Is Customer Service Affected by Software as a Service Banking?
So the IT staff is overworked, phones are ringing off the hook and your email box is flooded--what to do? You can do what many financial companies are doing or have done already- connect with a <a href=http://www.zootweb.com/additional_information/software_as_a_service.html>Software As A Service</a> (SAAS) instead of purchasing new financial software. Financial companies are looking at Software As A Service options for several benefits. Some critiques ask the question however- is customer service affected?
Benefits of Software as a Service Banking
Instead of software as a product- that each institution maintains, Software As A Service is software that is maintained by a vendor who created the software. This cuts back on issues that could come up that can’t be solved as fast as possible (should the software be managed in-house), while your company continues to deal with normal business issues, the Software As A Service vendor can either fix it remotely or travel to your business and fix the problem there. In the SaaS delivery model, the vendor is very interested in keeping your business. This means that when something breaks it will get fixed right away, rather than your in-house IT staff getting around to it.
Problems with Software as a Service Banking
One of the main complaints with Software As A Service is that banks will offer less than ideal customer service. Since the Software As A Service usually means automated everything, customers will get frustrated.
The other issue is cost. Since Software As A Service can be costly, the cost is moved onto customers n the form of fees. Sources say costs involved in these purchases force banks to make up the costs by charging customers for every service that is offered. Customers are often penalized for defaults on payments, checking fees and other services without their knowledge. Lastly, banks using expensive Software As A Service have to invest in hardware that is compatible with the software- sometimes making it more expensive.
There are several Software As A Service options out there for financial institutions to choose from, some less expensive than others, some more customer service oriented than others too. It’s up to your financial institution to do your research and find out which one works best for you.
How Software As A Service is Changing the Banking Scene
Software As A Service transforms financial systems current credit decisioning and loan origination processes from slow and inconsistent into a dynamic automated system. Software As A Service vendor’s secure hosted environment increases the speed at which institutions can provide loans, hoping to retain customers with a better customer experience through our automated application processing and workflow software system, not lose customers.
Proponents of Software As A Service systems think that besides keeping customers, banks actually save money, get more done with less and thus providing better customer service. For instant loan origination and credit decisioning, financial institutions are seeking software as a service (SaaS) solutions for speed, reliability, scalability, and flexibility.
About the author: Melissa Peterman is a web content specialist for Innuity. For more information about Software As A Service (SaaS) go to Zoot .
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