How To Find the Right Fintech Software Development Company?

It’s good to know that you have finally given thought to the concept of fintech software development. Over a few years, the tide of technologies has always been high resulting in an array of softwares and applications flooding the market. Newly born businesses in the banking and financial sectors seem to have quickly developing muscles. So where are you? 

A significant development has been observed in the Financial software development sector – Of course, to garner attention from the young and tech-savvy generation. Moreover, financial service providers such as consumer banking, insurance, billing, lending and wealth management are found investing a high amount in financial technology and these numbers keep on increasing day-in/day-out. As a result, more and more businesses are considering jumping on the bandwagon and not doing so might be the worst decision ever made (as you have a lot to lose). 

1. What is Fintech, Anyway?

In 2018, “fintech” came into existence. As the name itself suggests Fintech stands for financial technology. The financial industry using any form of technology (whether it’s software or an app) is what fintech is all about. The majority of the items offered here are basically intended to be utilized without hardly lifting a finger by interfacing the financial accounts with innovation. Over all, fintech is a game-changer.

Some of the nerve-breaking examples of fintech software technology include: 

  • Mobile payments
  • Insurtech
  • Crowdfunding platforms
  • Investment management

You can read FinTech Vs Traditional Banking

2. How can Fintech Technology Boost Your Business?

1. Notable Success can be Achieved

Do you think managing finance is easy? Absolutely not! After all, it’s not as simple as 2 + 2 = 4. It’s a fact, whether you like it or not but this cannot be ignored. I am pretty sure that most of you may find the topic boring and complicated. So here fintech software development comes to the rescue. 

In the most imperative section, a fintech application is more similar to having an unmistakable thought and basic comprehension of human (clients to be sufficiently exact) prerequisites.

2. Great Convenience & Value-adding Features

With the limited utilization of mobile, fintech has improved in regards to transactions/exchanges. 

In basic words, clients have a superior encounter. All the data is not just transparent but easily accessible to the general population. In addition, people who don’t have ledgers can consider these innovations universally. 

It might very intrigue you to realize that as of now, practically all fintech applications grant their end-clients to know their finances through outlines and charts. They can have a better idea of spending and saving. Likewise, a serious improvement has been seen in their ways of managing money to enhance their monetary decisions.

3. Smart Invoice and Automate Payments 

One of the major ways of making the most of Fintech is to automate payments. All thanks to Global payment systems. Money can be transferred in a simple and quick manner.

Now can you think of transforming your smart devices into a POS system. Businesses now will be able to manage their cash flows and take payments in a better way. Square, Vend and Lightspeed are a few names to take into account. What all this results into? Inventory can be managed easily, CRM, finances can be taken care of.  No longer businesses have to worry about manually handling cash – all thanks to Automated cash management technologies.

3. Why Work with an Experienced Fintech Software Development Company?

Since you know the advantages offered by a fintech software or fintech app, now it’s time to unveil the benefits of having experience with the fintech development company.  

1. Financial Software Security

Security is pretty-much at paramount! This is something very serious. we are talking about “its finances” and security shouldn’t be avoided here. After all, you are dealing with proper data encryption, a secure messaging platform that offers high-end seamless communication.   

Development companies especially the ones that offer reliable fintech development services do know exactly what security requirements must be taken into consideration. At the same time, businesses do get a competitive edge as the developers will be guiding you on the appropriate implementation of these security measures and how this aids in the protection of your data for the long run. 

2. Fintech Development is Data-Driven

Another advantage of hiring a fintech software development company is data-driven. You know generally, custom fintech platforms do require a database storage system in place so that they can manage all the crucial transactions and other financial data without much hassle. However, data storage is not the only consideration, but what you do with the data equally matters. 

I mean the insights gained from the data does offer great assistance in decision making. 

3. Experience and Expertise with Fintech Development

Along with tools, the ultimate benefit of choosing an experienced fintech development company is, you have a team of fintech software developers who have gained experience and expertise in the process of developing fintech software. 

In fact, many businesses nowadays seem to have become comfortable with the concept of fintech software development and hiring a reliable software development company. Do you know why? Because of a plethora of benefits it offers ranging from best customer services, high ROI, best in regards to speed and convenience, increased productivity and efficiency, appropriate risk management, HIPAA compliant and what not.    

4. Fintech Software Development Solutions to Consider – It’s Worth the risk!

FinTech Software Development Solutions

So now you know what is fintech, how it is beneficial and how choosing a reputable fintech development company can turn out your winning move. Now it’s time to focus on different fintech software development solutions that are worth taking into account. 

1. Billing and Payment Software

Billing software is basically a tool used to automate how to generate invoices for the delivered products. 

The smart technology enables businesses to make solicitations by using pre-done layouts which are customizable in the long run. Now, what exactly does a billing or software invoice do? 

  • Create and send invoices
  • Simplifies overall billing and payment
  • Easy report generation

2. Expense Management

An expense management software is quite something, I mean, of course, it’s a financial product where businesses can easily track different processes in regards to their employees.

Now, who uses such software? 

  • If you are an employee who tends to submit expenses or project hours
  • If you are working as an administrator who reviews, approves and reports on employees’ expenses.
  • Bookkeepers or accountants can keep an accurate ledger

Must-have features include: 

  • Receipt scanning and management
  • Manual expense entry and administrative editing
  • Mobile accessibility
  • Customizable expense approval routing
  • Expense tagging
  • Configurable expense policies
  • Basic expense reporting
  • Integration with leading 3rd-party accounting systems

3. Financial Planning Software

Yes, you read it right! Gone are the days when planning your finances was all about pen-and-paper work activities. Digitalization has made maths easier. A financial planning software is a simple collection of calculators. Yes, no kidding! All your household needs can be solved easily. 

4. Blockchain-based Solutions

Choose a fintech software development company that even offers blockchain solutions at a budget-friendly price. Now, what is the exact scope of blockchain in the financial management segment? Well, first and foremost, it could save billions in cash by reducing the processing costs. 

Some of its intimidating features include: 

  • Single Entry bookkeeping
  • Immutable audit trials
  • Know your customer (KYC)
  • Fraud detection and reduction
  • Improved customer experience
  • Enhanced data integrity to reduce loss

5. Insurance Software

Last but certainly not least is insurance software. Well, this one offers a wide range of tools to manage routine work. This one supports both the clients as well as the administrative sections! 

For the administrative side – issuing policies, or you can manage your teams, even track claims for them, even update the policies when needed. 

For client side – One can log in and conduct different bunch of tasks such as checking their updated policies, knowing when to apply for insurance, make payments online, and more. 

Its types include: 

  • Document management software
  • Customer relationship management software
  • Insurance workflow automation software
  • Policy management software 
  • Underwriting software
  • Claims management software 
  • Enterprise Resource Planning software (ERP)

5. Conclusion

So that’s all for now! I hope you enjoyed reading the post. In case, if you have any doubt or query regarding the concept of financial software development, feel free to mention in the comment section below. 

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Itesh Sharma

Itesh Sharma is core member of Sales Department at TatvaSoft. He has got more than 6 years of experience in handling the task related to Customer Management and Project Management. Apart from his profession he also has keen interest in sharing the insight on different methodologies of software development.

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    1. Daniel

      This is a very useful article that covers all of the necessary points! But I would like to add internationalization capabilities. If a business is going to be part of global, then delivering global solutions is highly acceptable and important. This means that they need to be well-versed with different languages and regions without the help of a software programmer.