One of the most critical pieces of technology that banks use today is banking management software. As the banking industry continues to evolve, it is becoming increasingly important for financial institutions to leverage technology to improve their operations and deliver better services to their customers.
If you’re a banking professional, you know how important it is to stay up-to-date with the latest software solutions. Outdated or inefficient treasury management tools can hold you back, making it difficult to deliver optimal services to your customers.
In this blog post, we will introduce you to the top banking management software for 2023, offering you insights into the most innovative software that can help you manage your bank’s activities more effectively and efficiently.
The Top 15 Banking Management Software for [2023]
Turnkey Lender
TurnKey Lender offers Unified Lending Management (ULM) solutions and services, automating the entire lending process, from loan applications to compliance reporting, using deep neural networks and machine learning algorithms for unmatched credit deciding accuracy and security.
Turnkey Lender offers immediate use after purchase, which allows users to start lending right away. Precise credit risk assessment is a key benefit of using Turnkey Lender. The software can be used for online lending, in-branch, or by doorstep loan agents, making it a versatile tool.
Turnkey Lender comes with built-in credit risk management, including integrated scoring and adjustable decision rules. The modular structure of the software allows for additional modules to be added as needed. The user interfaces for originators, underwriters, collateral and servicing managers, and collectors are extremely intuitive. Built-in integrations with credit bureaus and other data sources make data management and analysis much easier.
The software is available on the cloud or on-premise, giving users flexibility. Turnkey Lender automates all stages of the loan life cycle, from loan application processing and underwriting to collection and portfolio reporting.
Turnkey Lender is designed based on proven industry practices used in leading digital banks and is offered as an out-of-the-box solution.
Pricing:
- No pricing info
Online Check Writer
Online Check Writer is a cloud-based software that allows businesses to manage payment processing, accounts payable and receivable, and financial operations on a unified platform.
The platform lets organizations create and print checks using a drag-and-drop interface and receive payments through real-time automated clearing house (ACH) transfers.
Online Check Writer enables enterprises to print multiple banks’ deposit slips, track their status, and reconcile data automatically. Users can create and share custom invoices with clients through email and receive payments using one-time links or HTML forms.
Accountants can also aggregate data from different banks and gain visibility into checks and deposits through automated statements.
With Online Check Writer, businesses can generate reports for check drafts, cash expenses, deposits, and other financial transactions, categorizing the data by payees, bank accounts, categories, or other criteria. The platform integrates with third-party applications such as QuickBooks, Zoho Books, Zapier, BitPay, and more.
Pricing:
- Business – $49.99 billed monthly
- Premium – $499.99 billed monthly
- Enterprise – Custom plan starting at $999/month
ProcessMaker
ProcessMaker provides a Business Process Management (BPM) and workflow software solution that can be implemented either through cloud-based online deployment or on-premises installation.
It aims to improve efficiency across the build, run, report, and optimization of business processes and includes a drag-and-drop BPMN 2.0 Process Designer and a Dynaform Designer for easy web form composition.
Basic and customizable advanced dashboards visualize KPI data, while REST API support allows developers to extend integration and interaction with third-party apps.
ProcessMaker offers mobile apps for iOS and Android, providing online and offline forms access and native features such as personal and group inboxes, form auto-saving, case search functionality, and specific fields for mobile form creation, including finger signature capture, barcode scanning, and geo-tagging.
Pricing:
- A 30-day trial is accessible, after which pricing is as follows:
Standard: Starts at $1500 per month
Corporate: Contact ProcessMaker for corporate pricing information
Enterprise: Contact ProcessMaker for Enterprise pricing information
Tipalti
Tipalti processes over $30 billion annually in international bank transfer remittances for more than 4 million suppliers, serving customers such as Amazon Twitch, Amplitude, Roku, Roblox, Zumba, GoPro, GoDaddy, PubMatic, Seeking, ClassPass, Toast, Automattic, Alpha, Twitter, Zola, Zipline, Discord, Canva, and Foursquare, Headspace.
With Tipalti, paying suppliers worldwide in various currencies and payment methods is effortless, as it automates the complete global payables operation and reduces the accounts payable process management workload by 80%.
The platform reduces tax, regulatory, and financial control risk, accelerates financial close with real-time payment reconciliation, generates revenue with early payments, and improves supplier relationships.
Pricing:
- The platform fee for Tipalti Express begins at $149 per month, and the pricing is scalable, adapting to the company’s growth.
- Additional features, such as W-8 tax forms, international tax IDs, or multi-entity payables, can be added with ease as users require them.
AP Workflow Automation
AP Workflow Automation is a software solution designed to help businesses manage their accounts payable processes, streamline approval workflows, and generate invoices. The platform provides automated business rules and targeted controls to eliminate manual accounts payable operations.
The platform enables administrators to generate invoices and credit memo receipts, secure business information in a centralized repository, and generate accurate data for financial reporting. The software also provides supervisors with the ability to configure role-based access permissions for staff members to control documents on a unified interface.
AP Workflow Automation allows stakeholders to gain insights into read, changed, and modified information across stored data to ensure compliance with regulatory and industry requirements. The software also provides real-time access to files that can be routed, tracked, and accessed on mobile devices.
Pricing:
- AP Workflow Automation is free
CurrencyXchanger
CurrencyXchanger is a software designed to help small to medium-sized money exchange businesses, financial institutions, and travel agencies manage multi-currency accounting, reporting, auditing, multi-currency POS, CRM, compliance, and more.
CurrencyXchanger offers different editions including Point of Sale, Business, and Pro. The POS version is created for small kiosks and stores that only work with and receive cash and travellers’ checks.
The bank budgeting software provides advanced currency rate calculations, transaction ticket printing, customer record keeping, currency denomination tracking, end-of-day cash reconciliations, and more.
The Business Edition of CurrencyXchanger is suitable for larger or growing exchange stores that provide check cashing, bill payments, and money transfer services to clients such as currency wholesalers, banks, and credit unions. The Business Edition supports auditing, bank reconciliation, reporting, and more.
The Professional version offers all the same features as the Business Edition, plus some functionality for specific online money remittances.
Pricing:
- $120/month (prices can vary depending on your business needs)
The Nortridge Loan System
Nortridge Loan System is a platform designed for loan servicing and origination, assisting lenders and loan servicing organizations in managing, tracking, and servicing loan portfolios.
The cash management platform provides customer relationship management, origination, servicing, and collections modules, as well as modules for multi-book accounting, participation, escrow, and a client web portal. Users can originate, service, collect, and report on a variety of loan portfolio types.
Nortridge supports multiple lines of loan products and different loan types and allows users to select between interest methods, accrue on any preferred day, and set interest rates and payment periods with automatic late fees.
Users of Nortridge can schedule predefined standard reports with filter criteria for sorting and selecting data and save the parameters for another report. Dashboards provide pie charts, bar charts, and geographical charts to view important metrics with all data synced in real time.
Nortridge allows users to automate loan processes and improve business procedures by configuring workflow rules for employees. Nortridge provides the option to plug in a credit scoring engine to pull credit data and get credit profiles from prospective borrowers from credit bureaus and alternative data sources via API.
With Nortridge Loan System, users can establish loan origination workflows that include various features such as online application, automated loan document generation, smart disbursement, auto-decisions, and more.
The integrated collections module allows users to see all pertinent information about delinquent loans or borrowers on a single, customizable screen.
Pricing:
- Plans start at $1,000 per user. This includes credit bureau reporting, ACH processing, address verification, and many other features at no extra charge.
Tandem Software
Tandem is a cloud-based solution that helps financial institutions of all sizes manage auditing, business continuity planning, risk assessment, social media, and vendors. The platform provides role-based access and custom workflows using built-in programs.
Tandem includes an automated cybersecurity assessment tool that identifies potential risks and evaluates security measures. It also offers optional peer analysis functionality for comparing results with other financial institutions and downloading reports for comparison.
Tandem’s identity theft prevention module enables users to create and implement customizable programs with a broad list of red flags and downloadable reports to help detect and prevent identity theft across the organization.
Tandem provides an integrated testing tool to help institutions train their employees to recognize and avoid phishing attacks, thereby enhancing their security against cyber threats.
Additionally, users can create landing pages to educate their employees, review analytics, and download reports. Tandem also offers policy creation, internet banking security, and compliance management tools.
Pricing:
- No pricing info
Temenos Transact
Temenos Transact is a cloud-based and on-premise bank compliance software that allows banks and credit unions to create and deploy financial products, securely process transactions and manage accounts and deposits on a centralized platform. The platform features data visualization, user management, secure login, and credit checks.
Temenos Transact helps banks manage business processes associated with customer onboarding, product origination, and task assignments. Its embedded analytics module enables managers to determine customer engagement strategies and promote profitable products using financial models, including fund transfer pricing and activity-based costing.
Utilizing the collateral management and secured and unsecured lending capabilities of the platform, small banks can process loans efficiently.
Temenos Transact offers seamless integration with various fintech platforms, such as Apiax, Callsign, Circit, Edgelab, essDOCS, Iovation, and Plaid, among others, via API-based integration.
The AI-powered application enables banking professionals to capture, authorize, and submit both international and domestic payments, suggest optimal routes of money flow, and offer personalized payment services to clients at the account level.
Pricing:
- No pricing info
Open
Open is a cloud-based bank compliance management software that provides a unified portal for startups and small to midsize enterprises to manage payments, virtual accounts, cash, invoices, taxes, expenses, and other related tasks.
The platform includes payroll management functionality that tracks employees’ attendance and leaves, creates payslips, and analyzes reports for reference.
Open enables organizations to generate eBills and good and service tax (GST) compliant invoices, monitor accounts payables and receivables, profit and loss statements, and cash flow reports.
The application allows accounting professionals to send invoices to clients with integrated payment links, track the status of payments, and accept payments via various modes. In addition, users can manage bookkeeping, customer payments, and financial reports using the Open platform.
With Open’s cash management feature, administrators can share invoices, credit notes, estimates, and cash memos with customers and vendors, send automated payment reminder emails, and obtain comprehensive insights into cash-in-hand and cash-in-bank, all from a centralized dashboard.
The platform also monitors multiple transactions and automates single or bulk payments via integration with payout APIs.
Pricing:
- Solo – Free
- Startup – $7.87/month or $21.65 by quarter or $78.72 yearly
- Growth – $11.81/month or $32.80 by quarter or $118.08 yearly
Plaid
Plaid is a technology platform that connects users’ bank accounts to applications for various purposes, including account authentication, balance checks, identity verification, income and asset validation, and more. It supports thousands of financial institutions in the US and Canada, as well as business and consumer bank accounts.
Plaid’s Auth solution enables instant authentication of bank accounts for ACH payments without requiring microdeposits. The Balance solution provides real-time current and available balance information, historic balance data, account type, and status information.
The Identity solution verifies user identities against bank records to prevent fraud, allowing administrators to check email and mailing addresses, phone numbers, and names, and auto-fill forms with account holder information.
The Transactions solution allows users to pull transaction data for the past 24 months, including geolocation, category, and merchant information, for both pending and completed transactions. The Assets solution verifies borrower assets from bank records and generates reports in JSON and PDF formats.
The Income solution validates multiple income sources, including pre-and post-tax income from the previous and projected years, and employment information in real-time.
Pricing:
- No pricing info
Fraud.net
Fraud.net is a cloud-based enterprise risk management suite that uses artificial intelligence and machine learning algorithms to detect and prevent identity fraud across various sectors, including retail banking, eCommerce, government, hospitality, and travel.
It includes a workflow engine to automate repetitive tasks and review transactions to auto-trigger countermeasures across anomalies.
Fraud.net provides data mining capabilities to collect data from various sources, discover actionable insights, and reduce financial risks. The device shield platform verifies website traffic, users’ devices, identities, and orders in real-time using biometric scoring, bot detection, dark web intelligence, and device fingerprinting methods.
It also offers analytics and reporting tools to visualize data insights, opportunities, and risks to improve decision-making.
Fraud.net allows integration with external vendors and services using third-party APIs and prevents fraud across various areas, including loans and credits, payments, gift cards, account takeovers, chargebacks, and loyalty programs.
Pricing:
- Usage-based pricing with volume discounts.
- Flexible subscription plans.
- Free onboarding and support are available.
Wooqer
Wooqer is a one-stop-shop application that enables businesses and teams to digitize paper, excel or informal workflows, train people, share ideas, and make informed decisions.
It equips operations leaders and digital champions with the necessary tools to control business operations with no dependencies, from a simple start-of-day checklist to extensive workflows like new store openings.
Trending Apps (check for 1000+ Apps on Wooqer Marketplace):
- Reopening SOPs (Bundle)
- Everyday attendance monitoring at site and off-site.
- Daily Employee health tracker
- Visual Merchandising Audit
- Appointment booking at locations (Branches/clubs/stores)
Pricing:
- Free Trial
Help With My Loan (HWML)
Help With My Loan (HWML) is a bank loan management software that streamlines the frontend underwriting process for Commercial, Residential, Business, and Personal loans, automating the process for greater efficiency.
HWML’s AI yields automation and loan matching at a 95% proven funding rate. It gives brokers, banks, and consumers access to software syndicated with 300+ lenders to solve the problem of a low funding rate due to the fragmented lending process.
HWML’s AI cuts down financial analysis time by 80% and has funded over $450M+ with loans ranging from $100k-$50M. It is a full-spectrum lending platform that does not affect users’ credit scores.
Helpwithmyloan is a full-spectrum lending platform that does not impact users’ credit scores, providing a seamless lending experience.
Pricing:
- 99.99/month
NexorONE
NexorONE is a cloud-based platform that offers online banking solutions to a range of financial institutions, including private and online banks, eWallet providers, credit unions, and asset and trust management companies.
It supports 16 languages, has been deployed in over 40 countries globally, and offers customizable admin roles, a responsive interface, user groups, compliance rules, continuous updates, and APIs.
NexorONE is designed to support companies in creating an international presence by offering multi-currency, multi-lingual, and multi-region formats. It includes a private and secure internal messaging system that facilitates communication between financial institutions and clients, while also ensuring the confidentiality of customer documents.
NexorONE’s user accounts can be segmented to accommodate dedicated services, permission-based administrators, and fee management.
The bank compliance monitoring software is optimized for mobile and desktop devices, enabling on-the-go usage, and is fully compatible with all major web browsers. Additionally, NexorONE provides branding options that allow users to personalize the system with their own logo and theme.
Users and clients can interact through the platform to perform various tasks such as gaining an overview of their accounts, updating their profiles, accessing personal KYC documentation, transferring documents, messaging each other, and viewing their last login details on the screen.
Pricing:
- $15500 (one-time payment)
Criteria for Selection of Best Banking Management Software
It is crucial to have a list of new banking software requirements so companies can prioritize the most important tasks that the software needs to achieve. This will prevent the company from overlooking any crucial points and help to maintain focus on the most strategic business points from the outset.
Having a clear idea of what you want the banking contract management software to accomplish will maximize ROI and minimize the risk of selecting the wrong banking software solution for your needs.
This part will discuss the fundamental priorities that banks should focus on when selecting banking software to help ensure that the right decision is made in the buying process.
Criteria #1: Advancement of Personalized Experience
Offering personalized solutions is essential for effective client management, and it is important to build a strong relationship with each client as an individual.
All client interactions should be personalized, with consistency across communication channels, no matter where or when the client engages with the bank.
When choosing banking software, it is important to consider the ability to support current and future communication channels and processes to ensure long-term success.
Criteria #2: Improvements in Digital Safety (Without Disturbing the Buyer’s Experience)
Banks face an increased risk of information theft through hacker attacks, and they must step up their security game and prioritize the protection of classified client information.
One of the top priorities for future software omnichannel solutions is unified authentication across all channels to manage digital risks effectively.
Security is critical when purchasing any type of bank cash management software, from BPM to digital customer onboarding solutions. However, it is also essential to consider user experience throughout the process.
While it is important to enhance security levels, it is also essential to prioritize user experience to ensure that humans can use the solutions effectively.
Criteria #3: Adapting to the New Technology Trends
In order to win over new clients, banks must demonstrate advanced technology to build loyalty with potential clients.
Investing in advanced banking technology may not yield immediate returns, but it is one of the most important strategies a bank can employ for long-term success.
Criteria #4: Banking Software Architecture
To provide clients with personalized services and improve banking operations, banks need to constantly innovate through technology. Therefore, choosing the right software architecture is a strategic decision in order to innovate services.
Criteria #5: Banking Software Support
Due to the growing demand for digital services, banks have had to significantly improve their business in order to provide efficient services online. Some have been able to tailor their services to customer needs, while others were not prepared for such scenarios.
Paying attention to future software support levels is a crucial part of a successful IT investment as the support is more important than the price of the software.
Criteria #6: Price
When considering the total cost of ownership (TCO), the price of the software alone is not a decisive factor in the decision. The total cost includes other expenses such as technical support, training, and administration costs.
Calculating the TCO is important as it reveals the true cost of the software after factoring in all expenses.
The cost of owning and using banking software includes not only the price of the software but also the costs of training, maintenance, and support, which can be significant.
The technology used in software products can also have a significant impact on the cost, as features such as online updates, ease of installation, and changes in regulations all affect the overall calculation of software costs.
Criteria #7: Localization
Localizing software is crucial in adapting it to the law, culture, and language of the end-user demographics. It goes beyond mere translation and includes changes in design and UX that enhance user experiences. A failure to localize software may render it unusable for your business.
Software localization is a necessity for companies looking to distribute their software globally, as it ensures compliance with local policies and laws. Without it, products may not have the same impact on international users as they do in their country of origin.
Localization helps avoid these traps and ensures that products are marketed effectively to audiences in other countries.
Merits of Banking Management Software
Simplicity of Use
The software simplifies banking for both banks and customers, providing easy-to-use functionality such as email messaging, and the production of statements, and reports via integration.
Reduction in Cost of Operation
It reduces the need for a large workforce at each branch to run operations professionally.
24/7 Availability
Banking software allows customers to make transactions around the clock, accessing their accounts from anywhere in the world for easy transactions.
Multi-Banking Features
Advanced banking software offers multi-branching and multi-banking operations, such as PHP Transaction Banking Software, PHP Retail banking software, and PHP Corporate banking software.
Secure Transactions
With double authentication and encryption of data during transfer, banking software offers secure transactions online, providing protection against hacking and filtering network traffic with firewalls to prevent malicious attacks.
Support for Multiple Accounts
Banking software enables users to open and access multiple accounts, including money market accounts, IRA, and health savings accounts, and manage their investments, stocks, bonds, and insurance online, providing an all-in-one banking solution.
Immediate Transactions.
Banking software applications facilitate immediate transactions, allowing businesses to take advantage of every opportunity without worrying about statements or holidays.
Common Types of Banking Management Software
To ensure smooth operations and maintain compliance, banks use a variety of management systems, with the most common types including the ones mentioned below:
Core software – One of the most important types of banking management software is the core system database, which provides information on loan and deposit accounts. It calculates interest owed to depositors, tracks payments, and generates executive reports.
Document preparation software – Document prep software is used by banks to create new account and loan documents, saving time and providing uniformity to the lending process. It also helps ensure compliance with federal and state regulations.
Document management software – Document management software simplifies the storage and retrieval of important information, saving banks time, space, and money. It also helps with compliance by allowing electronic files to be purged after mandatory retention requirements are fulfilled.
Underwriting software – Underwriting software streamlines the collection and analysis of applicant data to enable banks to make informed lending decisions.
Teller platform software – Teller software is used by tellers to access client accounts, process deposits, cash checks, and balance cash drawers.
Compliance management software – Compliance-related apps help banks collect and prepare data for reports such as federal call reports and Community Reinvestment Act (CRA) reports.
Customer relationship management CRM software – Bank CRM programs are designed to help with loan origination and application processing, and can also identify targeted customer lists for advertising campaigns.
Invest in the Right Banking Management Software
Investing in the right banking management software can help you optimize your operations and provide better services to your customers. Take the time to explore each of the software options we have presented and assess which one aligns best with your bank’s requirements and goals.
As you consider the different software options available to you, you are encouraged to keep in mind the various criteria that are discussed in this post.
By carefully evaluating each software’s security, scalability, user interface, integrations, and customer support, you can make an informed decision about which software is best suited to your bank’s unique needs.
