3 ways ERP software will revolutionize the banking industry

ERP in banking will make the operations super fast, safe and drain fewer resources.

The banking industry is becoming more and more dependent on technology. Today, people don’t visit banks to submit checks or take financial guidance. Instead, they rely on mobile applications to transfer money online and gain knowledge regarding financial principles. Thus, banks & financial institutions need to implement ERP software that can take care of everything, including:

a. Financial transactions

b. Customer interactions

c. 24/7 banking facility

The pandemic has made remote work a norm, and if banks don’t change accordingly, they will be forced out. 

This article will discuss the benefits of ERP in banking and why banks should implement them sooner than later.

1. How IoT-enabled ERP software will revolutionize the banking industry?

Internet of Things (IoT) is a term that embodies a network of interconnected devices. These include mobile phones, tablets, computers — fundamentally every electronic device that has a WiFi connection. As discussed above, today, people don’t have enough time to visit a bank now and then. Instead, they prefer banking through their mobile devices from the comfort of their homes. The benefits of ERP in banking are that it keeps all the records safely into the central database and facilitates secure financial transactions between IoT devices and the banks’ servers. 

2. How CRM-enabled ERP software will revolutionize the banking industry?

Today, every industry understands the criticality of developing excellent customer relationships. If a business lacks a vibrant customer base, it cannot survive for long. CRM-enabled ERP software will allow you to interact with customers 24 hours a day and 7 days a week. It also has a chatbot feature that provides instant solutions to customer queries. In case the chatbot fails to solve the query, it routes the problem to human agents. CRM-enabled ERP software also enables banks to categorize customers based on various parameters like:

a. Geography

b. Demography

c. Behavior

d. Psychography

e. Spending habits

f. Past purchasing pattern

g. Monthly/yearly income

This helps the bank brainstorm different offers for various customer segments and increase their monthly/yearly spending. 

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Also Read: How can ERP and CRM Integration Improve Operational Performance for your Business?

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3. How the cybersecurity feature of ERP software will revolutionize the banking industry?

Statistics show that there were more than 375 cyberattacks daily in India in 2020. And the graph is only set to rise. Cybersecurity has emerged as one of the most crucial capabilities in the 21st century. Scientists and researchers claim that quantum computing will revolutionize this field as hackers won’t be able to break encoded data. But there is a long way to go before that becomes a reality. Until then, ERP software is your safest bet as it provides access to authorized personnel — frontline executives, C-suite managers, vendors, suppliers, and distributors — only. Moreover, ERP software offers other data security features like:

a. Multi-factor authentications (MFA)

b. Weak-password checks

c. Placing a limit on failed login attempts

d. Prevents against account enumeration attacks

e. Generates new random session IDs after every login

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Also Read: ERP and Cybersecurity – What no one is talking about?

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How will Sage X3 help you to conduct safe banking operations?

Sage X3 has numerous features and modules that will simplify the entire banking process and allow you to conduct operations safely and accurately. 

Here are the key features of Sage X3 for the banking industry:

a. Track customer activity in real-time

b. Generate rich reports instantly

c. Brainstorm strategies based on factual data

d. Monitor ATM transactions 24/7

e. Solve customer inquiries instantly

f. Produce error-free results

g. Ensure data protection

Conclusion

The banking industry is rising rapidly. A significant number of people are opening their bank accounts and are using mobile banking services. But if you fail to provide them on-the-go safe financial transactions and solve their queries instantly, your customer base will shrink. 

At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in

Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.