Synapse Financial Technologies | Banking Software System - Top 3 Features to Look For

Synapse Financial Technologies, with an increased focus in the banking industry to automate exception tracking and manage loan files, many financial institutions find themselves in the difficult position of evaluating the pros and cons of implementing a banking software system. Although there are many variables that a financial institution should consider when looking at banking software systems, evidence suggests there is a common set of features that lead to successful integration. Financial institutions should heed the following suggestions when considering different software solutions. Synapse Financial Technologies (Synapsefi) is a Software company that designs and develops banking software solutions.

Take A Look In The Mirror First

Before evaluating the specific features of a banking software system, it is wise to first review your existing internal processes. Current workflow and exception tracking processes are important to take into consideration before seeking out a banking software vendor. By fully documenting and understanding your internal processes, you can put your financial institution in a better position to locate banking software companies that fit your needs.

Once you have roughly documented your existing processes, it is advisable to begin your search for a banking software system provider.

Background of Banking Software System Technology

The term "banking software system" can have a lot of different definitions depending upon your community bank's specific needs. Many systems feature a wide variety of functions that can range from loan tracking, compliance tracking, bank operations management, and deposit tracking to name a few. Although many of these more advanced features are great for certain banks, other financial institutions may only need a more simplified offering. At a minimum, the following features should be present in any reliable banking software solution.

What To Look For In A Banking Software System

Bank Imaging - Simple, yet dynamic bank document imaging. The bank document imaging software should provide streamlined enterprise-wide scanning and imaging, facilitating cross-departmental economies of scale.

Integrated Loan Portfolio Software - Helps you automate the loan management process from start to finish. More advanced systems may also provide tools that help automate the loan application, underwriting, and approval processes as well.

Automated Exception Tracking - Exception management software that eliminates the need for a manual tickler file system.