ERP Implementation In Banking AND FINANCIAL SECTOR

ERP are now a part of daily lives in business world, no matter what businesses. There are so many benefits of ERP; one of the benefits of ERP is more efficient business management.  However, ERP are more common in banking industry and financial sector. The ERP systems are helpful in banking industries and financial sectors because the ERP software applications help to synchronize and integrate the widespread financial processes, HR management, and support service. There are so many ERP systems used in banking industry and financial sector and mostly serve different purposes.

The most common ERP system used in banking industry and financial sector is SAP, mainly used by top tier banks and usually cost more expensive. The other system is Oracle EBS or the Oracle E-business Suite, created by Oracle, the EBS is more widely used and dominated the market because of the security and process oriented factors.  For the mobile ready one, EBANQ is the best choice because it’s more user friendly for both admins and the users. For cash management software, Moneyman provides the highly efficient ERP for small and medium business, highly recommended for funding. Most of multinational banks and companies around the world have adopted the ERP systems, and below are the examples.

In 2011 HSBC Bank or Hong Kong Shanghai Bank Corporation plc and SWIFT teamed together to create the next generation of HSBC Connect to SAP, a corporate to bank integration and treasury solution catering to corporate customer who use ERP software that created by SAP, The new HSBC Connect compromises the Communication Management application and NetWeaver. In 2006, the State Bank of India or SBI, India’s largest commercial bank announced to automate and seamlessly integrate its Human Capital Management with SAP AG with total global strength more than 370 million employees, including the retirees making the bank itself one of the largest HCM implementation in the world. Currently, Commonwealth and KPMG from Australia along with Microsoft planned a Cloud based ERP system that is specifically for the small and medium business sector. By end of 2014, a local Brazilian cooperative financial institution Unicred Central Norte implemented the local ERP software  TOTVS for mobile banking due to change of behavior of the people and the banking institution, the ERP integration have benefited the company and provide the more enjoyable experience for both users and the company itself. Bank of America picked Oracle Cloud Banking for the ERP and Financial application for its international general ledger and the broker dealer system.

The ERP sure is a good modern day innovation that helped more people to do their jobs easier. There are so many benefits you can get from ERP, however, ERP also have its own weakness. The benefits of ERP are the accurate access to information; provide a better decision making; and more enhanced performance. The weaknesses are the high initial investment, which not effectively cost; and the difficult system. The conclusion is, ERP is sure a good option for the company, but however the cost is not really cheap, but ERP is a helpful system and already used by major companies which more companies should also adopt the ERP system.