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Information Technology in Banking and Finance Sector

Banking and Finance as an institution originated in late 18th century and primarily catered to the needs of the British. It is very difficult for banks to maintain database of customer by using old techniques of banking. The Banking Industry is going through a period of rapid change to meet competition, challenges of technology and demand of end users. The opening up of the country’s economy in 1991 almost correspond with the worldwide internet revolution. Technologies like e-commerce, NEFT, Web Software and Mobile applications are in common use nowadays which helps Banking and Finance services to give access to customer 24X7.

The earliest mobile banking and financial services were offered over SMS, a service known as SMS banking. With the introduction of smart phones (IOS-Iphone/Ipad, Android, BlackBerry and Windows) with WAP support enabling the use of the mobile web in 1999, the first European banks started to offer mobile banking on this platform to their customers.

 

Typical Web and Mobile Application for banking & finance services may include:

  1. Mini-statements and checking of account history
  2. Alerts on account activity or passing of set thresholds
  3. Monitoring of term deposits
  4. Access to loan statements
  5. Access to card statements
  6. Mutual funds / equity statements
  7. Insurance policy management 
  8. Financial Transaction Management
  9. Mobile Money Transfers & Management

Mobile banking is a system that allows customers of a financial institution to conduct a number of financial transactions through a mobile device such as a mobile phone or personal digital assistant.

Mobile banking differs from mobile payments, which involve the use of a mobile device to pay for goods or services either at the point of sale or remotely,  analogously to the use of a debit or credit card to effect an EFTPOS payment.

 

Why SharpWebStudio for Banking & Finance Software/Application Solution

In this Competitive scenario every organization needs good applications and web software to provide benefits to customers and access to customers. SharpWebStudio offers various IT services to serve the client’s interest at the best and have in-house expertise to deliver the project within the deadlines. Sharp Web Studio services have been segregated in various different verticals. Our dedicated Web and Mobile application development team has created financial record tracking system “Mobile Money Tracking” which got best innovation idea of the year in 2011 from Software Technology Parks of India. Rapidly, we are moving ahead to serve more to the industry.