The work of a modern bank cannot be imagined without progressive loans management software that allows the coordination of the activities of bank departments, expanding interbank relations, comprehensively solving the issues of analyzing banking activities, improving the technologies of banking operations, and increasing their level of manageability, in addition, helping to enhance the quality of service by creating automated jobs for professionals at all levels. The choice by banks of this or that software is connected with the price-reliability-performance ratio. Many banks not only purchase the product but also sign agreements for subsequent maintenance, maintaining high-speed data exchange between branches, with clients, and with other banks. An urgent problem today is the automation of banking, that is, the merger of software products that allow you to fill out only a few output forms for reporting and highly intelligent complexes that solve the problems of managing a bank and its branches.
Analytical applications are information systems that meet the needs of organizations in automating the processing, analysis, and optimization of business operations. As the name implies, analytics applications aim to provide analysis, which goal is to gain a deeper understanding and awareness of what has happened, is happening or will happen, and why.
Analytical applications operate on data, turning it into useful information that helps a person draw certain conclusions about the business’s state, what its driving forces are, what can be improved, and through what actions, what is important and what is not. Ultimately, analytics applications allow the manager to make informed, fact-based conclusions.
According to software market analysts, for a system to be regarded as an analytical application, it should meet the next standards:
- Structure and automate functions that help improve the state of affairs by applying rules, procedures, and technologies (based on an appropriate methodology) to solve certain business problems and take advantage of new opportunities;
- Maintain analytical functions, i.e., actions to analyze data obtained from a variety of sources (internal or external, financial or operational), including trend analysis and forecasting the situation in the future;
- It should be an autonomous origination software product capable of operating independently of transactional systems but simultaneously adept at interacting with them “in both directions”, both in terms of receiving transactional data and in terms of feedback on the outcomes of their processing.
Analytical applications are often established on multidimensional databases. This allows you to bring together all the required data and business rules that define their connection and use to solve business issues. Any banking product is a complicated hardware and software complex, consisting of many interconnected modules, the life support of which is only possible for the developer company, so the software is often developed for the needs of banks, on an individual order with full support for further use.