Dramatic changes in the credit industry are forcing banks to streamline processes, manage risk, increase compliance, address volume fluctuation, reduce operational expenses and improve market share. Savvy lenders are looking at back office mortgage outsourcing providers as a part of their strategy for growth.

Customer acquisition management is a key challenge for retail banks. There is need to improve effectiveness and productivity aimed at better prospect conversion rates, increased wallet share, lower cost of acquisition and reduced portfolio risks. Consequently existing strategies and systems to define the new prospect, engage and then close, need revision. Customer Acquisition Management solutions aim to address this by focusing on process intelligence rather than primarily on process automation.

Opening and managing corporate bank accounts has traditionally been a manual, paper intensive and slow process. Conventional practices have proven to be error-prone and present challenges to reporting, compliance and the electronic movement of data. In today’s business environment this can be a major hurdle for cash management departments, especially those with global treasury operations.

Easy and quick loan modification is essential to mitigate the economic impact of a foreclosure on lenders and borrowers. The growing numbers of loans that run the risk of default place an inordinate burden on lenders who are already short on trained and qualified staff. Banks continue to look for solutions that can manage the increased volumes of loans, reduce time taken to modify them, meet customer needs and reduce the risk of compliance.

Payment processing in financial institutions has largely remained in silos, spread across lines of business. The practice is inefficient, adding to the cost burden while preventing banks from understanding customer needs. In today’s post-recession economy, heads of payment operations in banks have begun to aggressively centralize their payments infrastructure. The centralized payments architecture helps scale operations quickly, offer integrated services to corporate customers, meet changing compliance norms and, more importantly, glean vital insight into customer behavior.

The platform automates the regulatory and compliance requirements for financial services industry. It provides automation of processing, creating and submission of regulatory reports to SEC, FSA, SEBI, Central Banks and Fed and is designed to deliver reports related to Best Execution, Front Running, Holding, Threshold Limit Information, Disclosure of Broker Dealer Commissions, Churning, Restricted Stock Watch, and Personal Account Trading of employees of the organizations.

Mobile banking is moving to the top of the to-do list of banks worldwide. A market study 'Global Smartphones Market (2010-2014)' published by Markets and Markets reveals that the smart phone market was worth $55.4 bn in 2009. It will increase at a CAGR of 22.1%. The market is set to reach nearly $150.3 bn in 2014. The proliferation of smart phones suggests that Small and Medium Businesses (SMBs) are ready to embrace mobile banking.