Banking, Financial Services and Institutions

Regulatory compliance is one of the biggest challenges for modern banking and financial services sector. It directly result into a dramatic increase in regulatory fees. Technology is critical component in creating the new culture of compliance. It is used to collect and mine data, perform in-depth data analysis to provide insightful reporting is valuable for identifying and minimizing compliance risk.

The cost associated with the new compliance regulatory management is forcing banking industry and other financial institutions to change the way they do business. This increasing cost of capital combined with sustainable low interest rates are adding up the pressure. Ultimately, this culmination of factors has led financial institutions to create and offer new competitive service offerings. Sattrix Software is a leading global BFSI solutions company. We are helping banking, financial and insurance sectors with optimized, reliable and efficient customer-centric financial IT solutions.

Banking and financial services consumers expect personalized and meaningful experiences through intuitive and simple interfaces on any device, anywhere, at any time. As you can see the customer experience is hard to quantify, but the consumer turnover is tangible. Therefore, consumer loyalty is becoming is increasingly becoming an endangered concept. It has been observed that financial institution can optimize customer interactions that result in increased customer satisfaction and wallet share. Bots are one new tool banking and financial organizations can use to deliver superior customer service and increase customer engagement.

Security is one of the leading banking and financial industry challenges especially over the past few years has shocked the industry with a series of high profile breaches. Banking and financial institutions must invest in the modern technology-driven security measures to keep their customer’s sensitive data safe such as Address Verification Service (AVS), End-to-End Encryption (E2EE) and Authentication services. In this situation, banking and credit unions needs to tailor their security measures.