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 are a variety of solutions to fulfill the specific needs of any company or business. Generally, financial services software has two categories: software that specializes in a function, such as financial planning software, and software that offers an end-to-end solution for the entire business.

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

Customer relationship management (CRM) financial services software

CRM 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. CRM 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 allow customers to monitor and manage their personal accounts. These usually 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 and invoicing, collaboration tools, risk management, 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, financial compliance, and reporting and analytics.

Business intelligence (BI) financial services software

This type of business intelligence software 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 include predictive analysis, data mining, real-time reporting and auto notifications, data visualization tools, and risk management, 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, such as human resources and business management.

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 what type of software solution to choose. It is also essential to consider the specific advantages that new software can offer the business. For example, a business owner with financial planning software in place will have improved efficiency in managing their organization’s expenditures.

Knowing the specific business requirements

Know every requirement the business needs, particularly in finance and technical terms. Are there any technical constraints? What is the current technical landscape of the company or business? Getting answers to these questions is important when choosing financial services software. Having an efficient solution is important for both large and small businesses.

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 and not dwell too much on the monthly fee. 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. If you're unsure which software is best for your needs, many solutions offer free trials for new users so you can try it before you commit.

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 manual processes, everything can be done on one platform. As such, work becomes more efficient. In addition to this, these solutions provide automation functionality, which makes financial management and compliance quick and easy.

Businesses also enjoy many other benefits. Improved accuracy is one, particularly when handling large amounts of data. With the right financial services software, the data you receive is credible and accurate. Many solutions also come with risk management capabilities for extra peace of mind.

Financial services tools also have compliance software capabilities to help businesses achieve regulatory compliance with ease. Since operations are better 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 Software