How to Choose the Best Fintech Software Development Firm

You want to get the best software for your finance firm. You want to turn your business needs into reality with awesome techies who will do your bidding. You want to offer consumer-oriented services in your banking and trading firm.

Fintech businesses are challenging traditional financial service providers. With the bloom of fintech, the focus is on user experience, best-practice interface design, and battle-tested technologies.

Many startups are actively bringing in software developers to their teams. Developers with strong coding skills can empower your mobile banking applications and systems. Experienced developers lower the risks of developing a new product and help you to improve your financial service.

While planning, look for different services provided by software developing firms. Glance at solutions you can use in your fintech company.

What Types of Fintech Software Solutions A Software Development Firm Can Offer You?

#1. Commercial Lending Software

Businesses need commercial loans to purchase office space and to accumulate funds to carry out operations and wages. You want commercial lending software to offer prompt and responsive client service. A lot of firms are turning to technology for disbursing loans. Here is an interesting fact from NCUA Call report data. The number of commercial loans funded by credit unions in 2019 was up by 12% the next year.

Commercial loan software will improve your work efficiency, automate compliance, and provide total transparency into complicated loan processes. You want the traditional loan process to speed up the entire loan lifecycle. It will empower relationship managers to deliver a better customer experience.

#2. Core Banking Software

The competitive nature of the banking world has pushed firms to a more modern and efficient banking system. You can change the game with doorstep banking. You want to reach customers in their homes.

The catch for the banks is to quickly onboard their customer online. You want to fast-track the account opening, KYC documentation, and photo scan. Make your sales team engage the customers with online services and digital platforms. It will be a fast-paced experience for the customers. Mobile banking, net banking, & digital payment solutions will be a more intuitive and enriching experience.

#3. Insurance Software

Digitalization has fueled agile features development. It is needed to transform old insurance structures. Choosing the right path will help you reap better benefits.

You can manage day-to-day operations with insurance software. You can keep track of every little detail in the process. You can give customers policy and claims information, manage your teams, allow your customers to log in, get them to fill out forms online, make online payments, etc.

#4. Pension and Benefits

In the private pension, digitalization and technological innovations are still in a nascent and experimental stage. Despite this slow start, you want to welcome the private pension with pension software. Innovative software will help you increase efficiency and cost-effectiveness.

You know that running pension administration and payroll in-house is complex. You want reliable software to suit your requirements for things like how to make a voided check. You just need a good pensions management software. It will help you to achieve operational efficiency, meet regulatory standards, and help your customers navigate smoothly.

#5. Regtech

You need software that can combine your knowledge in fintech, law, and the particularities of regulatory institutions. You want report automation tools to stop errors. With these tools, you can provide automated data sourcing, show balances, and generate regulatory reports. You can ensure data safety, improve forecasting, and enhance analytics. You need to get next-generation data architecture to shift from traditional rigid data models and manual processes.

#6. Mobile Payments and Wallets

Online transactions have become a rage, and you cannot lose this opportunity. You see the boom of mobile payment at convenience stores, multinational retailers, shops, groceries, and pharmacies. You know it’s a great idea to make an online payment and it's simple. You want to offer wallets and payments to your customers to make bill payments from wallet balances.

#7. Blockchain and Cryptocurrency

Fintech investors are beginning to realize the power of cryptocurrency. It is being regarded as the future of money. A cryptocurrency is stored electronically in the blockchain with encryption. With the right blend of software development, you can enable existing, new, and legacy systems to transfer, deposit, and transform one digital asset into another.

#8. Trade Tech

You can unlock new possibilities with the Internet of Things (IoT), artificial intelligence, 5G, cloud-based platforms, and other fourth industrial revolution. Well-designed software will be a building block for developing creative trade technology solutions. You can invest in know-your-customer, regulatory, and onboarding technology to decrease risk and costs.

#9. Risk Management & Fraud Prevention

Risk management is most valuable to you. It is the initial point while dealing with risk and compliance matters. You want to address the risks and challenges. Risks pose challenges to your business and also the regulators. You want to detect them firsthand and have them dealt with.

#10. Investment Personal Finance

When you want personal finance software, make sure that you can use the software on multiple platforms. Sync your software with your bank accounts to keep your transactions up to date and ensure accuracy. Regular software updates will let you be on par with the latest upgraded technology.

#11. Business Plan

With Software as a Service (SaaS) you get a chance to improve agility and your revenue streams. It enables quick adjustment, and you can scale up or down as per the client's demand. It can be used for transactions. Many people prefer to build their business strategy using spreadsheets, papers, or presentations. However, if you want to design something that stands out from the crowd, you can tailor your plan. You can just skip tedious formatting and administrative labor.

#12. Wealth Tech

Personal wealth management is now possible online. You can offer your customers a chance for profitable investments. You can automate tedious tasks and provide valuable data and insights. It will help asset managers optimize and offer the best possible investment option and access risk. You can also add robo-advisory services that offer automated data-based investment advice.

• Robo-advising

You can use Robo-advisory platforms to automate your portfolio. You can also check risk parameters, income, and other aspects of a client's investment.

• Stock trading

Track your investment performance in real-time access and download all reports like a ledger, transaction history, profit and loss, contract notes and statements, cost report, dp bills, inter-settlement charges, etc. You can get in-depth market analysis for equity and make more informed decisions.

How Do You Ensure Fintech Developer Makes a Highly Secure Financial Platform?

To give you an example of our fintech project - Flexipath Capital, a fintech company facing troubles due to lack of scalability in on-premises technical infrastructure. Our fintech developers at Clarion solved the problem by migrating the on-premises application to the Azure cloud. We also help fintech firms to build Blockchain-based applications with Blockchain as a service or BaaS.

How Our Software Developers Will Help Improve Your Fintech Business?

Financial software development involves improving and automating financial processes with AI, ML, and big data. Our software experts work together with other departments to find out about the needs and specifics of the company so that the platform or software will be a perfect fit. They help with new updates for the financing and banking industry. They work on feedback and make changes if needed, both in the interface and internal operations.

Wrapping Up:

FinTech is helping customers to take control of their financial lives. Use of new technology breaks traditional boundaries and assists people in improving their financial status and outcomes. There is no longer a "one of a kind" approach to FinTech enterprises. You can provide tailored – and niche – services that satisfy a specific financial need at more affordable prices than traditional financial providers.