The P2P payment market in the US is one of the biggest in the world which is expect to grow from 151 billion dollars in the year 2017 to 381 billion dollars in the year 2022 as per the research. Now, off-the-shelf software is definitely a cost-effective way but it was not built to fulfill the unique needs of every company. So obviously, it would come with a limited set of features as well as it would be difficult for it to adapt to the particular needs of an organization.
Additionally, if you want to build add-ons for ready-made apps or develop workarounds then it may cost you much more in the long term. And as we discussed, the financial service businesses like wealth management, billing, consumer banking, insurance are now investing more and more in maximizing in-house skills by taking advantage of fintech solutions including peer-to-peer payments. So it would be beneficial for the financial organizations to consider the option of customizing their software to obtain better results both in the short and long term.
You can develop custom software with an in-house IT team or you could hire a custom software development company that could help you design software specifically for your company’s needs. Such software applications bring a wide range of advantages with them. Here are the top five benefits.
Fintech has been growing rapidly over the last few years with the help of the latest technologies like cloud computing, data analytics, and Blockchain. But is there any way that your company can take maximum advantage of these innovations? Hiring a team of full-time in-house developers can be difficult because for that you need to find the experts that have deep knowledge of the field and have extensive experience of working with all kinds of technologies, especially the latest ones. These are the preferred standards for the financial software developers’ job at a big tech firm. The chances of finding the right person for the job are very thin and even if you do, the process is very lengthy and messy.
On the other hand, you can get it done faster and in a cost-effective manner by working with a third-party software development company. They would provide all the resources including the technologies and the experts that you need for your fintech project. This will enable you to build advanced technological solutions on the foundation of the latest innovations including:
There are two things that customers need. First, they want companies to understand them and second, they want you to make them feel special. So when you know what your customer wants and provide them the way they want, they will remain loyal to you. A custom fintech software uses the latest data analytics methods to examine the customer data so that you can build tailor-made services exactly the way your customers want. Software developers also utilize AI technology to personalize the products, enhance the customer experience with platforms like online banking, mobile apps, and loyalty programs.
Financial companies have a lot of sensitive customer information in their store including social security numbers, banks, credit cards, and investment account information. Such data needs very strong protection against all types of cyberattacks. And it’s a fact that hackers attempt data breaches against financial services organizations 300 times more than any other industry.
Apart from that, there are now regulations in every country that makes it compulsory for companies to secure their customer data. For instance, America has the Financial Industry Regulatory Authority (FINRA) to place such federal regulations. And as a result, more and more financial institutions are now looking for experts with FINRA licenses so that they can have the best possible financial security for their business and consumers.
Risk management, risk mitigation, fraud detection, fraud prevention, and more aspects of cybersecurity can protect your business if you have opted to build custom fintech software. Emerging technologies like artificial intelligence are used to identify and minimize fraudulent online activities whereas biometric technology will help you make your software products virtually hack proof and more convenient for your customers to access.
Some even keep their company from the cloud computing options at bay to avoid the risks of cyberattacks. But now you don’t need in-house servers and other physical infrastructure because the latest privacy protection enhancements have improved the cloud computing technology. So the time has now come to choose it over the traditional practices.
You can improve the efficiency of your company using custom fintech software. There are many ways to imply that and some of them are mentioned below:
Constantly growing and adapting to the needs of the world is what they termed as scalability.
It is highly recommended and believed too that software must grow parallelly with the growth of the company for which it is used. Because if it won’t, you are likely to face performance issues and some negative customer experiences.
But if you opt for custom software development, the developers leave the room with a chance for future growth or service expansion including the increase in users or more data storage. Moreover, if you start using scalable technologies right from the start then it will be easy for you to manage both your current and future requirements.
If you keep using the same software for a very long time then it only means one thing that the software is effective otherwise you would have discarded it right away. And efficient software will help you save more and more money. Also, if you are using the same software for some time then you can easily update it with the latest features and functionalities which is way better than starting over by developing a new software right from the scratch.
Never try to meet your company’s unique needs by using standard fintech software products. Instead, you can collaborate with the developers to design some custom software specifically tailored to meet your business needs. Partnering with them will also allow you to use the latest technological innovations to offer a secure and personalized experience to your customers. Meanwhile, it will enhance organizational efficiency and prepare it for future growth.
Looking for the top fintech software development company? Explore some best fintech software companies already reviewed by GoodFirms, Clutch, best clients etc." />
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Fintech technology has brought innovations in the Fintech Software industry, which includes the ever-expanding integrations between finance and digital technology. These integrations mainly seek to automate and improve the use and provision of services to fintech software companies and consumers.
Previously, Fintech services were limited only to laptops and desktops, but now they are also increasing on smartphones. In the United States, 64.0% of millennials and 59.0% of Gen Xers are using a banking application on their smartphones.
The Fintech landscape has a wide range of applications that are diverse and growing with technical advancements in areas including insurance technology, Blockchain, digital banks, and lending platforms.
Different types of Fintech software available in the market in 2020 are listed below:
-> Insurance (InsurTech)
-> Cryptocurrency and Blockchain
-> Payments Gateways (for financial software development company)
-> Regulatory (RegTech) (for financial software development company)
-> Peer-to-Peer lending/Crowdfunding
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Check out these five criteria for the selection of your software vendor, and you will never regret having the wrong quality product made for you.
One of the primary reasons why many companies are stuck with an underperforming software product is that they did not give the requisite attention in selecting an efficient software development partner. We assure you that if you put in some effort and pay heed to the factors mentioned above, then you will be able to select an efficient custom software development company to build your software that will cater to all your requirements.
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Take advantage of the latest technologies to boost your custom software development. For end-to-end cross-domain development, developing solutions for critical business processes and enterprise digitization employ custom software development solutions and see yourself race ahead.
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