The finance sector is at the forefront when it comes to technological advancement adoption and efficiently adapts to rapid changes. Cryptocurrencies and e-payments are no longer the “next big thing”. The first bitcoin was launched in 2009, and as of March 2022, there are more than 9000 other usable cryptocurrencies. Of these, over 70 hold a market capitalization that crosses USD1 billion. As more sub-sectors of finance move towards digitalisation, there is a consistent rise in demand for top-notch finance software development.
This article explores some of the key branches of finance, their moves to upgrade to the latest technology, and factors to consider when developing financial software systems.
Custom Financial Software Development – An Integral Need For the Finance Industry
While the adaptation of FinTech software has benefitted the finance sector as a whole, each industry within this sector has specific needs and requirements that need to be met, and require customised software developed that is industry-specific for several reasons.
Digital lending has increased proportionally as online and mobile banking gain traction. It is one of the key sub-sectors of the financial industry and regularly utilises custom financial product development services to optimize loan management.
Lenders who wish to promote their services to wider audiences do so by providing a better experience to their clients. By automating, optimising, and controlling their internal operations better, their customers reap the results through optimised management.
Our client GC Business Finance approached GoodCore, acknowledging our services as a reputable financial software development company. Their insightful plan was to stay ahead of the pandemic and they approached us to develop an online loan origination portal. Packed with the experience of our expert finance software developers, the portal became a web application that allows businesses based in the Greater Manchester area to apply for loans online.
The app has a form integrated with a document management section in which applicants enter their complete details and attach all relevant files. The system automatically checks their credit score and initial eligibility against pre-set conditions. The GCBF administrators and loan managers can then use the backend portal to view pending applications and approve/reject them based on points of reference. Businesses that are approved for loans, can easily repay as scheduled via the payment portal incorporated in this web app.
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Modern banking software development must ensure day-to-day banking operations are accessible to as many people as possible, at all times, no matter where they are located. This too calls for financial software development services.
People no longer opt to visit their respective bank branches for insignificant transactions. This online banking shift was further accelerated by the COVID-19 pandemic. The banking industry software has almost completely eliminated the need for in-person visits to the branch. Financial organisations must heavily rely on web-based financial software and mobile banking apps that allow customers to perform a multitude of functions via their computers and mobile phones.
Traditional banks with their 24×7 availability through automation make banking operations user-friendly and more efficient. Customers can now perform a wide range of banking activities, such as account management, local and international funds transfer, remittance management, bill payment, and much more, from any global location. Taking online banking one step further, banks are now moving towards artificially intelligent chatbots and biometrics (fingerprint, voice, and face recognition) to make operations seamless and secure, thus improving customer experience.
Banks using top-of-the-line banking software efficiently and swiftly manage and/or automate internal operations.
- Management accounting software
- Administrative management software
- Document management software
- Financial reporting tools
- Customer relationship management (CRM) systems
Such software solutions help provide banks with a consolidated view of their operations where all daily financial activities are always in sync.
RegTech (Regulatory Technology)
In an industry as attractive to attacks and cons, as finance, it is extremely important to make sure that all financial organisations adhere to particular standardised rules and regulations. Local and international regulatory authorities have specific powers and expect compliance.
One such Malaysian regulatory authority, the Securities Commission, approached us for the development of a digital platform that would enforce compliance with local regulations for unlisted investment products launched in the capital market. The aim of this capital markets software was to automate the process, minimise the human error factor, and achieve higher efficiency during the compliance process. The system we developed was preloaded with comprehensively detailed industry standards and programmed to perform complex financial calculations.
Financial organisations must rely on digital solutions that meet regulatory requirements in order to follow the rules and stay safe and out of trouble. Some special features and characteristics that regulatory-compliant software may need are as follows:
- Data security and privacy checks
- Fraud detection and management system
- Risk assessment, analysis, and management
- Audit trails
- Reporting tools
- Real-time financial tracking and insights
- Compliance task management
All of the FinTech software solutions that GoodCore develops are strategically planned with emphasis given to all applicable financial regulations that the client may need to follow.
Current market trends dictate that insurance providers, like most other financial organisations, shift to digital platforms. Insurance companies must make insurance plans and details accessible to potential customers.
Here’s an example to help us learn about the type of software insurance companies need developed. Let’s talk about a project GoodCore Software completed for Stonestep, an insurtech firm based in Switzerland.
Stonestep realised the need for a mobile application that would facilitate their sales agents and asked for a custom product for the same. GoodCore built a mobile app for Stonestep to boost sales and streamline the customer registration process.
One of the most important features of this portal is that it contains product presentations. These presentations outline Stonestep’s insurance offerings and guide agents to communicate them to potential clients effectively. Sales agents log into the app and conduct all their sales operations within the software. The app allows the company to register verified sales agents.
Each successful pitch leads the agent to the customer registration screen bearing a simple form that collects the required client information and sends it to the central database. Special features include reporting tools, and a rewards and points section allowing Stonestep administrators to monitor agents’ performances and award bonuses accordingly.
Insurance software can have several modules dedicated to processes such as document management, workflow management, claims, billing, and payment management. The Stonestep app has chosen company-specific features and functionality. Other insurance companies might choose different specifications. Advanced apps make use of technologies such as IoT and artificial intelligence for improved risk management and improved customer experience.
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Having built both web and mobile apps for multiple financial organisations, our finance software developers will meet your expectations and create a secure, regulatory-compliant app designed to boost your ROI and improve operational efficiency.
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The Ideal Finance Software Development Product – Features and Functions
Now that we have discussed some of the popular financial services software, let’s discuss the components that make up the perfect financial app.
High Performance & Scalability
Considering the rate at which some sectors of the finance industry are growing, the latest financial apps must be adaptable and cater to an ever-increasing number of users. Many financial technology providers have employees and/or clients all over the world. That is why it is critical for finance apps to prove their reliability and performance. Even with greater loads, their performance should not be hindered. Speed is also an important factor to consider since many financial transactions are highly time-critical and need immediate responses.
Wide functionality and integration
A financial software developer must ensure that any custom financial software integrates seamlessly with many platforms. Since fintech can be subdivided into several sectors, a custom financial software development service provider can create client-focused applications for different solutions, such as financial resource management, mobile payments, and crowdsourcing.
All related applications must be compatible in order to exchange information successfully. Therefore application and functionality integration is essential. The software may be expected to collect integral data or connect bank accounts. It must also be easily accessed and used across different platforms.
Accessibility & Ease Of Use
Apart from efficient performance and load management, the growing user base also suggests that there is a need to focus on making the software as easy as possible for users to navigate. While some types of financial software might be fairly simple and straightforward to use, others can be quite complex. The real challenge is to make the complex behind-the-scenes financial operations seem effortless for end-users. A clear-cut, smooth and intuitive user interface is one way to achieve that goal.
Security and Blockchains
Generally, financial transactions are highly sensitive in nature, especially when money is exchanged. Therefore, financial systems are bound to provide maximum privacy and complete security to all parties involved. Blockchain adoption in Fintech applications ensures that data cannot be tampered with or altered. The blocks record data in hash functions with unalterable timestamps that make them ideal for money agents, custodians, and banks thanks to their algorithms and protocols.
These systems must be highly safe from external breaches and threats and prevent data leaks. In case of a crash, appropriate measures must be put in place so that any major losses can be avoided. When built stably they will avoid unexpected crashes – causing loss of critical data – during transactions.
Simplified data analysis
Fintech works best when it is straightforward so that all users can perform financial operations, despite any variance in Fintech services or advanced functions. However, it is a fine balancing act for any financial software development company to keep the financial software hassle-free, efficient, and simple. New technology, allows easier development of financial programs that display transaction history, perform analytics, and generate summaries.
Since the software will often work as an analytical tool for data compilation, a simple interface can guide users to monitor financial activities, access information and transaction history, and conduct business from anywhere on the globe.
A professional finance software development provider must have expertise in various technology stacks that cater specifically to the financial industry. Popular development tools, languages, and technologies may be used in conjunction with external integrations of a purely financial nature. Therefore, it is important that the finance software development partner you choose possesses thorough knowledge of both aspects of FinTech.
Finance Software Development Process
Custom finance software development occurs under the typical software development life cycle (SDLC).
A reliable financial services software development agency or financial software developer will clearly discuss with you what type of application you want to be created, including its required features. These features will be listed in the software requirements specification (SRS).
Next comes the design phase, during which the app’s user interface and a wireframe will be crafted based on your requirements, feedback, and approval. You can ask your financial software development services provider for either low- or high-fidelity wireframes (blueprints), depending on the level of detail you require exhibited. The wireframes will be translated into a basic prototype or skeleton app. Here, UI and UX designers can help guide you regarding branding activities for your app, such as logo and theme design, if needed.
The code that is written for your application will make it fully functional, enabling it to perform all the actions that it is intended for. Development (coding) begins only if the prototype has been approved. Alternately, the finance software developers begin coding from scratch. Throughout the development process, the app is thoroughly tested using various techniques to make sure it meets healthcare industry app benchmarks. Every aspect, from intuitiveness and design to functionality and security will be tested to ensure smooth running.
Once the app is free of bugs and approved for release, the final launch will take place and the app will be made available to end users.
Custom finance software development companies often offer application support and/or training services after launch. You can also choose a maintenance package if you want your offering to stay up-to-date with the latest technologies or want any revisions in the future.
GoodCore’s Bespoke Finance Software Development Services
Ever since its establishment in 2005, GoodCore Software has been working with organisations belonging to the finance industry, along with many others. We build impeccable software solutions specially customised to meet the unique requirements of each client.
Our expert finance software developers are highly experienced in the FinTech industry, having expertly managed, developed, and launched multiple projects. Through hard work and working on tested and experimental methodologies, we have helped our global clients achieve business efficiency, boost ROIs, and improve customer satisfaction. We have perfected the recipe for fully secure, profitable, and user-friendly tailor-made financial technology solutions! Contact us if that is your need.