Banking involves its own typical set of technical prerequisites, operational challenges, complex data volumes, and security concerns to mention a few. The ERP software is no less than a one stop solution for most of these and other such similar problems.
Banking covers multiple activities such as lending services, deposits, and money transmissions. Most banks have large branch networks, sometimes even thousands of them, spread across the globe. They need to maintain strict secrecy about customer affairs, and follow stringent regulations.
ERP software applications help synchronize and integrate the widespread financial processes, human resource management, and support services. ERP software applications practically touch all functional areas that define an effective banking system.
It’s therefore, no rocket science to understand why ERP, with its open-architecture that can run on most hardware and operating system, use of common database systems, common resource planning software throughout the organization, is so popular in the banking industry.
Due to its rising popularity ERP software applications are being offered by many vendors in quite a competitively charged market. Here’s a list of the top 10 ERP systems used in the banking industry for several different purposes:
SAP: it is the market leader for Financial Accounting, ERP and CRM solutions. SAP is used mainly by top-tier banks, which effectively means only those institutions that can afford the cost of implementing such a high profile software system.
Oracle EBS: is one of the most widely used ERP systems in the banking industry. Oracle EBS and SAP dominate the market share with their highly process oriented and secure application flows.
Corniche: is specifically designed for the management of private banks, offshore banks, and other financial institutions involved in loans and payments. It provides multiple currency accounting, a back-office interface, merchant services, card services, payment interfaces and online banking facilities.
EBANQ: is an out-of-the-box mobile-ready e-banking application for small to medium sized banks and other financial institutions. EBANQ’s design is quite user friendly, both for administrators as well as end users.
Moneyman: is a cash management software for the small and medium business, either through brokers/agents or direct. It’s considered highly efficient for Church Development Funds.
CoBIS Microfinance Software: manages micro-banking & SACCO operations. It helps manage savings, loans, term deposits, and shares.
Cashbook: calls itself a multi-site, multi-currency, multi-lingual solution. It is a helpful application that assists finance departments to perform daily tasks, thus reducing operational time and increasing productivity. It is also an essential tool for many companies who are looking to implement an effective Corporate Governance policy.
LeaseWave Suite: is an end-to-end browser-based lease and loan management system. It’s main aim is to support the entire lifecycle of leases, loans and assets. The LeaseWave Suite comprises of both front-end and back-end functionality and assists in streamlined integration and interaction between all potential parties in the leasing process. This includes vendors, lessees, brokers and funding sources.
TEMENOS T24: is a 24-hour real-time banking application that provides multiple application server support to a number of users.
zeb.control: is a product range that provides the technical support for managing and processes a variety of tasks, which include financial controlling, risk measurement and monitoring, accounting and value management.
There are many more such striking ERP systems out there, waiting to be customized to your specific banking requirements, and making you a leader in the world of banking.