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Every day, banking, mortgage, and financial services industries handle sensitive financial data for a large number of customers. Software designed specifically for the financial industry provides additional security and levels of accuracy and reliability beyond what most accounting software offers.
Financial industry accounting software delivers robust billing, deposit, and customer relationship management capabilities. These systems will also integrate with banking and insurance systems and support collections for past due accounts.
In this guide, we'll cover the accounting software functionality most important to those in the financial services industry, as well as best practices for evaluating these systems.
Accounting software for banks, mortgage companies, and financial services institutions will typically include the following industry-specific features:
|Integration with Banking & Insurance Systems||The most advanced systems will incorporate the accounting with the banking features and functionality. Even dedicated accounting solutions, however, should integrate with your banking systems like Jack Henry or Metavante, as well as insurance solutions like Majesco and StoneRiver.|
|Financial Reports||Financial services accounting software can print the wide variety of reports used within the financial sector. Examples include income statements, trial balances, balance sheets, fund positions, audit trails, account roll-ups, and profitability.|
|Commercial Billing System||Banks and other financial institutions are usually dealing with a large number of customers, each billed at different rates and often on an automated/recurring basis. Therefore, the billing function for a lending company needs to be highly accurate and highly repeatable, setting the user up for each stage of the lending process: targeting & prospecting; engineering the deal; daily operations (including billing, deposits, collections/recovery, and interest rate adjustments); and refinancing.|
|Customer Relationship Management||Financial institutions’ accounting software should leverage customer relationships for cross-selling and improved customer support. Key CRM features include complete customer profiles, relationships, mailing instructions, demographics, verification data, customer notes, and more.|
|Deposit Management||One of the banking industry’s biggest issues is how to balance flexibility and responsiveness against security and accountability. A deposit management system should operate smoothly while still maximizing customer choices and accounting for standard deposit processing, transfers, special accounts (i.e., HSAs and retirement plans), regulatory support, and even automated NSF processing.|
|Recovery||To support cost recovery for past due accounts, banking and mortgage accounting software should have options like automated delinquency notices, reporting, and letter generation. The more robust solutions automates these tasks even further, integrating with collections agencies and supporting cost control measures.|
Accounting software for the financial sector automates most tedious and error-prone tasks, which in turn increases accuracy, efficiency, and overall customer experience. As with any software purchase, you’ll want to evaluate any software you currently own, and then consider your specific needs such as: billing, customer relationship management, number of users, and specific features offered by the program.
When evaluating banking, mortgage, or financial services accounting software, buyers should also consider the following:
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