Banking Software is rapidly increasing its relevance in today's global society

Global society

Global society - all-human society, which exists on our planet from the beginnings of humanity in the form of many local societies and communities, national states etc., in another words - in the form of different groups of people....

.

All banking and other financial institution

Financial institution

In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...

s have areas in which they specialize in.Bloomberg

Bloomberg L.P.

Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...

 is another privately held financial software, news, and data company located in New York

New York

New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...

, USA. It offers financial software tools such as analytics

Analytics

Analytics is the application of computer technology, operational research, and statistics to solve problems in business and industry. Analytics is carried out within an information system: while, in the past, statistics and mathematics could be studied without computers and software, analytics has...

 and equity trading

Equity trading

In finance, equity trading is the buying and selling of company stock shares. Shares in large publicly-traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange, London Stock Exchange or Tokyo Stock Exchange, which serve as managed auctions...

 platform to financial companies around the world through the Bloomberg Terminal

Bloomberg Terminal

The Bloomberg Terminal is a computer system provided by Bloomberg L.P. that enables financial professionals to access the Bloomberg Professional service through which users can monitor and analyze real-time financial market data movements and place trades on the electronic trading platform...

, its core money-generating product.

Reuters

Reuters

Reuters is a news agency headquartered in New York City. Until 2008 the Reuters news agency formed part of a British independent company, Reuters Group plc, which was also a provider of financial market data...

Reuters is headquartered in France

France

The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...

 with thousands of worldwide employees, and their products specialize in financial information management

Information management

Information management is the collection and management of information from one or more sources and the distribution of that information to one or more audiences. This sometimes involves those who have a stake in, or a right to that information...

, purchase order

Purchase order

A purchase order is a commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services the seller will provide to the buyer. Sending a purchase order to a supplier constitutes a legal offer to buy products or services...

 management, positions and risks, and financial instrument sales. Reuters software offers a complete line of Front to Back Office solution. Another important banking software company is Wall Street Systems, headquartered in New York, USA. It provides solutions for control and overall productivity

Productivity

Productivity is a measure of the efficiency of production. Productivity is a ratio of what is produced to what is required to produce it. Usually this ratio is in the form of an average, expressing the total output divided by the total input...

 for corporate treasury, improved workflow

Workflow

A workflow consists of a sequence of connected steps. It is a depiction of a sequence of operations, declared as work of a person, a group of persons, an organization of staff, or one or more simple or complex mechanisms. Workflow may be seen as any abstraction of real work...

, central banking, bank treasury, FX trading and global back-office operations. Examples of these back-office tasks include IT departments that keep the phones and computers running (operations architecture), accounting, and human resources

Human resources

Human resources is a term used to describe the individuals who make up the workforce of an organization, although it is also applied in labor economics to, for example, business sectors or even whole nations...

 (customer relations). The front office tasks include sales and marketing

Marketing

Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...

: sales and marketing personnels come in contact with their customers.

A closer view of these firms shows how each of these organizations need each other. For example, when a company comes in contact with a customer

Customer

A customer is usually used to refer to a current or potential buyer or user of the products of an individual or organization, called the supplier, seller, or vendor. This is typically through purchasing or renting goods or services...

 who wants a product they do not have, that company could refer the other companies to the customer and vice-versa. Accordingly, each company can promote its brand

Brand

The American Marketing Association defines a brand as a "Name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers."...

 name and even mutually profit from their agreements with a fellow banking software company.

With the help of these software companies, there is efficiency

Efficiency

Efficiency in general describes the extent to which time or effort is well used for the intended task or purpose. It is often used with the specific purpose of relaying the capability of a specific application of effort to produce a specific outcome effectively with a minimum amount or quantity of...

and proper management of transactions both in the front and back offices of the banking firms and other financial institutions. This in turn has a big impact on the consumers, making the process of banking run much more smoothly and quickly.