Fintech has become a necessary aspect of today’s modern-day world. With a large number of users transacting online and complexities involved in almost all the businesses, financial solutions have become a must-have from a nice-to-have thing. These robust financial solutions have proved themselves in bringing the desired output for many industry-segments. And, the exciting part is that the fintech industry is continuously evolving to a more advanced version. According to Statista, the digital payment segment is predicted to be the largest segment of the global market, with a market value of US$4,769,370m in 2020. Also, the total investments made in fintech reached $55.3 bn in 2019. Clearly, the digital world has slowly begun to acknowledge fintech and its robust benefits.
However, due to the growing competition, many fintech companies have been introduced in the global market. And to add to the confusion, almost all these companies offer somewhat similar types of custom financial solutions. So, it becomes quite difficult for a marketer to choose the best company to satisfy his business needs.
Therefore, in this article, we have covered the vital aspects that help you identify the perfect software development company for satisfying your financial needs. But, before digging in deeper, let’s discuss the various types of business solutions.
Fintech Software Development Companies
There are different software development companies that provide various financial solutions, depending on their expertise. However, an experienced software development company always serves the best to its users and delivers all types of custom software for different industry-verticals. These financial solutions cater to the diverse needs of the user. To name a few, we have
1. Billing and Payment Software
2. Expense Management Software
3. Investment Software
4. Financial Planning Software
5. Blockchain-based Solutions
6. Insurance Software
Read More: Financial Software Development – A Complete Guide for Businesses
1. Billing and Payment Software
No industry can work effectively without an efficient billing and payment software in today’s digital world. Any company, irrespective of its domain, needs to process payments and bill clients to make more money. And while it is also possible to do all those tasks without financial software, only when you’re handling fewer transactions. However, with the growing user base, the financial functions of your business need to match up, and it is only possible with efficient Billing and Payment Software. This robust software handles invoicing, email marketing, online payments, client reports, and so on.
2. Expense Management Software
Expense Management software carefully handles all your company expenses and enables you to streamlines the expense and review process. With the help of an effective expense management software, you can automate the money transfer process and can even identify the over spendings of your company, including that made by your employees. It also lets you determine the cost-saving opportunities and assist you in controlling your extra expenses. An efficient Expense Management Software offers real-time financial data, vital analytics, and visual-rich reports on your critical business operations.
3. Investment Software
A perfect investment cannot be made without the help of proper data. That’s why many fintech companies tend to integrate vital financial data into your business operations, to help you make more informed decisions. With the help of investment software, you can seamlessly view all your critical business data from a single dashboard and can invest using that data. It even lets you manage all the investments made by you and also provides you vital information on future investments that you can make.
4. Financial Planning Software
Financial Planning Software is a budgeting and forecasting software that helps you manage the overall finances of your organization. With financial planning software, you can seamlessly track the essential components of your financial planning and can plan the allotment of the correct resources for obtaining fruitful results. It also allows your account section to consolidate budgets from different sections of your organization and also helps with the data analysis. You can increase your overall sales and can get critical insights over your business operations using this powerful software.
5. Blockchain-based Solutions
Blockchain technology is transforming the fintech industries at a much faster rate. It is taking the financial sector by storm by securing the vital data and transactions of the companies. Through blockchain technology, the industries can benefit a lot as it provides a secure transacting and also secures their critical financial data by decentralizing the data. Besides that, it also supports tokenization, which means all your transactions on selling and buying any item is safe and secure. That’s the main reason why almost all the companies are leveraging blockchain technology to make their business future-ready.
6. Insurance Software
As the number of mobile users is increasing at a tremendous rate, mobile app development is making considerable transformations in the global world. The insurance app is one such mobile application that has positively changed the insurance sector. With the help of an insurance app, the customers can seamlessly connect with the insurance agents to find the right kind of insurance for themselves. They can browse through several options and can even book the coverage and make the payments using an efficient insurance app.
So, these were some of the widespread financial solutions that are transforming the present-day market. Now, that you might have decided a suitable solution for your business needs, let us quickly discuss the relevant parameters for selecting a perfect fintech company for developing an efficient financial solution.
How To Select The Right Software Development Company?
Choosing the perfect software development firm can be a tedious task, especially when you have thousands of them. So, we have broken down the list of all the parameters that could help you choose the right fintech software development company for satisfying your business needs.
1. Perfect Skills
The first and foremost perimeter of a good software development company is to have an ideal set of skills. It should have certified developers and skilled Engineers to make your software bug free and useful. Also, make sure that the company has access to all the latest technologies like AI, ML, big data, etc. and should know the right allotment of dedicated developers to complete your project quickly and efficiently. Not only that, but also check whether they have dedicated experts in Java, .Net, Python, and so on. Lastly, Fintech experts should also be present in the team that you’re outsourcing.
2. Certified Developers
As discussed above, your strategic partner should have a dedicated team of experts that should be well versed in all the aspects of your software development. They should have a firm grasp of coding knowledge to write clear and error-free codes to power your platform. The standard programming languages used in developing financial solutions are C++, Java, C#, Python, Ruby, and Scala.
So, make sure that your developers should have an excellent knowledge of all these languages, if not, at least 5 of these languages while developing your product. Also, your developer should be aware of the latest trends in the finance industry to develop a useful product.
3. Security
Cybersecurity has remained a hot topic for quite some years and is still a significant concern for the global market. And while developing a fintech solution, security should be your topmost concern, as a slight mistake can affect your business drastically. So, you and your strategic partner should be well aware of addressing the major security issues.
The software development company should know the solutions to your security problems. Always check whether the IT company is following proper regulations and standards while developing your product or not. Also, are the Engineers familiar with the security aspects to secure your critical data? All these would help you in making a better and informed decision.
4. Company Capacity
That’s another critical factor to be considered while outsourcing a software development company. It would help if you made sure that the company you are choosing has all the dedicated members, viz., developers, testers, UI/UX person, designer, finance expert, and so on. You should also make sure that your strategic partner uses mature and efficient recruitment processes to hire the best candidate. You can even ask the developers whether they know the basics of the fintech industry or not. All these would help you properly analyze your outsource development team.
Explore More About: Finance Software Development
5. Risk Mitigation Plan
Outsourcing a software development company involves a higher level of trust, especially when the case is for fintech software development. So, while choosing your strategic partner, make sure the company has the risk mitigation plan ready to avoid future conflicts. That is, in case if a company fails to deliver the product of desired quality and regulatory compliance, then they should have a plan ready to compensate for that thing. Also, make sure that the company agrees to the backsourcing terms and conditions of yours before signing the main contract.
6. Soft Skills
Last but not least, soft skills also play an important role while selecting a software development company. In this modern world, the stereotype of geeky programmers is gone. In today’s fast-moving world, your developer must have qualities like time management, flexibility, innovative thinking, and so on to make your product the best in the global market. He/she should have practical problem-solving capabilities to build success for your product.
Final Takeaway
So, in this article, we discussed various types of financial solutions and the critical parameters of choosing the right software development company. We also talked about the importance of security in the finance industry and how blockchain is transforming the fintech sector. At last, you need to remember that every project has different needs and so there may be more key parameters that could help you. All in all, with the correct research and analysis, you could seamlessly find the perfect software development company for your project. Still in trouble? Feel free to contact us at www.matellio.com.
