Choosing banking software for your bank or credit union is a big deal for your institution, customers, and partners, so it is important to get it right.
You want all the functions that customers expect along with the security to keep information safe and the staff or support plan to deal with any unexpected issues. Looking at major concern areas can help you sift through the available software solutions and find the right one for your needs.
Institutional Needs and Considerations
The bigger your bank or credit union is, the more space and staff you can dedicate to finding and maintaining software solutions for both your institution and your customers. Smaller organizations will need to take the staffing and support needs of the available software options under consideration before choosing one. When looking for core banking software, for example, institutions with limited physical space may want to find a developer offering data warehousing and recovery services to use as a backup instead of having their own warehousing and support staff on-site.
Physical and Cyber Security
Not only does the cyber security of your banking software need to be top-notch, but the physical security of where the data is stored needs to be addressed as well. No business wants to be responsible for a breach of valuable customer information, but with banking, those breaches can more easily lead to fraud and identity theft. Before you purchase software solutions, it is a good idea to ask questions about the security systems involved and what you will need on your end to maintain them.
Service Delivery and Functions
Any type of new software system you are researching will need to deliver service quickly and effectively to users. This can help lines move more quickly as tellers access the core systems, can improve the accuracy of new account applications, and even provide customers a mobile portal for tracking balances and activities. The number of features available to users will need to meet expectations, but the experience should include reliable and fast service delivery. You can find this information through testimonials and reviews before buying software solutions and can ask industry contacts for recommendations.
Insurance and Software Licenses
In addition to the software solutions themselves, you will also need to have a license and insurance coverage for each one. The license shows that the software has been tested and that you have a legal copy, both of which can cover legal bases if something should happen. Your insurance plan should cover potential breaches by both external hackers and internal malicious actors and will usually have a cap on the types or amounts of losses covered. It is important to have insurance to cover your institution from software problems as well as to cover your customers, so you may have to have more than one plan.
When it comes to finding the right software solutions for your bank or credit union, there are a lot of things to research. You will need to consider the size and scope of your institution as well as what you need in terms of security, functions and licenses. You will also need the proper insurance plans and know the reputation of the solutions.
