Top 10 Banking Software: Ratings and Reviews

When it comes to finance or accounting, then banking stands to the first place. It is the industry where all the processes are connected with finances and accounts. In order to ease the task of accounting in the banking industry, many popular IT companies are offering best-in-industry accounting software. But, when people decide to purchase one, they get confuse with the wide variety of available solutions. To help you with your confusion, Virtuous Reviews – one of the leading business platforms have come up with best accounting software for banking proposed over the internet.

By analyzing all the attributes associated with bank accounting, Virtuous Reviews have arrived with the best results. Our unbiased reviews and ratings help individuals to generate an insight into their subscribing decision. Our detailed information about all products enables you to take the best decision for your customers. Overall, we provide a FREE platform for both business owners and users, as owners get the feedback from their customers and users are benefited in their informed decisions.

How to choose the best banking accounting software?

Accounting software for the financial sector automates the most tedious and error-prone tasks, which in turn increases accuracy, efficiency and overall customer experience. As with any software purchase, you’ll want to evaluate what you currently own, and then consider your specific needs such as billing, customer relationship management, number of users and specific features offered by the program.

When evaluating banking accounting systems, buyers should also consider the following:

• Do your customers need a Web portal for online banking?
• Do you need to integrate with other banking and insurance systems?
• How many customers do you have?
• How are you managing customer relationships?
• Do you need robust billing and/or deposit management capabilities?
• Do you have a large number of delinquent accounts to send to collections?
• Do you deal in multiple currencies or operate internationally?

Features:-

• Integration with banking & insurance systems - The most advanced systems incorporate the accounting with the banking features and functionality.
• Financial reports - Financial services accounting software can print the wide variety of reports used within the financial sector. Examples include income statements, trial balances, balance sheets, fund positions, audit trails, account roll-ups and profitability.
• Commercial billing system - Banks and other financial institutions are usually dealing with a large number of customers, each billed at different rates and often on an automated/recurring basis. Therefore, the billing function for a lending company needs to be highly accurate and highly repeatable, setting the user up for each stage of the lending process: targeting and prospecting; engineering the deal; daily operations (including billing, deposits, collections/recovery and interest rate adjustments) and refinancing.
• Customer relationship management - Leverage customer relationships for cross-selling and improved customer support. Key CRM features include complete customer profiles, relationships, mailing instructions, demographics, verification data, customer notes and more.
• Deposit management - One of the banking industry’s biggest issues is how to balance flexibility and responsiveness against security and accountability. A deposit management system operates smoothly while still maximizing customer choices and accounting for standard deposit processing, transfers, special accounts (i.e., HSAs and retirement plans), regulatory support and even automated NSF processing.
• Recovery - To support cost recovery for past due accounts, accounting software have options like automated delinquency notices, reporting and letter generation. The more robust solutions automate these tasks even further, integrating with collections agencies and supporting cost control measures.

Benefits:-

• Effectively address regulations with flexible architecture to meet current and future reporting and calculation needs
• Streamline financial, statutory and management reporting requirements
• Specialist out-of-the-box package addressing the needs of banks to solve finance challenges
• Increase controls with access to detailed information from a single, central hub
• Deliver finance-quality information with cross-divisional alignment across multiple source systems
• Unlock financial insight by understanding the profitability of customers, products and other dimensions
• Handle vast transaction volumes by utilizing leading big data technologies including in-memory, in-database, and in-Hadoop processing
• Reduce the time and cost of finance transformation projects