3 Essential Types of Software for Financial Services Firms

There’s never been a more exciting time to be working in financial services. Not only is the need for finance professionals growing across industries, but a number of new technologies have sprouted up over the course of just the past 10 to 20 years that have revolutionized the ways in which finance professionals handle daily operations. Today, financial services firms that haven’t advanced with the times simply cannot expect to measure up against the competition.

With so many options to choose from, it can be tough to tell which types of software are right for your firm and which are not—here are three that you shouldn’t be operating without.

1. Enterprise Resource Planning (ERP) Software 

Financial services firms have a lot on their plates at all times, from studying trends across data to managing customer relationships. Everyone has their own unique set of methods for handling daily processes, but too many different approaches throughout a firm can lead to disorganization. Enterprise resource planning (ERP) software is an excellent solution to this all-too-common problem, as it can be accessed and manipulated by anyone in your firm from any location with an Internet connection. With ERP financial software, you can expect cost savings, increased productivity and reduced error rates—all thanks to a single suite of applications.

2. Collaboration Software 

Many financial professionals like to have the ability to tuck away and work by themselves, and there’s certainly nothing wrong with this. That said, there are plenty of situations in which people need to work together to reach certain goals, and these scenarios pop up daily. If you’ve had trouble getting people throughout your firm to work together effectively, collaboration software may be the answer you’ve been looking for. With collaboration software, users can interact with one another virtually, sharing files/information and taking projects to finality. It’s a huge improvement over using email for these purposes, and a true lifesaver for financial services firms that hire remote employees.

3. VoIP Software 

Integrating VoIP software into your firm is an important consideration to make, even if you and your team aren’t spending a great deal of time on the phone. You could take the route of setting up a private branch exchange (PBX), but this can end up costing you a veritable fortune if you aren’t careful. VoIP is a better option, especially if you make a fair amount of international phone calls on a regular basis. Plus, you can expect to spend far less with VoIP services than any other option you might consider—even using your own personal cell phone.

Technology’s influence on the financial services industry is only going to increase with time. For some, outdated practices are still the norm and have yet to be replaced with modern business software. If you’re just now looking to make the switch from spreadsheets and pen-and-paper notation, start with a cloud-based ERP solution and go from there—you’ll never look back.

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