Software for Fintech: How to Improve Results Using Technologies

Financial services are always in demand. And companies that provide them gain profit constantly. But high competition and the advent of new technologies require Fintech businesses to choose new solutions if they want to stay afloat.

Not all financial companies and startups have their own IT departments, and even if they have, that’s not a guarantee for the best results. Thus, often the Fintech industry needs to get in touch with specialists who can plan and implement financial services software development for them. We offer you some information about which technologies and solutions are trendy in Fintech, and how to select the contractor for their best implementation. We base this information on the expertise of Avenga’s pros, who are regularly working on projects of that type.

Photo by Zan on Unsplash

Fintech Solutions: Which Are on the Top?

When talking about the financial industry, what features it needs from digital and software products? We can say, these are as follows:

  • High performance and reliability are a must for every industry, but for Fintech, they are almost crucial.
  • Scalability. That feature is essential as every business tends to grow if it is successful, and the scalability of the software it uses guarantees that growth will be effective and fast.
  • Automation of most functions. That is also about cost-efficiency and customer service. The less manual work is required from a business, the higher will be its efficiency and customer service.
  • Risk mitigation and empowering safe payments.
  • Security. For operations with money, security is a cornerstone, nothing to say more.

All these features can be implemented in a single product if you have a clear vision of it and engage professional developers who work in the area of Fintech products. Today, there are several technologies and methods that are at the top of the industry. We can highlight a couple of them right now.

  • AI and machine learning implementation. These are algorithms that you can use to mitigate the manual work of your staff. For example, AI can help with approving loan applications. It can analyze customers’ data to make a decision on whether to provide them with a loan or not.
  • Chatbots as a communication channel. They substitute real operator consultations and help your customers to get information easier and faster.
  • Custom CRM software that can become a core of the whole business. In financial companies, CRMs can handle lots of processes and provide the owner and CEOs with thorough reporting on financial results.
  • Implementation of new payment methods like cryptocurrencies, digital e-wallets, etc.

That’s just a tiny part of financial software solutions that you can use in your business. Yet even if you select something from the list, you still need someone who will implement the idea in the final product for you.

Choosing a Contractor For Custom Software Development in Fintech

That is, you need to select a contractor who will develop the software for you from scratch and integrate it successfully into your business processes. In Avenga, consultants advised us to follow several tips to make a win-win choice.

  • Evaluate whether the company or team have experience in financial software development. That can be done by looking at the contractor’s portfolio or recommendations from previous clients.
  • Do not neglect customers’ reviews on the contractor’s work. That can help to avoid developers whose services don’t meet your requirements.
  • Get into detail about the working process of the contractor. Does it provide reports on its work? Does it adhere to deadlines? Which business model it provides? It’s all important.

Be sure that choosing a good development company for your financial company software is a lion’s share of the future efficiency of the product.

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