Financial Services Software

Financial services software is focused on common use-cases in the financial and banking sectors. You will find solutions that assist in the task of stock trading, financial analysis of companies, while some products are designed to support other mission critical segments within the financial services industry. Other solutions cover insurance and risk management, as well as security and contract management. Software products designed for financial services companies often help automate certain repetitive tasks, such as, invoicing, budget structuring, document management, payment processing and financial contract management using digital signatures.  Read the full software guide...

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What is Financial Services Software?

Financial services is a term that holds strong significance for businesses. It encompasses more than just deposits, loans, and investments. It also deals with securities, financial transactions, financial management, financial assets, and budgeting, among others. Basically, it focuses on all the factors involved in business finance.

While many companies often hire financial services providers or organizations, many others prefer to get their own financial services software. Having such a solution provides access to a suite of technical capabilities that help manage financial matters. The tools in a financial services software solution are made especially for financial services providers, banks, investment companies, and loan offices.

What financial services software does is help businesses to manage financial matters so that legal and industry regulations are followed, customer relations are improved, and productivity is increased. This ensures not only better day-to-day business flow but also a recognizable advantage over the competition, especially those who are still focused on the traditional processes like spreadsheets and similar paperwork.

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Financial Services

Types of Financial Services Software

Financial services software is divided into several categories. The market is as diverse as the financial matters it works with. As such, there is a variety of solutions to fulfil the specific needs of any company or business. Generally, financial services software is classified into two categories: software that specializes or excels in a particular function and software that offers end-to-end solutions for an entire business.

Most financial services companies, however, focus on using the most common software types.

Customer relationship management (CRM) financial services software

This type of financial services software puts the spotlight on the customers or clients. Special marketing tools and solutions are used to help improve client value, as well as establish new and stronger customer relationships. This software works with deposit accounts, financial accounts, lines of credit, and investment funds, among others. It allows users to customize fields according to company needs.

Additionally, there are CRM financial services solutions that can be used by customers for monitoring and managing personal accounts. These are usually the ones that come with a self-service portal feature.

CRM financial services software solutions have a myriad of features including financial account management, contact databases, price quoting, lead and opportunity management, billing/invoicing, collaboration tools, sales pipelines, official document management, and mobile compatibility.

Marketing automation financial services software

Financial services marketing automation software is used to attract and generate interest in a company’s products. It automates communications and relationships and generates qualified leads. The features of this software include email campaigns, lead management, social marketing, SEO tools, drip marketing, engagement tracking, landing pages and web forms, and reporting and analytics.

Business intelligence (BI) financial services software

This software type is focused on companies that work with big data. It integrates into a system that’s already in place and then turns raw data into actionable data using certain analytical tools. Some of the common features of this financial services software type are predictive analysis, data mining, real-time reporting and auto notifications, data visualization tools, and relationship modeling, among others.

Apart from these three types, some companies and businesses also use enterprise resource planning (ERP) software. This, however, does not focus on financial management but on the resources of a company in general (like human resources and business management).

Also, financial services software can either be for business financial use or for personal financial use.

How to Choose Financial Services Software

Given the options available, picking a good financial services software won’t be easy. As such, it is important to determine whether the product chosen qualifies as a financial services tool.

There are two things that users need to consider: a financial services tool has to have features that are created specifically for businesses and professionals in the finance industry and a good financial services software must be capable of integrating other tools that can be used to manage data and help with financially-related tasks.

In addition to this, there are things to consider before choosing a financial services tool.

Reason for getting a new financial services application

Knowing why the business needs a new financial services tool is important in determining which or what type of software solution to choose. It is also essential to consider the specific advantages that new software can offer to the business.

Knowing the specific business requirements

Know every requirement the business needs, particularly in finance and technical terms. Are there technical constraints? What is the current technical landscape of the company or business? Getting answers to these questions is important in coming up with a good choice of financial services software.

Knowing everything about the vendor

Do extensive research about the vendor. It is essential to find one that can be trusted, so this should not be taken for granted. How long has the vendor been in business? What exactly does the vendor offer? How much information about the product can the vendor provide? How knowledgeable is the vendor about financial services software?

Choose value and quality over price

The value and quality of the product are more important than the price. As such, learn to focus more on what the product has to offer, what makes it different from the others, and do not dwell too much on the price. While it is completely reasonable to be financially practical, keep in mind that the cheapest is not always the best deal. Sometimes, it is more advisable to spend more because the value and quality are guaranteed.

Find and consider user reviews

In most cases, the most efficient financial services software solutions are the ones that deliver total customer satisfaction and have a strong market presence. This is why it is important to go through user reviews and consider what they are saying.

Benefits of Financial Services Software

Financial services software solutions offer a myriad of benefits to businesses, especially those that work with financial tasks on a daily basis. Instead of dealing with tons of paperwork and endless spreadsheets, everything can be done on just one platform. As such, work becomes more efficient. In addition to this, these solutions provide automation functionality, which means financial processes don’t need to be a burden anymore.

Businesses also enjoy many other benefits. Improved accuracy is one, particularly when one is dealing with large amounts of data. With the right financial services software, there is no need to worry about the credibility and accuracy of the data you receive. You are assured everything is in place and that quality is of the highest levels.

Financial services tools also help businesses to achieve regulatory compliance with ease. Since operations are more organized, profit increases and the company’s overall performance greatly improves. For many companies, this seals the deal as good performance and significant profit are two of the most essential characteristics of a successful business.

Common Features of Financial Services

2-Factor Authentication Adds an additional layer of security by requiring an extra step in the login process. Usually external devices are required for this or a text message with a verification code is sent to the user when trying to login.
API Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.
Batch Permissions & Access Control user or group access and permission settings for software or other systems.
BitCoin BitCoin support - a digital currency operating independently of a central bank.
Customer Management Manage customer databases and/or track outstanding shipments, payments and more.
Data Export Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.
Data Import Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.
External Integrations Integrations with other software products or platforms to improve efficiency and compatibility across systems.
Multi-Currency Support of different currencies for payments, accounting purposes, taxes, reports and more.
Multi-User Supports more than just one user account and generally allows for collaboration with colleagues.
Notifications Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.
PayPal PayPal support allowing for the transfer funds electronically or online payments.
Stripe Stripe support as a payment gateway allowing you to accept payments online and via mobile apps.

Latest User Reviews of Financial Services Products

Paul Hoogeveen
05 May 2020
"Pas op voor dit bedrijf"

Pas op voor dit bedrijf! Zij laten je eerst helemaal jouw systeem inrichten en er mee werken, om vervolgens een verhoging van ruim 2...

Clinton Peebles
08 May 2020
"SmartSimple GMS 360, Highly Configurable I..."

It is highly configurable to meet almost any workflow process. It has easy to use features that allow you to create workflows and p...

14 Oct 2020

The best thing about using Creditonline is the fact that it is an end-to-end integrated loan business management platform which help...

Kristopher Lopez
04 Jan 2021

Nothing... Company kept all of our transactions then rejected the payments that were processed with their organization. So they woul...

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