Enhancing financial efficiency: ERP applications in the banking sector

Mayowa Timothy Adesina 1, Temitope Deborah Babayemi 2, * and Joshua Mayokun Adesina 3

1 Data Analytics Department, College of Business, Kansas State University, KS, USA.
2 School of Business and Technology, Emporia State University, KS, USA.
3 Sociology Department, Federal University, Oye-Ekiti, Nigeria.
 
Research Article
International Journal of Science and Research Archive, 2024, 12(02), 2081–2093.
Article DOI: 10.30574/ijsra.2024.12.2.1431
Publication history: 
Received on 05 July 2024; revised on 12 August 2024; accepted on 14 August 2024
 
Abstract: 
In the rapidly evolving landscape of the banking industry, the need for efficient financial management has become paramount. This proposal aims to explore the integration of Enterprise Resource Planning (ERP) applications in the banking sector with a focus on enhancing financial efficiency. The objective is to investigate how ERP systems can revolutionize traditional banking operations, optimize financial workflows, and ensure regulatory compliance. By delving into this topic, we seek to provide a comprehensive understanding of the challenges and opportunities associated with implementing ERP solutions in the context of financial institutions.
The banking sector, characterized by intricate financial processes and regulatory complexities, stands to benefit significantly from the implementation of ERP systems. In the second paragraph, we will delve into the specific ways ERP applications can address challenges faced by banks. From automating routine financial tasks to providing real-time data insights for strategic decision-making, ERP systems offer a robust framework to streamline operations. We will explore how ERP modules tailored for the banking industry can encompass core functions such as accounting, risk management, and compliance, thereby fostering a more agile and responsive financial environment. Through this proposal, we aim to highlight the symbiotic relationship between ERP applications and the banking sector's pursuit of heightened financial efficiency.
 
Keywords: 
Enterprise; Banking; Regulators; Planning; Financial Risk; Data; Applications; Business
 
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