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Banking

Banking broadly covers deposits, lending services and money transmission. Banks play a crucial role in mobilizing and distributing a nation’s wealth to ensure a healthy growing economy. Banks normally have large branch networks, many of them comprising over a thousand branches. A bank customer can an individual or an organization with a current or similar account with the bank.

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ERP systems in business are typically used with an internal perspective and less with external perspective. However, in banks the applications are more with external perspective as a bank deals with money that is transferred from person to person, from business to business and from country to country. A national banking system consists of thousands of individual national banks, their branches and extension counter located in large cities and small towns across the country.

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The benefits integrated in ERP for banking ICSC provides

As the name suggests, ERP systems utilize a companywide framework that links all process driven information systems together into one large integrated system. Information determines the speed and efficiency with which customers’ orders are processed and progressed as a vital link in the overall efficiency of a nationwide banking system. ERP is basically an integrated system that links individual functions and coordinates information flows to achieve overall organizational efficiency including customer satisfaction.

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  • ERP helps to integrate and synchronize different organizational systems such as finance, human resource, operations, support services and other functions which may be organization specific. ERP system for banking includes complete solution which provides widespread support for financial processes, human resource management and support services. ERP enables business firms to integrate their sales, finance, manufacturing, distribution, customer service and other functions.
  • ERP systems facilitate companies to replace their existing information systems, which are often incompatible with one another, with a single integrated system, that is streamlined data flows throughout an organization that may result into significant gains in a company’s efficiency and bottomline.
  • Extensive databases created by an ERP system provide Banks play a crucial role in mobilizing and distributing a nation’s wealth to ensure a healthy growing economy and platform for decision support, data warehousing, data mining, and executive support systems.
  • ERP has open architecture that can run on most hardware, operating systems and SQL servers. ERP systems use common hardware, common resource planning software, and common data-base systems throughout an enterprise.
  • ERP system supports centralized and decentralized organizational services for managing typically such areas as real estate, travel, incentives, commissions, environment, health, and safety for reduced costs and optimized sales performance.