ERP Software for Banking and Financial Services Industry
Are you looking for a banking and finance ERP software solution that can deliver real-time, actionable insights to your financial services company?
ERP For Banking and Financial Services Industry: Why It Is Important To Have?
ERP in the banking industry delivers an entire spectrum of agile banking and finance solutions and services. ERP software used in banks encompasses a range of small point-solutions to large-scale deployments with an integration of ERP in the banking sector. These service-enabled solutions transform banking and financial service institutions into modern enterprises, which adapt to accommodate new or upcoming business processes and expand easily.
Banking ERP brings ease to your feet with its key modules and features with all-time availability. It simply handles the complexity of the entire banking process with ease. Added security makes the banking ERP software an ideal solution.
As a result, it becomes essential to take the working method of the bank / any financial industry into consideration. After all, ‘money is everything’. Therefore, necessary measures must be taken in order to satisfy the security and efficient functioning of the banking sector.
ERP for Banks - Necessary?
There is no room for fault in the banking industry, therefore banking facilities need state-of-the-art systems to ensure seamless operation.
Integrated Banking Procedures
ERP is a single platform where you can monitor and manage the core banking operations 24/7. Banking processes can be integrated and information streamlined across all branches and departments effortlessly. Repetitive tasks like data entry or report generation can all be automated. Thus freeing up essential resources that can then be allocated to more important areas.
Improved Data Security
A cloud ERP system has multiple intrusion detection systems in place to protect all your data. ERPs now are also capable of monitoring all access points, improving overall security. Banks will have instantaneous alert systems through ERP and the admin will be alerted if suspicious activity is detected.
Low IT Costs
Moving from a legacy system to a cloud-based ERP with automated functionalities will reduce your IT budget considerably. The Total Cost of Ownership (TCO) is low compared to other systems because of reduced upfront costs.
Transparent Communication
ERP’s enable smooth collaboration between departments and colleagues because of efficient information flow. This ensures a disruption-free workflow which is key in the banking industry.
Key Features Of Banking and Financial Services Industry
At Multiview, we rely on our software development expertise and extensive knowledge to create an adaptable product that can serve the unique needs of the finance industry. Our financial services ERP solution provides much more than basic general ledger functionality. You get a comprehensive suite of accounting and operational modules that can support other business aspects.
1. Profit Tracking
A primary function of ERP financial management modules is profit tracking. The profit tracker will help provide a bird’s-eye view of the business’s overall financial health and financial resource utilization. Tracking your profits will show you where more profits are coming from and determine the return on investment for any buy.
2. Ledger Management
Ledger management is another fundamental function of ERP financial systems. A general ledger provides a thorough record of all financial transactions. It integrates with all of your other ERP modules, such as inventory management or customer relationship management.
3. Accounts Payable
Accounts payable will manage all of the funds your company owes to your vendors and other creditors. An accounts payable feature integrates your expense data with your purchasing system so you can take control of your cash flows.
4. Accounts Receivable
Accounts payable will manage all of the funds your company owes to your vendors and other creditors. An accounts payable feature integrates your expense data with your purchasing system so you can take control of your cash flows.
5. Fixed Asset Management
This solution tracks and manages all of your company’s tangible assets, such as manufacturing equipment, computers, company cars and office space. It will take into account depreciation calculations, compliance requirements and tax implications.
6. Risk Management
A great deal of business is ultimately about risk, and business leaders want to know that their organization is protected. Risk management tools can predict, analyze and manage crises.
7. Reporting
Analytics provide real-time access to financial data, which is crucial for maintaining your finances. The visibility helps you make data-driven predictions and decisions concerning your company’s finances.
8. Multi-Currency Management
If you have global clients, the ability to manage multiple currencies is critical. Multi-currency management automates the process of both buying and selling in foreign currencies. Currency conversion capabilities allow you to complete transactions in numerous currencies.
9. Tax Management
Tax management solutions store system taxation settings and provide tax audit and tax reporting functions. Leverage these settings across the system to provide a consistent collection of sales and VAT taxes.
Benefits Of ERP Software For Banking and Financial Services Industry
When a bank holds more than one office, it is crucial that effective communication is facilitated between these branches. People expect bank branches under the same financial institution to acknowledge their interactions. Advanced ERP software for the banking industry will integrate all branches under a bank and the departments under each of these branches, update the real-time status of transactions and facilitate streamlined workflow.
Secure Transaction
Bank exchanges should be handled with alert to basically dispose of any odds of incidents happening, for which Deskera ERP for banking can help with keeping up the client database unerringly, in this way guaranteeing secure exchanges.
Live Operation Following
With present day money keeping techniques, for example, Net Banking, Tele Banking, ATMs, and so forth. Monitoring all the operations is quintessential. Sage ERP for managing an account industry can persistently track every one of these operations with no mistake, keeping you refreshed constantly for better administration.
24×7 database
ERP arrangements are upheld by cloud servers, which safely store information, to be available as and when required. Not just it gives your business supervisors a chance to control the business forms better, yet in addition keep your clients refreshed for their record points of interest, up and coming billings and EMIs, and so on guaranteeing a consistent stream of the considerable number of procedures.
Investigation and Evaluation
Every business requires exact examination to design and strategize the work forms, which is similarly relevant for keeping the money area. ERP programming’s business knowledge gives you a chance to examine and assess the ideal loan fees, compliances, and EMI and bank charge rates to keep themselves upright in showcase.
Increased Data Security
An ERP system offers firewalls to lower the risks of data breaches. You will get one data warehouse and all access points will be easily monitored and security level will be much higher. It will be possible to restrict faster the access of terminated employees and give access to newly hired it outsones. An ERP system can detect unauthorized or suspicious activities as all banking activities will be available to the admin.
Reduced Operational Costs
An ERP system can also help you save on operational costs and cut down the budget. All processes are streamlined and monitored, therefore the eventual breakdowns or disruptions will be prevented or quickly eliminated. Addressing any occurring issues will be much easier and faster and this enables saving on operational expenditures.