Banking Software Company s.r.o.
IČ: 00549533, DIČ: CZ00549533 The company is registered in the Commercial Register maintained by the Municipal Court in Prague, Section C, Insert 195.
The rapid shift to working from home, forced by circumstances over the past year, has shown that in many fields it is possible to not only work and communicate efficiently with colleagues remotely, but also to serve clients completely electronically. For many firms, this change marked the completion of the digital transformation of their business, while for many others it may only be their first step towards digitisation. The situation for banks was a bit different. Bank clients had routinely used various digital channels before, but last year meant a virtually complete cut off of personal contact with their bankers.
Last year clearly showed which sectors can benefit from digital transformation, and which have only hastily and impulsively begun to transfer their off-line service offers to the online world. Industries such as e-commerce and e-learning have, of course, succeeded perfectly, and banks, which can handle most of their customers' normal requirements without face-to-face visits haven’t done too badly either. But by using the e-commerce example banks can learn that opportunities in the online world have certainly not been exhausted, and if they want to maintain relevance and profitability, they have a lot to do this year – whether it be better personalization of digital services, opening up to third-party services, or even entering the world of cryptocurrency.
The use of artificial intelligence and machine learning in banking and other financial services is not new. However, one clear result of the past year’s turbulence is that these technologies will become an even more common part of the banking world. In fact, because of the anti-pandemic measures, the demands on digital customer service and by extension, the modern technologies that operate these technologies have increased even further.
The coronavirus epidemic has affected all sectors, including banking services, and it’s clear that it will also significantly affect where banking is headed in 2021 and beyond. But the government restrictions and limitations enacted to prevent the spread of coronavirus have not only shown where banks are going, but also how much they have changed in recent years. What can we expect from Czech banks in the near future and how will their customer relationships evolve?
Armand Magharian (33) has joined BSC, the Czech leader in banking software development, as Director of Strategic Projects. His main role will be helping BSC to find new business opportunities, especially in the Middle Eastern, African and Western European regions.
The year 2020 and the corona virus crisis that defines it, has brought high levels of uncertainty and financial losses to a number of sectors. Banks are no exception, and many are reporting a decline in profits while searching for a way to return to pre-crisis results as soon as possible. There are many paths to optimizing revenue and spending, but financial institutions around the world are discovering that the concept of "open-banking," which has so far developed considerably less than expected, holds great potential.
This year's coronavirus pandemic, accompanied by a number of government restrictions, has transformed many industries, and of course, banking is no exception. The three primary areas of change in the banking industry are the accelerating pace of the digitization of services, access to bank branches and, last but not least, the use of cash. These three areas intersect to a large extent, but it is digitization that is the driving force behind the other subsequent changes.
Banking Software Company (BSC), the largest banking software firm in the Czech Republic, has been ranked as a recommended solution provider for digital banking platforms in the prestigious Gartner Market Guide for Digital Banking Platforms. Banking institutions around the world now have another reason to choose the Prague based firm, BSC, as a supplier of digitization solutions. Appearing on this list confirms BSC’s quality and solidifies their global relevance.
The banking world is driven by modern technology and banks are competing with greater innovation and advanced and smarter internet/mobile banking. The idea that banks will no longer need in-house IT and that their focus will be “only” client care and their financial portfolios may sound even stranger. This is because turnkey technology will be provided by tech companies to banks, and most certainly by some of the largest ones, led by Google.
The Czech leader in banking software development, the Banking Software Company (BSC), is celebrating another international success. The Georgian TBC Bank, which conquered the Georgian market using state-of-the-art technology BSC helped build, has been awarded the title of the most innovative corporate bank in Central and Eastern Europe by the prestigious Global Finance magazine.
Simplicity and efficiency rule the business world, and in the service economy this is doubly true. The more complicated and complex life is, the more people demand maximum user friendliness from their service providers. This usually means a laser sharp focus on removing obstacles and smoothing the user experience. Unfortunately, most banks are still not doing enough in this area, and banking is still too complicated and often unfriendly. Obviously, this is a bad situation for users and hurts the reputation of the financial institutions themselves.
Banking Software Company (BSC), the largest banking software house in the Czech Republic, has been ranked among the recommended providers of digital banking transformation solutions in the prestigious Gartner Market Guide report. For BSC, this inclusion means further recognition of the high quality of its solutions in the global field of digital banking transformation.
Banking Software Company (BSC), a leading player in digital banking transformation, continues its global expansion and strengthens its position in the MENA region. As a key part of its growth in the Middle East and North Africa, BSC has established a new strategic partnership with MDSL and thanks to its local presence, BSC will be able to help with the integration of banking solutions in the region
Banking Software Company (BSC) and Wultra, who partnered to create the innovative and highly successful RB Key application for Raiffeisenbank have announced the expansion of their mutual cooperation. The RB Key allows fast and secure authentication of Raiffessenbank client payments and now, thanks to the partnership with Wultra, the BSC digital banking platform will be able to offer a Mobile Token component. Other Czech and foreign banks will also be able to access these tools for secure client authentication and transaction authorization, which fully comply with the requirements of EU regulations under PSD2.
Banking Software Company partners with Crystal Network to bring a new generation of its digital banking solutions to Saudi Arabia.
Praha 21. April 2020 - Banking Software Company (BSC), a leading player in the development of omni-channel solutions for banks, has strengthened its position in the MENA region. As part of its expansion across the Middle East and North Africa, BSC has established a new strategic partnership with MDSL and thanks to its local presence, BSC will be able to help with the integration of banking solutions in the region.
The banking world moves incredibly fast, and if banks want to succeed, they have to be able to respond quickly to modern trends and technological challenges. As in other fields, digitization has become a major focus in banking. While this opens up new opportunities for banks to optimize processes and offer new and innovative services to their customers, it also poses significant difficulties for them. What challenges and expectations will banks have to face in 2020 in order to attract customers and maintain their relevance in the banking market?
BSC is a software company that builds turnkey banking systems. We talked with BSC’s boss, Petr Koutný, about how classic industries, such as banking, have managed the transition to new digital processes. “From the client's point of view, digitization is going great, we can pay with watches, telephones, we have great mobile and internet banking, we’ve got it all. But everything is just a little too complicated. The client ends up using only a fraction of what the app is capable of, and it’s not always user-friendly. Banks have to simplify”, he says in an exclusive interview for Peak.cz.
High-quality digital communication is one of the fundamental building blocks in the success of virtually any company or institution, and of course banks are no exception. But communicating precisely and effectively is not easy, because the modern age has brought not only many opportunities but also many different challenges. One of them is the complicated situation in the labor market, where quality people are difficult to find and have high expectations. Employers need to be able to adapt their processes and offer them the high degree of flexibility they require. Fortunately, high-quality digital solutions can also help.
The trend in recent years in communication between the bank and the client, has been the gradual decline in the number of branches and the decreasing need and willingness of customers to communicate directly with a banker. As a result, the number of branches has fallen by around ten percent in the last five years while the number of customers calling the bank directly to consult with a banker has also fallen. On the other hand, chat usage is on the rise.
Effective, empathic communication has always been the cornerstone of a bank’s reputation and a major factor in its success. Communication used to be handled by a banker whose capability, trustworthiness and understanding of customer needs were the key to customer loyalty to a specific financial institution. However, times have changed, and digitisation is now the driving force. What does this mean for communication in banking today?
Digital Banking Transformation Platforms is one of the newest additions to the annual Gartner Hype Cycle for Digital Banking Transformation 2019 (SUBSCRIPT1) report from the world-renowned analytical company, Gartner.
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