Remember the time when bank-related activities were clubbed together and your father would make a trip to the bank once a month to take care of those activities. He would also withdraw cash for the entire month, and then hide it behind a false door in my mother's cupboard. He would distribute the money to various members of the house before hiding the rest.
The advent of the Internet, and online banking after that, stopped all this. Yes, the situation earlier has now changed and we all are very pleased with the convenience with which we can carry out all our transactions.
Every customer has their own set of needs and requirements, and every need of every customer should be met in order to call the software a success. Successful banking software have redefined the way in which a bank delivers financial services to their customers.
The advantages that they have been offering outweigh the few disadvantages that they come with. All companies that offer these software are working very hard to ensure that these disadvantages are all taken care of, and it is only a matter of a few years before everything will be all sorted out.
Advantages of Banking Software
Reduction in Cost of Operation
Banking software help reduce the workforce that a bank requires at each branch to run its operations smoothly. It is agreed that we will also have to hire a specialized IT workforce to maintain their website, but this is only at a centralized place.
The main advantage of banking software is that the customers can make transactions around the clock. They can access their account from any part of the world and make a transaction at their leisure.
Advanced banking software allows multi-branching and multi-banking operations.
With the software demanding double authentication from users, transactions made online are very secure. Security issues arise when a user's credentials are obtained by a hacker, but otherwise the software offer ample security against direct hacking, as the data while being transferred on the network is encrypted.
Support for Multiple Accounts
Unlike banks, where each officer specializes and deals with a single type of account, banking software allows a user to access and open multiple accounts, including open money market accounts, IRA, health savings accounts, and many more. Advanced software also allow the users to manage their investments, stocks, bonds, and even buy insurance online.
The only major disadvantages that banking software still pose are with dealing with security incidents and threats. However, to overcome this issue, only a little vigilance is required from the customers, who must ensure that they do not share their credentials with anybody, and memorize it instead of writing it down somewhere.
Further, strong alphanumeric transaction passwords should be used which should also be changed regularly. Also, while logging into the website, ensure that the site is genuine. This can be ensured by verifying the logo of the bank, the URL, and the encryption lock that appears at the bottom right hand side of the screen.
Banks have come a long way since they were initially started in the United States in 1791, and Internet banking has come an equally long way in the past couple of years. Technology has changed the way Americans obtain financial services.
But no matter how advanced the technology is, how many features a banking software can provide, or how convenient online banking is, the motto of all banks have not changed since the days of Abraham Lincoln, and banks continue to provide a safe, sound and a competitive system that will continue to support the citizens, communities and economy of the country.