Apps and Software

Best Software’s and Tools for Banking

By Gareth Robinson

Posted on November 9, 2021

The enterprise software that helps a bank to manage all the financial details and also helps in the management of the financial products that are provided by the bank to a person under their service is called Banking Software. There are many Banking Software and they are used by all the banks as it makes their work easier and faster. If the management of financial details and financial products would have been done manually then it would create a complete mess and would take too much time. Hence the purpose of such Banking Software and Tools is to increase work efficiency which leads to the requirement of less time to manage all the information.

There are two different kinds of banking systems one is retail banking and the other is investment banking and both of these systems require two different kinds of software to execute the jobs. In the case of the retail banking system, the banking software that is being used by the bank is most of the time the core banking software. By core banking software we mean the software that lets the bank do interbank service which makes the inter-bank networks easier.

Within the services provided in the investment banking systems the banking software that is being used for the purpose is different. The banking software used for investment banking basically refers to the software that is being programmed for trading purposes. This trading software that is used by investment banks within the investment banking system helps the banks to easily get access to the capital markets.

Categories of banking and the software used for the different purposes in detail

As we have already mentioned earlier there are two types of banking systems when it comes to banking software. Those two are basically retail banking and investment banking. We have already mentioned the uses of the software in them but now we will explain that in detail.

Banking Software for Retail Banking

Retail banks which are also known as commercial banks use the software which is programmed to keep the records of the transactions made by the customer of the bank to their account. They also help in managing the records and also keep count of the services related to finance that the bank is providing to its customers. This type of software is most commonly referred to as the core banking software. This kind of software used in the retail bank also helps the bank to connect to all the Auto Teller Machines, Payment networks, internet banking, and SMS-based banking. This software helps the customer to do transactions from any branch of the bank safely.

Banking Software for Investment Banking

The banking software that is used by investment banks is basically to execute the trading purposes. This kind of software is basically known as trading software. This is the software that helps them to keep in the record their client’s transactions and also their client’s accountants. This also helps to manage the trading desk of the bank. This kind of software makes it easier for the bank to keep connection with the financial markets that may be a security exchange and also to get connected to third party providers of finance which can be Financial Data Vendors.

The 13 Best Banking Software and Tools

Many software products are created for banking but just like any other product, there is competition amongst the companies that develop the banking software. This competition pushes the companies to make their platform better and this leads to the improvement of the software. In this competition, some were able to keep up and became the best whereas some were not able to keep up with the competition and then we’re lost in the market. So we are giving the list of the 13 best banking software that is widely used throughout.

The list of the 13 best banking software are:

BANC Mall

Features provided by the banking software named BANC Mall are as follows:

This provides the properties required for lending based on the internet that is internet-based lending and also the research tools required for internet-based lending which is very useful for loan administrators and officers.
It has an array system in which it stores a huge amount of data for online lending and research purposes.
This has a feature that helps it to provide a streamlined credit process.

B2 – Banking Software

Features provided by the banking software named B2 are as follows:

This software is the solution to all-around banking automation hence it allows the bank to expand its business up to a long range.
This software is programmed in a way that it can be used for purposes of both retail banks and investment banks which means the software is a core banking one as well as a trading one.
Helps the bank to be accessible to all kinds of payment systems.

ARMnet Integrated Banking software

Features provided by the banking software named ARMnet Integrated Banking Software are as follows:

This banking software increases the flexibility in the services of the bank by allowing the financial institutions to produce flexible automation services.
It increases the efficiency of the bank in the process of optimization of credit servicing and credit decisions.
It lets the financial institutions create a web portal that is dynamic letting the customers easily interact with the bank and hence increasing the customer retention rate.

Apex Banking Software

Features provided by the banking software named Apex Banking Software are as follows:

This is the best software for retail banking systems because this software provides solutions that are comprehensive for the financial organization for the processing of all operations integrally. Basically the most efficient core banking software.
This software proved the financial institutions with the most efficient accounting system which helps the bank to stay in compliance will all sorts of accounting and also reporting standards.
Besides the core banking solutions, this software also provides features of trading software for investment banking.

Alkami Online Banking Suite

Features provided by the banking software named Alkami Online Banking Suite are as follows:

This software helps the bank to view the record charts of the transactions.
The software lets the financial institutions search for financial data and export those data in need.
The software is useful for both retail bankers and business bankers that is it provides facilities for both retail banking systems and investment-banking systems.

Abraxsys

Features provided by the banking software named Abrasys are as follows:

This software is helpful for international banking because of its multi-lingual feature that is the information of the bank can be given in different languages.
The international banking software also helps in making the payments in different currencies that is it helps banking accessible for people all around the world.
This helps the bank to make loans more accessible which we call commercial lending and also lets the customer make a loan payment from anywhere.

Bank Communication System

Features provided by the banking software named Bank Communication System are as follows:

This banking software allows the banks with a wide range of banking functions that are needed to support CHIPS, DTC, S.W.I.F.T, and many more.
Makes the commercial lending system more efficient and easier.
The modules of this software work on IBM-based mainframes which helps the banks to support all kinds of services that are required.

BankMill

Features provided by the banking software named BankMill are as follows:

This banking software is the most efficient in keeping records of the centralized database that is really important for any financial institution.
This software also makes it easier for a bank to deploy singular applications.
This makes international banking easier by providing multiple languages and also helps in increasing the reach of the bank globally.

Capital Global Banking

Features provided by the banking software named Capital Global Banking are as follows:

This banking software is considered to be the banking solution universally as it makes the banking for customers and the bank itself more efficient in both investment and retail banking.
This provides features of private banking and also provides features of savings account opening as well as salary bank account opening.
This is the safest software for banking purposes because it is programmed to prevent the laundering of money and also for the detection of fraud.

Corniche

Features provided by the banking software named Corniche are as follows:

This is a banking software in which services are available for both private banks and offshore banks that is international banks.
This software provides all kinds of payment systems.
This software provides investment services as well as core banking services.

CoBis Microfinance Software

Features provided by the banking software named CoBis Microfinance Software are as follows:

This software allows the bank to do services of micro banking and SAACO operations as well.
Helps in the management of loans, savings, term deposits.

Moneyman

Features provided by the banking software named Moneyman are as follows:

This software is the safest for the deposit services that are management of savings.
This is efficient in keeping records of loans and cash investments.