Software Engineer Role in Banking
Introduction
Software engineering is a division of computer science that involves the development and creation of software systems as well as application software. Generally, this field has proven to be very beneficial for most industries that use computer systems. In banking, most of the transactions have been automated to incorporate such software. It is important that we identify the significance of software engineering in the banking sector, and particularly in relation to managerial Finance, managerial economics, business ethics, human resource management, managerial accounting, marketing management, and organizational theory.
BA 620 71 Managerial Finance
Managerial Finance is concerned more with the evaluation of budgetary procedures versus the monetary strategies themselves. It contrasts with the specialized methodology, which basically just worries about estimation and whether cash has been allocated to the right classifications. The managerial method focuses on deciding the centrality of information, figures, and statistics. Managerial Finance thinks about how budgetary strategies can be improved – where changes can be made so as to help forestall misfortunes and improve the primary concern. Financial experts utilize managerial Finance to assess the effect of different account strategies on the association, just as to distinguish zones of progress in budgetary practices with an end goal to forestall the loss of income. To guarantee the legitimacy of their figuring, accounting specialists create a scope of valuation models that smooth out the way toward assessing the value of all kinds of company assets.
Typically finance experts need systems that can analyze figures and statistics efficiently for them so that the obtained information can be used in the management of funds as well as the overall institution. This is where Software engineers come into play. Software engineers, particularly front-end developers, create a link between the system design and the technology behind its functionality. They create the user interface (UI) with which the end-user, which in this case is the finance experts interact with. These Software engineers are responsible for developing the layout of the software, navigation tools, to ensure that the end-user has a seamless experience with the system. Generally, managerial Finance requires such systems that have been customized specifically for financial analysis of revenue, to be able to make informed decisions for the benefit of the organization.
ECO 610: Managerial Economics
Managerial economics explores ways in which organizational assets can be allocated adequately to generate income (Prachi, 2020). Concepts of managerial economics help in decision making in regards to assets, such as finances, technology, land, and labor, hence creating a link between the basic concepts of theoretical economics and the actual management in an organization. Managerial economics underlines taking care of business issues and dynamics by applying the hypotheses and standards of microeconomics and macroeconomics (Prachi, 2020). It is a specific stream managing the association’s inner issues by utilizing different monetary hypotheses. Through these hypotheses, an organization’s management is able to solve problems using the resources available, by evaluating how internal factors of the organization can be managed to help in the efficient management of external factors (Prachi, 2020). Hence, this field helps in the generation of profits, development of the organization, ensuring that the company steadily supplies goods and services to its customers, minimizing possible risks in the business, improving the utilization of assets, and making long-term decisions for the company (Prachi, 2020).
Since management economics focuses on the overall business environment, most aspects of businesses today focus on information technology. Therefore, managerial economics relies heavily on software engineers for analysis applications, website development for marketing, and creation of an easy to use internet platform for the company. Similarly, the external environment of a business needs to be assessed before the management makes decisions. Hence, software engineers ensure that companies are able to access the data they need to be able to make the relevant decisions. Software engineers are also capable of providing expert advice when it comes to technological matters (CareerExplorer, 2019). This helps the organization make informed choices for the success of the company, despite the opposing external factors of the business. Consequently, software engineers also develop software that helps businesses such as banks in the management of assets, which enables them to keep track of all the factors that promote their economic growth or failure.
BA 616: Business Ethics
Business ethics refers to having the right policies as well as practices when it comes to dealing with controversial issues. Some of the ethical issues entail insider trading, discrimination, corporate governance, and social responsibility, among others. It is of paramount importance that organizations are acting in an ethical manner. Banking is a sensitive sector that normally requires tight security and adherence to business ethics. Business ethics is crucial in the banking sector because trust is required between the bank and the clients. If there is no trust, the client will take their business to another bank. It is crucial for software engineers to have a full understanding of what business ethics entails. As part of the bank personnel, they have to make sure that they are operating in an ethical manner. This means that the software they are delivering to the bank for utilization in transactions need to be following the business ethics in terms of fair business. For instance, a software developed to assess the financial market should not be able to illegally access secret financial strategies from other competitors as this will render the whole organization as unethical. Similarly, banks need to consult software engineers when creating inhouse business ethics so that they can create a comprehensive code of ethics that incorporates all departments in the financial institution. Additionally, good business ethics enable software engineers to relate professionally with other bank personnel. In this case, any association whether while working as a team or when helping out in the office, the relation should bee purely professional at work, to give the clients and the organization a good reputation all together. A software engineer should also be able to guide the bank on the right systems to put in place. The system should follow the right guidelines set for all financial institutions for compliancy.
BA 614: Human Resource Management
Human Resource Management refers to a formal system put in place by organizations to effectively manage the people that are in the organization. Human resource management entails staffing, designing work, and employee compensation, among others. This is done with the goal of maximizing the productivity of the organization. Technology has transformed the way in which the human resource department used to work. Most of the functions are now reliant on technology. This is where software engineers come into play. The front-end developers are responsible for creating software that HRM departments of financial institutions can use to manage bank employees. The software created will need to replace the excel and spreadsheets that human resource officers use and provide one database that can manage all the information relevant to HRM department. For this to be applicable the software engineer also needs to create a user interface (UI) that provides a seamless experience for the HR when using the software.
Software engineers are also able to bring automation in the HR department. This can be done through the development of a system that can record attendance of employees, without necessarily having to make them sign or report to the office. The system may utilize authentication features such as face, fingerprint or card. This will help in recording who comes in and at what time. Consequently, this will enable the HR to easy compensate these employees based on attendance – in cases where employees are paid based on attendance – or reprimand those who either come in late or fail to come in for work all together.
Additionally, the HRM department is responsible for managing payrolls, recording investments and computing taxes for the organization. While these tasks may be tiring and hard at times, HR’s need assistance, which software developers can help with. Front end developers can create systems that creates payrolls, calculation of taxes and investment, which in most cases seem to be difficult to deal with. This sort of automation makes work easy and accurate as human error is eliminated. A software developer will be able to help to transform the human resource department digitally instead of using the old traditional paper method. The software engineer will also enhance the feel and the look of any software or system that the HR department is using. For instance, make sure that it is faster and able to accommodate all the users. A software engineer will also make sure that the backend of the application is resilient. In a case where the bank has other branches, a software developer makes is easy for HR to be able to interact well with the people in the other department.
ACC 601: Managerial Accounting
Banking is a sensitive sector because it involves tight security and the latest technologies in daily operations, including managerial accounting. In managerial accounting, supervisors utilize the arrangements of bookkeeping data so as to all the more likely advise themselves before they choose matters inside their associations, which helps their administration and execution of control capacities. In companies that determine quite a bit of their benefits from the data economy, for example, financial institutions,IT costs are a huge wellspring of wild spending, which in size is regularly the best corporate expense after complete remuneration expenses and property related expenses. Management accountants should work intimately with the IT division to give IT cost straightforwardness.
A software engineer’s role in a bank setting is to ensure that the software that manages financial data is up to date and is both easy and secure to use for such functions. The front-end developer works hand in hand with the management accountants to ensure that these systems are functional and efficient. It is the responsibility of the developer to create customized systems that help in the management of the financial institution, its employees and the finances associated with the bank. Additionally, having systems that make work more accurate and easy is not always the ultimate thing for developers. They need to ensure that the systems created are user friendly and can adapt to the ever changing technological world.
The systems created by developers for the management accountants need to be accurate as the information processed in them is used in decision making. Therefore, developers help creae a competitive advantage for the banks through the creaion of such systems and also through their advice during decision making. Lastly, the creating of systems without training the users on how to use them is all in vain. Software developers are responsible for training managers about the new systems and their functionality, to avoid errors during implementation of these systems.
BA 601 70 Marketing Management
Marketing management refers to the decision-making process, controlling and planning the marketing aspects of a business. It is crucial that each organization has in place good marketing management. Marketing is key because it helps to create awareness for the business of the organization and, in return, bringing more clientele. In the recent past, the world has seen the advancement of marketing strategies from the manual one-on-one marketing using sales managers to the technological means of brand marketing. Banks are always coming up with new products day and night, and without proper marketing, the products will not be successful if they are not marketed properly. This creates the need to incorporate software engineering into banking.
Software engineers are comfortable with basic web technologies such as HTML, Java Script and CSS, which have proven to be essential tools of programming. Using these skills, these developers can create a whole market just by developing marketing systems that can either manage themselves fully or by little human monitorization. These systems will help marketing managers fully exercise the potential of the financial institution. Through these systems, the bank gains competitive advantage against their competitors who use traditional marketing personnel.
Typically, software engineers are skeptical individuals with great trust on data and its value for the organization. They aim at executing plans, analyse every detail of the financial market as well as implement the plans after proper assessment. Through this kind of scrutiny, which is relevant for a bank to be successful in the financial market, developers create software that analyse such data to be used in making marketing decisions for the organization.
Software engineers are growth hackers in terms of marketing. This means that they can be able to make the bank grow by just developing websites that ensure that any user that check’s the websites is impressed and wants to close a deal with the company. The technique is entirely aimed at marketing the bank and its brand through the display of these products and services on the internet, where millions of users go to find one solution or the other, some of them being banking services.
Organizational Theory
Organizational Theory is a set of interrelated concepts as well as definitions that help to understand people’s behavior or groups that interact with each other, working towards a common goal. It goes further to look at the impact that social relationships among individuals in organizations along with their actions have. Organizational Theory examines associations to recognize the examples and structures they use to take care of issues, expand effectiveness and profitability, and meet the desires for partners. Organizational Theory at that point utilizes these examples to plan regularizing speculations of how associations work best. Organizational theories guide in coming up with the best structure for an organization (CFI, 2019). Such analysis of a banking institution incorporates the assessment of change and its effects to the company.
Similarly, technology is an everchanging field that grows with each passing second. Knowledge about change of the internal and external aspects are vastly known by software engineers who play a huge role in assessing such change and advising on the relevant moves to make for the success of the financial institution. Front-end developers understand the ever-changing aspects of the financial market hence they develop systems that are adaptable to the environment in which they are implemented.
Additionally, the concept of synergy is crucial for an organization. A software engineer is a critical position in the banking sector by enhancing synergy. The banking industry could generate more income for a country as one rather than when they work separately. In this regard, software developers create systems that are used by all banks for management of clients, finances and the banks themselves, these systems create synergy through measures such as compliancy, where leading boards that manages all banks decide on the utilization of similar systems that will manage the banks. In this case, Software developers create standard systems that are compatible with all financial institutions’ policies. Also, having systems that are working is critical since it will make sure that all the employees are able to work together and that the systems are working as they should.
Conclusion
Conclusively, in the face of technological advancement, the banking sector highly depends on software engineers for support, advice and development of applications and systems that make accounting efficient. Similarly, concepts from the study of MBA subjects also help software engineers attain business knowledge that helps them in their field as well.
References
Prachi, M. (2020, March 07). What is Managerial Economics? Definition, Nature, Types, Principles, Scope – The Investor’s Book. Retrieved from https://theinvestorsbook.com/managerial-economics.html#:~:text=Definition%3A%20Managerial%20economics%20is%20a,by%20using%20various%20economic%20theories.
CareerExplorer. (2019, November 14). What does a front-end developer do? Retrieved from https://www.careerexplorer.com/careers/front-end-developer/
CFI. (2019, December 13). Managerial Finance – Overview, How It Works,. Retrieved from https://corporatefinanceinstitute.com/resources/knowledge/finance/managerial-finance/#:~:text=Managerial%20finance%20is%20somewhat%20a,analysis%2C%20and%20interpretation%20of%20accounting