
The banking industry with our new-age software solutions such as Fund Sweep System, Nostro Reconciliation, Retail and Loan Origination and Customer Relationship Management (CRM) can meet the demands of the customers as well as the market in an efficient way , thus yielding better results.
Our software solution is built-in with several capabilities that make it powerful software. It acts as an efficient tool to track the performance management of the entire bank! The banking Analytics tool enables the banking personnel to measure and analyze the performance of the bank in terms of the ambit of their control. All the data of the bank is stored in a systematic way and in the form of dimensions and measures. Precise classification is done on the basis of the functional subject areas. The software is quite comprehensive in nature and covers areas pertaining to the retail and corporate banking- they include Loans, Deposits, Trade Finance, Financial Profitability, Customer, Treasury, etc. The software has a prebuilt and available data model which serves as the ‘Data mart for Analytics Comprehensive UDB’. It finds out the aggregated report metric to fine granular data up to the account level.
Our software solution is more than a reporting solution and offers a number of advantages in streamlining various processes such as that of auditing, tracking the performance of business functions; governing the organization etc. the software assists the banking institution to fully comply with the requisite set of activities they have to perform such as submission of set of compliance reports to the Central Bank at a regular interval minus any manual intervention. Our ADF Reporting Solution consists of Entity Model based approach which assists the banks in complying with these guidelines. The process of extracting data from different sources/system is optimized and submission of all the important reports including the submission of the central bank statutory report is also optimized. With the help of the software the submission of the reports become an automatic and an easy task as it consists of a XBRL (extensible Business Reporting Language)—which is a global standard for communicating and exchanging business information in the digital form.
The software facilitates one version across multiple reports referring to the same subject area and thus avoids confusion, triggering a faster business process.
- The software consists of a Data Lineage feature which traces the CDR contents with details of source systems and timestamp of extraction.
- Our software solution consists of a validation and reconciliation mechanism which makes sure that the reports are linked to the Financial Books to get a better understanding and arriving on the correct conclusions.
- The Banking software has a robust workflow system which is easily configurable. It facilitates workflow to schedule, adjust data and perform auditing etc. it also is equipped with the ability to track data and trace it back to the source/owner.
To increase the customer base, it is important to tap any potential opportunity. Efforts need to be made to convert maximum number of leads into actual clients. The knowledge the bank has about its customers has a great impact in its success and progress. Our BFSI solution empowers the bank to know their customers really well by capturing all the relevant information. The Loan Origination system helps the banks to keep a close watch on the customers who have availed loan from the banks. Business can be managed with great ease with our integrated software solution for the banking. Each step right from lead generation to the booking comes under the preview of the software along with the risk-taking activities of the bank.
- The software solution helps in taking caution during the process of pre-closing which is done with the help of built-in features that are used for ordering and review of searches, appraisals and title policies.
- It also helps in making better decisions for the organization with the dynamic rule configuration.
- The software quickens the operations as it is equipped with offline application processing capabilities.
- The software minimizes the risks associated with credit evaluation and structuring, including interface with external agencies for credit scoring
Increasing the customer base will mean increasing the profitability of your organization. Customer acquisition and customer retention are very important for the survival of a business. To attract customers and maintain their loyalty, the organization should first focus on improving every business process along with the customer engagement processes. This can be achieved with the help of our integrated software solution that provides a system which facilitates a seamless integration among all the processes pertaining to the customers. For instance, our Cash Management module, manages bulk payment and collection transactions easily.
- The software manages all processes by automating them and improves them considerably.
- The software manages the payments in the form of Demand Draft, Clearing, RTGS, ECS, NECS, CTS.
- It is equipped with the capability to handle high volume transactions easily leaving no scope for manual intervention and further any human errors.
- The solution automatically calculates maintenance charges at different levels.
If payment realization is not done on time it simply means that the inflow of the income will also be delayed. So, a vigilant eye should be kept on each amount incurred. In fact, every business transaction should be tracked and monitored closely, so that optimization can be achieved. Our solution helps in achieving just that. The software puts an effective process in place pertaining to processing, payment instruction and receipts.
- TIt helps in the improvement of the processes by automating them.
- It streamlines the work flow ensuring that payments, reporting etc, are done in a smooth manner.