Importance of Financial Custom Software Development for your Company

The world is changing and can you believe what could be the main reason behind? The rise of financial technology or should I say financial custom software development. I am sure you must have come across several posts focusing on what is fintech and how it is so much in demand, which are the top financial software development companies around and so on! 

Well, I am certainly not here to scare you but those businesses which aren’t making use of the fintech revolution must be lagging behind especially when we are able to witness enterprise-level financial organizations are leaps and bounds ahead with fintech. Moreover, consumer banking, insurance, billing, wealth management are some of the common names found investing more than ever in the financial technology. Of course, there was a time when off-the-shelf software was considered as one of the most cost-effective option but not anymore! Reason being, COTS comprises of a limited set of features making it pretty difficult to adapt specific development needs. 

1. What is Financial Software Development?

An ideal Financial software keeps on revolving around 5 factors – speed, convenience, personalized experience, enhanced security, and cost-effectiveness. Much like every software development process even this one includes creation of systems and solutions that might be beneficial for you as well as your clients in the financial domain. With the help of financial software development, you will be able to create endless capabilities enabling your companies to leverage the wide technology stack for delivering the best possible outcome.  

After all, financial software development isn’t just limited to accessibility of the services but also aids in creating more personalized experience for the end user by enhancing security as well as cutting additional costs. 

Mobile banking apps, claim management apps, loan systems, are some of the common examples of effective software solutions in the financial sector. In fact, it may quite interest you to know today’s financial market stood extremely strong – all thanks to the ever-evolving technology. It may quite interest you to know that companies now more than ever are able to track their financial activity in real-time regardless of the challenges offered by COVID-19 Pandemic. 

Initially financial software development was chosen for asset management and fund control but not anymore, it’s roots have integrated so well in our minds that the application area of financial software reached all the key business activity dimensions. 

Financial or fintech software solutions are for the greater good for the digitalization and optimization of the business. Which eventually results in improved financial management, decision making becomes smarter, reporting becomes accurate, faster information exchange, and preventing cyber threats.

1.1 Key Financial Software Development Services

  • Consumer Finance
  • Insurance claims and services
  • Strengthening Corporate security
  • Forex solutions
  • Customized client-oriented services
  • Budget Optimization
  • Improved Cash flow
  • Enabling collaborative workplace models

2. Benefits Of Using Custom Financial Software Development

Honestly businesses using any software solutions are capable of availing a plethora of benefits. Further-below I would like to mention must-have advantages of financial custom software development you must expect.

2.1 Adaptability

With financial software solutions, businesses are now able to adapt dynamic market conditions in real-time.  No matter how new updates or regulations are enforced, unfortunately, the law remains the same therefore it becomes very crucial for an organization to be flexible enough to survive. By using the right fintech trends or solutions, you will be able to reveal your best version even though its incorporated with the existing system but with better adaptiveness.   

2.2 Better Sales and Services

Now when we hear the term finances, I am sure you will try to connect with purchase and sales management. Well, a financial software development does enable you to manage transactions whenever and from wherever you want.  

Whether its a purchase order or debit/credit notes, forming quotations, receipts, etc, anything is possible here. Therefore a financial software does lead to better sales. 

Now speaking about services, faster transactions results in happy and satisfactory customers. In fact, here you do get access to tools featuring customer feedback.

2.3 Personalization 

Every human craves for someone to make them feel special and so do your customers. So as a business, it is very crucial for you to figure out what your customers need rather than what you want to create for them. And here a fintech software comes to the rescue! Customized fintech software can utilize the latest in data analytics methods to examine consumer data and create the tailored services your customers expect.

In fact, more and more financial software development companies are found using disruptive technologies such as AI to come up with more personalized products just to enhance customer experience and make them your direct advocates.

2.4 Security

In today’s dangerous era, where cyber security breach has become a worldwide issue. And since companies store  susceptible customer data, including social security numbers, bank and investment account information, and credit cards. And of course such confidential data need high-end protection. It has been observed that hackers attempt data breaches against financial services firms 300 times more frequently than against other industries. Therefore, It is important to consider financial software as it offers unmatched security. 

A customized fintech software can assist your company’s cybersecurity risk management and mitigation, regulatory compliance, and fraud detection and prevention. Fortunately AI, cloud computing has led to the latest data privacy protection improvements. 

2.5 Cost And Time-Saving Aspect

You may find the initial investment of buying a relevant software extremely high but if you see in the long run, it excels in cost-effectiveness and savings. I mean imagine how much time and money has been wasted due to human-efforts and now all your processes have been automated. Automatically here you cut down on the number of staff members you have. 

Apart from this, time is very crucial in today’s era. So why waste it in going through all the records especially when they can be up-to-date and accurate?  

3. How to Find a Reliable Custom Financial Software Development Company?

I am sure you will come across a plethora of financial software development service providers but do all of them bring solace? Here I would like to mention how to get a reliable long-term development partner for years to come.

3.1 Identity Your Needs

This is the most basic yet crucial factor to keep in mind. I mean how can you choose the best when you don’t know what you want? Identify your business needs properly, talk to your employees, evaluate the problems and analyze the solution. 

Come up with an outline, so that you can meet the objectives in no time.  Depending on the nature of your project, the requirements and reputation choose offshore or onshore providers. 

3.2 Look for their Expertise and Technical Proficiency

I am sure this one is pretty obvious but there’s no harm in reiterating it. It’s important to assess how their expertise and innovation can benefit your business. You can strike a deal with a company that has 10 years of experience creating websites but it’s doubtful that they can develop a complex EPR system for your organization. It is technically possible but highly unlikely.

Also, if you find a reliable vendor they can educate you on the topic of software development and keep you up-to-date with innovations in this field, as well as their pros, cons, and relevance to your business.

3.3 Consider the Budget

Of course, there is a price to pay! So the budget is considered. Predetermining your budget in advance can help you in figuring out your the cost of the project falls in your budget. Unless confident on the guaranteed ROIs, you don’t want to go bankrupt buying an over expensive software that automates parts of your business.

Do not forget to look for hidden or additional costs in the contract, like additional fees for documents management, annual setup/ maintenance in addition to monthly support charges, in-person training, etc.

4. Conclusion

And that’s a wrap! So now you know why Custom Software Development and Fintech are like chocolate and peanut butter. In case, if you have any doubt or query, feel free to mention that 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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