Member Article

SaaS App Making Financial Service Providers (Banking) Agile

“Are you a new financial service provider, who is looking to offer disrupt financial services to your customers? More than 70% of banks are using SaaS for their processes like product development, digital channels, and marketing. So, think about SaaS to provide better financial services.“

Banking Software as a Service is specially designed to manage service for the next generation of consumer financial service providers. SaaS for banking enables startups and other types of financial service providers to leverage real-time banking capabilities and control costs too.

Software as a Service (SaaS) is available for banks and specialized financial institutions like startup banks, online lending platforms, credit unions & co-operatives and retail banks.

And this might be the reason; according to a survey by JPMorgan Chase & Co., “physical visits to banks are down 30% since last year, and the use of mobile banking apps is up 33%.” This shows how banking sector is attracting customers.

What is SaaS for Banking?

Software as a Service (SaaS) is a software distribution model wherein vendors or service providers host application and made available for customers over the internet. SaaS offers many advantages to banking industries such as:

• Easy Collaboration
• Easier Administration
• Automatic Updates and Patch Management
• Excellent Compatibility the same version of software for all users
• Global accessibility

Is it really Important to Have SaaS for Modern Banking Business?

Yes, it is. SaaS for Banking is to serve all the users’ technology requirements. SaaS in the banking industry fills swiftness by allowing users to chase all banking’s objectives. Recently, we have noted that Peer-to-peer banking is growing at its peak and thus, more customers are finding an online solution rather than switch to traditional banks, because of the ease of getting a loan and other services.

It is also excellent for the third-party marketplace to deliver a robust transaction process system, quick connection and provide seamless front end commerce platform. Banking for SaaS works also best by removing loads of restrictions that raised during traditional lending operation.

Even, it offers a comprehensive payment service platform with secure payment gateway. Customers and third-payment agent can monitor the whole payment process without any hassle.

• Offering access to established product libraries, resulting into time reduction, when launching a new product.
• Giving a holistic view of the customer’s banking relationship by providing customized offerings to the customers.
• Leveraging a real-time banking system and seamless integration to the latest digital channels.
• Providing one of the cheapest total costs of ownership

Success Stories of Successful Startups

Without any second thought, SaaS for banking is a must and that we know from the SaaS banking platform provider, Mambu. Let’s we share some successful case studies.

Mambu is the microfinance technology provider, helping banks, and other financial innovators to deliver important banking services to an emerging enterprises and individuals around the globe. Mambu has been helping over 100 financial institutions of 30 countries globally.

In February 2013, Mambu got around $2 million in Series A funding from Runa Capital and Point Nine Capital to accelerate product development, expand microfinance experts team and grow the global community.

CEO and Founder of Mambu, Eugene Danilkis said: “Microfinance is a powerful idea of helping people to help themselves but the nascent industry is undergoing great challenges of growth, transparency and accountability. We believe the right technology combined with the right people can help achieving the shared vision of enabling billions of people to invest in their small business, save for education, improve their living conditions and solve the challenges of their communities.”

Not only of $2 million funding, Mambu also has raised €8 Million in 2016 in their latest funding round led by Acton Capital Partners and CommerzVentures to expand its commercial team and to open new offices in Asia and the Americas.

Like ftcash is also one of the best mobile applications used to make payments to vendors, shopkeepers, restaurants and others, without having to carry a wallet. ftcash also becomes a winner for being a startup/app, recognized by PayPal.

Recently, ftcash got US $5 Lacs funding from IvyCap Ventures and several marquee international angel investors. ftcash is the story of our clients. It would be yours also.

Banking and the financial industries are changing the way they operate. Slowly and steadily these sectors are giving complete dominance of mobile apps in people’s life. Though there are certain issues when it comes to security, and that needs to tackle down so that people will face barely any issue. They should adopt an evolutionary approach towards SaaS based computing services,

This was posted in Bdaily's Members' News section by Prashant Chambakara .