Importance of ERP in the Banking Sector
The IT industry boom and globalisation has forced financial institutes to create global networks accessible from anywhere at any time. This huge umbrella network has opened the floodgates of information and it is here ERP solutions come into play.
ERPs transform financial institutes to enterprises fit for the present day by introducing agile banking. It makes them fit for modern business practices and helps them expand into new territories. They also reduce the pressure of data management among other things.
The major benefits of an ERP in the banking sector are:
- Secure Transaction:
ERP ensures utmost security in both transfer of funds and information, without compromising on flexibility. By integrating biometric technologies with accessibility protocols ERP solutions makes security fool proof.
- Real Time Monitoring:
monitors the different aspects of monetary transactions like internet banking, ATMS, cash depository machines, tele banking and much more. Any discrepancies will be notified and rectified.
- Analytical Accounting:
Analytical Accounting is used to fully automate financial institutes like banks by linking all undertakings involving cost and revenue. Every transaction/activity generates logs and these logistics reports are analysed to create better business and expansion strategies.This module can further be linked to project management, contacts and various other departments/modules for flexibility and efficiency.
- HRM and CRM:
These two are staple modules of every ERP and both are used to reduce human errors and reduce cost. HRM or Human Resource Management as the name suggests, is used to manage the employee salaries, work shifts, hiring, leaves, incentives and much more. CRM or Customer Relationship Management deals with client facilitation, queries and complaints.
Zinfog Codelabs provide ERP service solutions for a wide variety of industries including banks. You can try out our products for free before buying them or you can contact us by clicking here.
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