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Banking technology solutions is a broad term for a range of technology solutions available to financial institutions. These solutions are designed to assist financial services companies with business functionalities through expert service, pre-built infrastructures, and web hosting. Rather than having to create everything from scratch, banking technology solutions allow banks and credit unions to start their digital transformation using the building blocks provided.
Banking technology solutions allow the financial services firms to interact with their client base through new avenues. By bringing banking systems online, financial institutions are able to serve their customers in a variety of ways that retail operating models cannot. This can be through the use of artificial intelligence (AI) to assess risk and automate tasks, or through Open Banking, which allows banks and customers more freedom for sharing data. Customers expect regulatory compliance from their banking and financial services, and the use of AI and machine learning (ML) can be used to improve efficiencies and enable risk management to ensure compliance with different regulatory bodies.
The use of different technological solutions ensures that customer experience is the top priority. Rather than spending time building solutions from the ground up, existing solutions can be leveraged to create an online presence that is tailored to the needs of the individual bank or credit union. This enables the institution to pinpoint what their clientele wants and focus on meeting those needs.
Banking technology solutions come in many varieties that can be implemented as needed. Some of the key solutions focus on: