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The banking and finance industry is vast and crucial in nature. Hence it is essential to manage every small part of the process. The main focus is to manage the database. For instance, if a bank has 1 lakh customers it becomes difficult to track their transactions and the services used by them. So, to keep their data intact banks use banking software that helps to provide and manage their financial products. Banking software is simply helping users communicate with a bank.

Designing, creating, deploying, and maintaining software for a specific user or organization is known as custom software development. Banking software consists of two types depending on the banking industry. For retail banks, it is referred to as core banking software and its interfaces which allow them to connect with the interbank networks. Investment banking is referred to as trading software that has access to capital markets. Banking and financial software can be altered according to the needs and requirements of the bank. It is because of the banking software that we can now avail of cash transaction services at any hour of the day.

Services such as ATMs (Automatic Teller Machine), online banking solutions, net banking, SMS banking, and so on, have given individuals a sense of ease. The adaption of QR code scanning to conduct a payment has also allowed banks as well as customers to remain stress-free when without cash. This software is modernized by monitoring the usage of customers regularly. Checking account statements, paying bills, and transferring funds are all these facilities done without visiting the bank branch. Investment banking software provides services over the internet. They are used as trading software to manage their client’s accounts. It provides services to start-up companies during their launch. They also act as a financial advisor for large institutes. They act as intermediates between a corporation and the financial market. This banking software helps traders to monitor their buying and selling activities. Doing so helps the bank develop good relationships with the buyers.

Mobile applications are designed to run on devices such as smartphones and tablets. It is also known as a web app, android app, or IOS app. A mobile application consists of limited functions as they have limited hardware resources. Mobile applications are divided into two categories, which are native apps and web apps. Applications that have a system co-ordinated user interface are native apps whereas web applications are used in HTML or CSS which require minimum device memory as they run through browsers. A custom mobile application is built as per your requirements and needs. Many businesses choose to customize their application as it helps them to uniquely display their product or services. It also helps them attract new customers and provide quality service to their existing ones. Apps are preferable as it improves efficiency and is tailored according to your working style. It also helps secure the data as it can reinforce your data security system. It is easy to maintain and helps in improving customer relationships. As it records digital files it helps in serving customers better by improving accountability.

Custom mobile applications can sit on top of existing databases and hence integrating them becomes easier. It helps you acquire information about new customers by simply adding a few forms. The ease of signing up for any service without being physically present acts as a bonus. As beneficial as a custom mobile application is, it is essential to consider a few elements to achieve the desired outcome. Nowadays your application needs to minimize battery consumption as users tend to uninstall apps that drain their mobile battery.

A consumer is attracted through good UI/UX design hence it is one of the key elements to be considered. It should also be tested on multiple networks so that customers of any country can find it easy to use. Data security is a must as it will be used by more than one person and so strong authentication is preferable. Responsive design is one of the latest trends for custom mobile applications known as progressive web applications. We can also add links to social media that direct the user/customer to the company page which shows more information about the company.

IT infrastructure refers to all of the components and elements that support a business and related functions for data and information, along with other services. It comprises data centers, data storage, data retrieval, network systems, and software. The primary focus of IT infrastructure management is on physical components such as computers and network hardware. There are seven major components of IT Infrastructure computer hardware platforms, operating system platforms, software applications, data management and storage, networking and telecommunication platforms, internet and consulting, and system integration services. The IT infrastructure within the financial services business support scope of complicated financial activities, such as funds management, insurance, and banking. These requirements of the business have supported maximizing IT infrastructure performance due to the broad-scale adoption of on-demand services implementation.

Good infrastructure helps in improved response time with proactive measures stemming from more agile processes. It helps to streamline the ongoing process. It benefits the reduction of system downtime. Reduced risk of downtime helps in better experiences for customers hence increasing loyalty. It reduces labour and costs as the data is automatically stored in the system. IT infrastructure is categorized into three parts which are systems, network, and data storage. System management includes the administration of all IT assets within the data center. Their activities include log management, workload automation, configuration management, intrusion detection and prevention, and so on. The executive who oversees these operations is known as a Chief Information Officer or Chief Technical Officer. Network management is an essential part of IT infrastructure as it ensures the resources are properly allocated to applications and services. It is also important for the IT operator to maintain a secure network to protect the organization against unauthorized access and data breaches.

Microfinance is a flexible and user-friendly service designed by institutions to provide financial services to unemployed and low-income individuals. It mainly includes small loans which help these individuals generate their own business, for educational purposes, and so on. The process of microfinance is as such:

Once the applicant has applied for a loan it is then verified by the bank. The verification process consists of checking if the applicant is eligible for the loan. After the loan is sanctioned, the amount is transferred to the bearer's account, and a sum of interest is charged on the loan amount for an allocated period. If the borrower fails to repay the principal amount and the interest the microfinance account is ceased by the bank. The benefits of microfinance solutions to institutions are it reduces the loan process time and improves cash management by providing real-time accounting.

A Loan against Property is one of the services which is offered by MFIs. In this service, the loan is sanctioned against a property/asset of the applicant. The asset can be either an owned land or a house or a commercial property. It acts as a security for loan repayment with the bank. It is considered one of the best options compared to any other type of loan. Easy to avail, long repayment tenure, low-cost EMI, and interest are some of the benefits of LAP. The loan tenure can be up to 15 years which provides an individual ample time for repayment. It has helped individuals with unforeseen medical expenses, children’s higher education and marriage, and so on. Many people have availed this service to start their businesses too. LAP is more reasonable than a personal loan as after paying back to the bank/lender, the individual can occupy his/her property.

A cheque truncation system or CTS is designed for faster clearance of cheques. It is undertaken by the Reserve Bank of India since 2010. CTS captures the date and name of the presenting bank along with the magnetic ink character recognition (MICR) data, then transfers the amount electronically. CTS discontinues the flow of physical cheques in its way of clearing. It helps streamline the cheque clearing process in a hassle-free manner. It is cost-effective and time-saving. As the data is stored in electronic form, it provides the benefit of data retrieval. It also helps banks to provide quality service to their customers. There is a low risk of fraud in CTS as it is a more advanced and secure way of transit.

The major advantage of the cheque truncation system in India is that it lessens the geographical restriction which benefits customers in rural areas. Earlier in India, if one had to transfer money it would take up to two to three days to complete the process. During this period, the fear of losing a cheque would create a void in the customer’s mind. CTS helped in avoiding such circumstances and transferred the amount on the same day irrespective of the location. This has helped the banks in gaining customers’ trust by providing them with a quality experience. 

An application that runs on the web server is called a web application. It is accessible through a browser with active network connectivity. The server is hosted by a third party or in premise by the financial institution. A custom web application is tailored according to business needs. As it is customized, usage of these applications is easy. It can be redesigned, evolved, and build as per requirements.

From online calculators to e-commerce stores, all services are available on the browser. The benefit of using a web application is that it allows users to access it on the go using multiple devices. There is no restriction or limitation on browsers. They don’t need to be installed. Also, it is available on various platforms.

Custom application development consists of two types simple and complex. The simple app is a static web app that doesn’t display a lot of content. It is ideal for smaller businesses. Large organizations use a complex app that requires advanced integrations to manage the data. While designing a web application, it is essential to understand a customer's and the service provider’s requirements. The customization of a web app determines whether it is simple or complex. The demand for custom web applications has risen as it enables service providers to stand out of the box by uniquely showcasing their services.

Fintech solutions are any technology platform that provide financial services through software. Online banking, mobile payments, and cryptocurrency all are a part of Fintech. It is a user-friendly platform created to make transactions simpler. It promotes the use of digital technology designed by start-ups. It helps them showcase their innovative products and services. They are designed in a unique way and help customers monitor and compare before purchasing.

Mobile payments are one of the most commonly used Fintech services. The majority of the population has adopted these methods as it is convenient. One can do payments just by scanning the QR code. The data of debit or credit cards are stored in the application securely. Insurance is another product available online. Surfing insurance online allows you to compare before purchasing. It gives numerous options with specified prices along with the benefits of purchasing. It acts as a guide and is available 24*7. Car insurance to health insurance is available on the internet.

For the majority of businesses, XBRL regulatory reporting is merely an essential for technical assistance, and is relatively given a little less prominence beyond that. But lately businesses have realised that a consistent XBRL regulatory reporting system when met with their scope of vision and interests can get work done faster in terms of both productivity and efficiency. There have been instances where this coincidence has greatly impacted the facet of internal communication and operations as well, thereby giving regulatory reporting more importance.  

Precisely, XBRL Regulatory reporting is a centralised system which facilitates businesses to keep track of tasks of the internal team and ensure smooth working. It involves submission of data to an authoritative figure to determine compliance with the organisation’s regulatory provisions. Every individual operating the system is responsible for their own reports and are solely answerable to their heads. Whether it’s the finance department, management, tax or health safety for equipment protocol, XBRL regulatory reporting is an integral part of a business.  

Every legitimate organisation conducts periodic external audits to ensure regulations and protocols are being followed and internal audits as well to determine rules are being adhered to.  

The four basic ways of XBRL regulatory reporting that can help an organisation eliminate the jargon that comes with the external and internal audits: -  

1) Processes and functionality - This system gives prominence to the legal procedures that come with every task an individual performs. From signing contracts to explaining terms and conditions, XBRL regulatory reporting encapsulates every regulation that needs to be taken into consideration thereby saving the business from any malpractice and lawsuits.

2) Handling complaints - When a complaint gets lodged, an employee has to fill out the necessary paperwork related to it and at the same time stick to the company guidelines. This process then turns into XBRL regulatory reporting.

With the rising complexity and the introduction of nascent updates and technologies, there also comes a wave of hassles like slow speed rate and loading of the websites and applications which can turn out to be very inconvenient and annoying for the user. This is where system testing services come into play.

System testing services deal with quality assurance of the updated software in the device for the operations to run smoothly. System testing is an integral part of running a software. It allows us to understand how the device works and helps us to use it to our advantage by installing applications, creating websites and using search engines.  The vital need for these services makes it an integral part of any IT project. Many tech savvy businesses, mostly IT and finance companies, are avidly implementing this service.   If there’s a glitch in transferring important data, sending a message or the working of the device, it leads to communication breakdowns. This could later prove to be problematic as miscommunication can cause faulty service and poor output. The speed of computing has fostered a culture where even the slightest bit of inconvenience like lag or buffering can cause discomfort and relentlessness in the users. 

To prevent this from happening, System testing services offer these key benefits :- 

1) Cost efficient - Faulty system can cost the company a load of money and time as they’ll need to recruit a professional developer. But with the implementation of these services, businesses can cut down the cost of these overhead expenses as software testing inspects and ensures smooth working of the system on a regular basis.

2) Boosts customer satisfaction - System testing results in client satisfaction which in return builds brand reputation and increases goodwill. With the surging competition in the market, it’s better to not test the patience of the customers and provide them with a robust software or device than a faulty one.