Fintech solutions are used in various operations for the implementation of lending, payments, transfers, savings, investment, insurance, optimizing business models, and making both large banks and narrow-profile financial companies more customer-oriented.
The development of digital financial technologies is due to the achievement of such goals as:
ensuring competitive conditions in financial markets;
providing more accessible and high-quality financial services, expanding their list;
reduction of risks and costs in the financial sector;
ensuring security and stability in the operation of fintech tools.
In this article, we will discuss the advantages of fintech web platform development services and consider the benefits of cooperation with professional companies for customers.
Benefits of fintech solutions for companies and users
The use of innovative IT technologies should pay off by obtaining special benefits for users, and fintech solutions offer such advantages. These include:
1. Reducing business management costs
Companies can achieve this advantage through the possibility of reducing the number of hired staff, which will appear after the implementation of fintech solutions. The use of the software does not imply the need to pay monthly salaries or apply for sick leave, and technology is always in excellent spirits and performs work processes much faster than people.
Even more advantages for companies are provided by the rejection of paper documents. Nowadays we can observe the successful activity of the so-called neobanks. These banking institutions do not involve traditional physical branches. All transactions carried out by clients and employees of neobanks take place exclusively on the Internet - the user only needs access to the bank's website or application. At the same time, such a banking institution does not need to spend money on the purchase or rental of premises, equipment, as well as additional staff. Instead of addressing organizational issues, management can focus on improving operations.
2. Increasing the speed of settlement operations
Fintech solutions not only increase the speed of customer service but also guarantee the provision of services on weekends, holidays, as well as during non-working hours for traditional companies. Fintech solutions allow companies to issue loans to customers at any time of the day, sell insurance policies, as well as provide any other financial services that customers usually want to receive as soon as possible.
3. Business decision optimization
Fintech solutions use big data, which allows businesses to make effective decisions in a short time. The use of artificial intelligence and machine learning technologies guarantees continuous improvement in the quality of business decisions directly in the process of using fintech systems.
Depending on the needs of the business, developers of fintech solutions can create both a large financial ecosystem and an inexpensive, easy-to-use mobile application with a minimum of functions, with which, for example, your customers can order goods and services and pay for them.
The list of possible benefits from the use of fintech technologies is not complete. Contact Aleph One and find out exactly what business benefits you can get.
How much will the development and implementation of fintech solutions in business cost?
The cost of developing fintech solutions depends on the volume and complexity of the tasks. For example, the development of Internet banking is a rather complex and expensive project, as it requires the long-term cooperation of several specialists, as well as constant testing. If you want to order the development of a simple application, for example, to control costs, then the cost of such a project will be much more affordable.
The exact cost of a fintech project can only be calculated after a detailed technical assignment has been drawn up. The development of such a task also requires a lot of time and money. As a rule, when developing a fintech project, customers are guided by the hourly wages of specialists who take part in the development. It is worth noting that several specialists can be involved in one project at the same time, and this reduces the time required to develop the terms of reference and implement the project.
The features of a good fintech software development company
The fintech industry is pushing the boundaries in financial services. Fintech is financial technology offered by large companies and startups. The main task of these organizations is to improve and optimize the financial services provided. That's why it's important to choose a reliable company to develop fintech projects. Let's consider the most important features of such a company.
Users are always attracted by the most complete and concise scenarios of interaction with electronic financial systems. The main task of a reliable fintech software development company is to analyze the formed functional requirements and the finished design and translate them into a convenient interface that is easy to use both in the application on the phone and the web or desktop.
2. High security
Fintech specialists design and develop fintech products with sophisticated access and identity management, data encryption, and verification features to ensure high security, compliance, and traceability at all levels of the ecosystem.
3. Full integration
Whether it's third-party payment platforms, loan origination systems, accounting software, or HR applications, a good fintech software development company builds seamless integrations to optimize your business.
4. High reliability
A professional company in the fintech field applies user scenario-based reliability analysis, proven software design and engineering methods, and intensive load testing at all stages of the development process to meet SLA standards and guarantee system operation 24/7, regardless of load.
5. Maximum performance
A good company has to have many years of experience in identifying and eliminating bottlenecks at all levels of the fintech systems - from network configuration to the backend, from the database level to the customer service application.
6. Compliance with standards
A reputable company helps customers better cope with growing regulatory pressure by developing financial solutions that comply by default with the GDPR and even strict regulations such as SOX, Basel II, PCI DSS, and others.
We live in a time when digital online banking is so powerful, influential, and integral to our lives. When a digital banking product is launched and used by millions of people, it is critical to make a meaningful impact in the form of a positive and enjoyable customer experience. Customers expect their banking solutions to understand them, take care of them, and reward them. Creating an engaging digital banking user interface requires understanding what customers experience when they interact with a banking product. With Aleph One you can develop a fintech solution of any complexity and enjoy the great performance of products for many years.