Custom Software Development for Finance and Banking
The global FinTech industry is growing fast in response to users’ demand for innovative tech solutions. The advent of mobile banking and FinTech products has made it much easier to access and manage one’s funds. Thus, you don’t need to go to a bank to send or receive money, verify your identity for account creation, or make financial operations.
With so much simplicity and flexibility in finance management, the demand for digital banking and financial products grows exponentially. It remains a workable, lucrative business idea for startups wishing to get on board the FinTech market in 2022.
So, if you’re planning a finance or banking product, you can choose one of the two paths: picking a plug-and-play solution or opting for custom software development. Off-the-shelf solutions are definitely cheaper and quicker to launch, but they come with usability, customization, and security limitations that you should keep in mind. Another option is custom software, which is more expensive and longer in terms of development, yet it offers sizable advantages for business owners and users alike. Here is a brief breakdown of gains you can expect from a custom product.
A Perfect Business Match
The first indisputable plus of custom software is its ideal match with your existing business infrastructure, strategy, and goals associated with the new project. Once you come to a reputable agency for FinTech app development consulting, your first task is to explain:
- what you expect from the app,
- how you plan to integrate it into your business structure,
- and what it should include.
A reliable web development agency always conducts in-depth business needs analysis for potential clients to find the best match between the existing business profile and the planned innovative app. This way, you will achieve business continuity, ensuring that the product appeals to your existing clients.
Security stands at the top of the FinTech app creation formula today. The number and magnitude of attacks on digital platforms and apps are rising every year, and people are sincerely concerned about their funds’ security. In 2020-2021, over 91% of FinTech apps became victims of cyberthreats and attacks, and over half of digital banking app users reported scam messages in emails and SMSs. Up to one-quarter of FinTech products’ users become victims of successful cyber attacks every year, so the trend is really alarming for the FinTech businesses.
To avoid most known and potential digital vulnerabilities, you need to partner with a reliable FinTech development agency delivering secure solutions. Custom software applications are much safer by default. The developer writes the code from scratch and integrates advanced security measures into the code’s logic to protect the app from hackers.
24/7 Support and Troubleshooting
Every app may experience glitches or reveal some bugs when in use, which may ruin the customer experience if not addressed promptly. So, by hiring a custom software developer, you guarantee 24/7 support and time-sensitive app maintenance by the professionals who created it. This approach to app maintenance after the market launch ensures higher customer satisfaction, better UX, and secure, uninterrupted app functioning.
Another significant bonus of choosing the custom finance software development is the ability to integrate non-standard features into it. Off-the-shelf apps are slower in updates as they are meant for massive use and contain only a standard set of features. However, the modern FinTech landscape is very dynamic and unpredictable. Every coming innovation disrupts the existing ways of doing things. So, the winner in this market is the one able to provide the innovation speed and responsiveness to dynamically changing user needs. That’s what you can get from a custom development agency ready to implement a flexible, agile software architecture into your app, incorporating innovation in real-time.
Besides, top-tier firms keep their fingers on the market pulse and know all FinTech market dynamics, offering the most relevant and demanded features for your financial app. It’s easy to build a popular app ready for success with a custom combination of generic services and a winning set of API integrations. Such an approach is much more flexible than a ready-made solution with a fixed set of functions.
No financial app can succeed on the market today without proper regard for user needs and preferences. Many businesses make the grave mistake of thinking they know better than their target users. People don’t forgive such mistakes as they seek apps responding to their needs and delivering the solutions they want instead of offering a different approach.
So, the key task a custom development agency can perform for you is adding advanced personalization to your software project. The company’s UX researchers can conduct an in-depth analysis of your target users and come up with personalized solutions ensuring a user buy-in. The custom app will be developed with respect to customers’ convenience, which is attainable via a simple menu, intuitive navigation, and classy design.
Last but not least, custom financial software development offers the privilege of scalability. Many startups start small because of budgetary limitations and the need to test an idea first. With time, their success grows, and so does their customer base. Here comes the problem of scalability, which is a serious bottleneck for off-the-shelf software. However, with custom software solutions, you always have endless growth potential and numerous ways to scale your app to the current business size without frictions or downtime.
Custom Software Rocks
As you can see, custom software offers many benefits compared to ready-made software products. It is a good investment for any business planning a long and successful market presence. So, we recommend weighing all the pros and cons of these options and opting for the one giving you freedom and flexibility. The investment will quickly pay off with high customer satisfaction and easy app maintenance – a win-win situation for all involved parties.