A customized software solution is particularly effective for the banking industry as there is no “free-size” solution that can service the varied needs of every client. Although off-the-shelf solutions are definitely available for banks and financial institutions, they address a restricted spectrum of requirements and are generally seen to neglect specific requirements of various institutions. A bespoke solution provides enhanced functionality, a streamlined interface, and flexibility. One of the main purposes of bespoke solutions is to bridge the gap between unnecessary features and absent functionality.
Banking institutions have been extremely competitive with regards to the implementation of their technology. The technology has to be cutting edge, user friendly, and adaptable to evolving needs. Most banks employ a bevy of features and applications using novel technologies such as cloud, analytics, SOA, and mobility. Bespoke software solutions provide the power to integrate all these cutting technologies in a seamless manner.
Primary Advantages of Bespoke Software Solutions
Personalized solution – This is the most obvious advantage. Generally when it comes to off-the-shelf products, companies find themselves adapting themselves to the features of an available product. In short, they have to adapt to what they adopt. With bespoke solutions, you have a product that is built from the ground up within the parameters set by your actual business needs.
No Waiting for Updates – When you buy an off-the-shelf software solution, you will find that your solution does not work for your evolving needs, requiring periodic updation. Again, you have to adapt to this limited functionality or wait for an update from the developer to address this. With a bespoke solution, you have the power to update and improve according to your plan and the needs that you foresee in the future. You have access to application development support as and when you need it.
Security – When you work with “standard” software that is widely consumed by a large and wider customer base, you have to live with the reality of potential security lapses at any point in time. Hackers are more prone to launch an attack on a standard solution that has a wide customer base. The risk is far less significant for bespoke software as its core programming is unique and would be far more difficult to penetrate.
Other benefits provided by bespoke software solutions include:
- Reduced delivery time for services.
- Assurance of regulatory compliance.
- Enhanced security.
- Significant jump in workforce productivity as a consequence of customized workflow system.
- A drastic cut in operational costs as a result of integrating different applications in a seamless fashion.
- A definitive edge over the competition that is using “standard” solutions.
- Building on the trust of your customer base through customized communication channels.
- Creating innovative mobile banking apps that are customer friendly to reduce transaction times.