Tuesday, May 12, 2009

Business Process Management in Banking

Banks on a regular basis need to evaluate their procedures before initiating Business Process Management. Banks today employ BPM only for certain transactions which are very high in terms of volume but are of significantly low value as these high volume transaction load the back offices operations such as Clearing of operations and Payment processing for such a high volume of transactions.

Having a dedicated focus on similar transactions helps in high quality improvement of productivity and will also reduce the cost to a great extent. But to capitalize the complete potential of BPM banks ensure they can also use it for certain mission critical transactions which include account opening and administration, Loan account re-opening etc. BPM is set to help banks in creating a free up of time which can be used to better Customer service. Moreover, it provides ample time to serve a wide range of products and markets the bank caters to in their call centre interactions as a part of customer support and marketing activities, banks have adopted typical BPM functions such as workflow, activity monitoring, and automated exception management to provide better services to its customers.

It is an important fact that BPM can bring in optimization interms of many parameters only when banks keep their best efforts bringing in plenty of transaction types within the reach of BPM. Moreover banks regularly need to check the alignment of their BPM with their current IT architecture. As the biggest challenge that the bank faces currently is to align business with IT.

Currently banks are driving home the need to conform to a powerful breed of Service Oriented Architecture(SOA) based on Web service standards and enterprise application, However, BPM, SOA and Web Services truly complement each other as BPM facilitates the bank take a holistic view to streamline their processes throughout departments, partners and channels.


Monday, May 11, 2009

Financial Credit Crunch effect on IT

Most of the period in 2008, Credit Crunch was the buzz word for most of the financial instititions globally. This credit crunch has resulted in the downfall of huge financial empires such as Lehman Brothers. This Financial Crunch has more than significant effort on IT Industry.

This Credit Crunch in the Global Financial Industry is a punch to Information Technology as most of the investments by Information Technology Companies result in ROI only after a certain period of time. Given the present crunch situation in the Financial Industry it is tough for the companies to wait for such a period of time and are holding of big projects such as upgrading dual core PC's and so on and are postponing their decisions.

Budget pressures are expected to drive businesses away from the licensing deals offered by companies such as Microsoft and the need for dedicated in-house IT support teams. This is causing the companies to move to open source technologies and the companies operating in this line of business can forsee a good opportunity. Indian outsourcing companies face considerable risk from their reliance on the global banking sector, with the country's top five service suppliers depending on the financial sector for about 45 percent of their business.


Thursday, April 16, 2009

Call Accounting Software

Call accounting is software or hardware that provides metrics for telephony functions such as traffic analysis, toll fraud alerts, network management and cost allocation to various department. There are countless call accounting vendors that tout their various features and niches. Some specialize in professional bill back, others focus on the unique requirements of hospitality environments and others offer generic solutions for general business requirements.
Call accounting has evolved since early iterations during the dawn of desktop computing. Their popularity remains high as systems grow and adapt to latest billing requirements, computer operating systems and web integration.

Call accounting systems vary in price, performance and functionality. Some of the more elaborate systems integrate ACD reporting, carrier comparisons, grade of service calculations, switch management, equipment inventory and billing integration. Many systems have transformed and boast SQL databases, web browser capability, automated reporting and notification, enterprise reporting and manufacturer compliance.

There are many choices for an average business. It is virtually dependent on your budget and needs to determine a viable solution. Many interconnects and equipment vendors have solidified relationships with call accounting providers. They may be of help if you select and deploy their hardware.

In a professional environment, it may be desirable to have your call accounting transactions automatically integrated with your accounting system. You should ask your vendor whether their call accounting software is compatible.

In a hospitality environment, it is imperative to have flawless integration with your property management system (PMS). Your telephone calls should be allocated to guest folios seamlessly. Many hotels also require billing for conference rooms, internet usage and night audit reporting.

A search of the internet may yield countless results not necessarily in order of price, quality or reputation. You will have to weed through many pages, many demonstration packages and many inquiries to find your solution. You may also find that cost is not necessarily related to quality.
Some call accounting systems are readily available on the web for download or online demonstration. Some of the more elaborate systems require a sign up process.

You should keep in mind that whatever solution you select should be backed by a good maintenance program for software updates, tariffs and inquiries. The software should be available to trial. You should consider installing the software before purchase to determine if it fits your needs. This will give you a good idea about the quality of the software and the company providing the solution.
MaxisIT, Inc

Thursday, April 9, 2009

MaxisIT Financial Services

For the past few years, MaxisIT has been a highly successful in providing information technology services to many banking domain customers in United States and across the globe. In the banking domain, MaxisIT offers suitable inputs for solving the challenges that banking institutions globally face.

Financial Services
MaxisIT provides information technology services to financial services industry to help transform and stabilize market, credit, operations and domain security functions across their companies and to reduce cost, maintain risk and improve transparency.

MaxisIT believes that it has the core expertise needed to turn around your insurance business and help you take advantage of market opportunities. We offer IT solutions and services to the insurance industry. Our services manage all your information technology requirements and enable you to focus on the core aspects on your business

MaxisIT Service Offerings for the Banking, Insurance and Financial Services sector commonly include:

  • Application development services
  • Modernization of applications
  • Services for commercial card
  • Services for consumer card
  • Loan services for consumer
  • MaxisIT ACH Services
  • MaxisIT check 21 services
  • MaxisIT check processing services
  • MaxisIT convenience pay services
  • MaxisIT electronic notification services
  • Enterprise application integration services
  • Testing services
  • Billing services
  • Life and annuity services
  • Mortgage loan services
  • SOA integration services