Banking and financial services are opting for digital and automation practices to improve customer satisfaction. Digital banking is the need of the hour due to the acceptance of IT technologies and globalization of financial activities and services. Banks and financial institutions need to bring their entire range of transactions and products within a centralized and automated system for efficient operations at all levels.

When it comes to managing entire banking and financial practices from one system, data management is the biggest challenge that an institution might encounter. It is where ERP software helps financial institutions to integrate their entire products and services on a seamless platform for centralized operation.

ERP in the banking industry delivers the concept of digital banking that covers an entire spectrum of solutions and services for efficient activities. Microsoft Dynamics 365 provides an entire range of solutions that any financial institution needs for business processing, consumer interaction, lead generation, and transaction. It also helps them to adopt new services, products, and processes for expansion in the future without affecting any core business activity.

Looking at the importance of data management and security, it is essential to create an ERP environment that focuses on:

• Secure transactions and exchanges by keeping up the client database unerringly.
• Real-time monitoring and processing for better administration of services such as Tele Banking, Net Banking, and ATM transactions.
• 24/7 database access from a centralized platform through cloud servers for better communication and execution.
• Record maintenance and evaluation of important business transactions and processes such as billing, bank charge rates, interest rates, loan fees, and compliances to keep everything upright and updated.
• Highest level of security and reliable workflows to prevent potential errors and inefficiencies.
• Multilanguage and multicurrency support for global financial services

When you look for all the possibilities of deploying an ERP system for your baking or financial institution, it’s better to be clear about the requirements, features, and functionalities that your business operations will need. You can customize and implement ERP software that best suits your current demand related to security, data processing, business transactions, and money control.

Regardless of which ERP software you choose for your banking network, you will get a system with different modules to implement within your existing business processes as per your requirements. Typical ERP software consists of the following platform to automate your banking services:

• Core framework that includes APIs, codes, and data processing methods.
• Functionality tools for process execution and administration.
• Finance management tools for managing business transactions, cash flow, investments, and risks.
• Staff management for hiring, training, and evaluating performance.
• Operation module for delivering core business services.

It is extremely important to identify the solutions and features that you want to implement in your existing system for automation and digital banking solutions. The overall scheme of implementing ERP software may look a bit complicated but an experienced ERP solution provider can help you with the implementation and integration of ERP for baking solutions as per your requirements.

Image Source: https://cloudblogs.microsoft.com/

Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner with offices all over GCC (Bahrain, Saudi Arabia KSA, Oman “Muscat”, UAE “Dubai”, and Kuwait), with domain expertise in Financial Services Sector Digital Transformation like” Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking.