Significant development has been observed in Fintech software development and applications among the banking and financial sectors – 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). In this blog post, we tried to highlight few important aspects to consider before finding 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 software and applications flooding the market. Newly born businesses in the banking and financial sectors seem to have quickly developing muscles. So where are you?
Table of Content
- What is Fintech, Anyway?
- How can Fintech Technology Boost Your Business?
- Why Work with an Experienced Fintech Software Development Company?
- Fintech Software Development Solutions to Consider – It’s Worth the risk!
1. What is Fintech, Anyway?
In 2018, “fintech” made its debut in the online dictionary. 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 customer’s accounts with innovation. From insurance and investment companies to mobile payment apps like PayPal, fintech is a game-changer.
Some of the nerve-breaking examples of fintech software technology include:
- Mobile payments
- 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 have an unmistakable thought and basic comprehension of human (clients to be sufficiently exact) prerequisites. Fintech applications and virtual products are frequently accessible with interfaces that are slick and clear and show according to the assumptions for the clients.
However, this is not it! The segmentation is no less! Here to every financial operation, a single tab has been dedicated. In addition, accessing from the main menu works wonders speaking in terms of navigation for experienced and even for novice users.
On and all, Fintech software solutions featuring a better UX design make everything more convenient. Additionally, it likewise shows that the organization has done cautious planning to reproduce the client venture in the most wonderful manner
2. Great Convenience & Value-adding Features
With the limited utilization of mobile availability, fintech organizations appear to have upgraded the effectiveness and accommodation of transactions/exchanges.
In basic words, clients have a superior encounter, expanded transparency and the data is more available to the general population. All the data is readily available, bringing about better administrations to the general population. In addition, financial innovation has assisted with profiting monetary items to people who don’t have ledgers accordingly obliging everyone needing monetary administrations universally.
It might very intrigue you to realize that as of now, practically all fintech applications grant their end-clients to imagine their spending history and monetary administrations proficiently through outlines and charts. It will at that point assist them with having a superior comprehension of their uses 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
There have been significant advances in managing payment options electronically. One of the major ways Fintech has been helping several businesses is the ability to automate payments. Global payment systems make getting paid simple and instant, no matter where in the world the money is coming from. Transferring money across borders is another area that is being transformed by innovators.
It’s more like turning your mobile phone into a point of sales system (POS). Businesses now will be able to manage their cash flows and take payments in a better way. Square, Vend and Lightspeed are some of the most popular POS systems that consolidate numerous operating areas into one centralized location for better inventory management, CRM, marketing insights and financial reporting. 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
When dealing with financial transactions and personally identifiable financial data, security has been of utmost importance. Ideal financial software development requires a high degree of security. After all, you are dealing with proper data encryption, establishing user roles that limit company-wide access to such data or even a secure messaging platform for internal or client communication.
Development companies that are highly experienced in fintech software development will be familiar with the necessary security requirements for this industry. This gives them a leg up on the competition because they will be able to guide the process of implementing proper security measures to protect your company and client data.
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. Also, working with a fintech software development company means that you get to leverage the partnerships that fintech development teams have already established.
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. The uniqueness and rising popularity of this industry make it even more pivotal that you work with a company that is familiar with the latest technology and fintech practices.
In fact, many businesses nowadays seem to have become comfortable with the concept of fintech software development and hiring a reliable fintech software development company. Do you know why because now people aren’t afraid to innovate and willingly end up adapting the process, tailoring development to fit the needs of the specific fintech company they are working with?
4. Fintech Software Development Solutions to Consider – It’s Worth the risk!
So now you know what is fintech technology, 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 that automates invoice generation for a wide scope of delivered labour and products. Before long a rundown of incorporated devices is made highlighting a wide range of items and administrations and their connected expenses per tax calculations and send them to their individual beneficiary.
The smart technology additionally empowers entrepreneurs to make solicitations utilizing prepared to-utilize layouts which are very customizable/adjustable. 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 something, I mean, of course, it’s a financial product that allows end-users to submit, track, process and reimbursing employee expenses. However, that’s not it! It is also used to invoice billable hours and/or reimbursable project expenses.
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 who balance the general ledger or close the business’s books
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 that work in concert as an engine to solve different household needs.
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
- Higher availability of capital and lower cost of business
- Improved customer experience through faster processing
- 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 your day-to-day operations. Right from brokers to agents, agencies, and carriers streamline their operations and save time and cost. However, it should support both client and administrative sides.
Speaking of the administrative side, here you get underwriting, issuing policies, managing teams, tracking claims, complying with regulations, and updating policy information.
Whereas contrary to this, the client-side enables your customers to log in and carry out simple tasks such as checking their policy, checking eligibility, applying for insurance, filling forms, making 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)
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.