Streamline Keeping Your Finances Up to Date with Fintech Solutions
Digitalization is making a robust advent into a swiftly-increasing number of spheres and the financial industry is no exception. Moreover, due to the abundance of routine operations and slews of calculations, it is exclusively susceptible to automation and facilitation fintech software engineering can usher.
Fintech is an umbrella term used to describe a whole gamut of banking and financial services provided through leveraging IT advancements. Fintech software companies have seen to it that such services aren’t only some complex activities practiced in B2B and trade stock transactions or needed by investment and insurance companies for tax reporting or compiling bank statements.
You may not actually realize it but the huge odds are that you have been a user of the products of fintech software development when you paid with your mobile phone for an order at a pizza place or transferred your friend $20 for railway tickets she booked on your behalf. Modern fintech software solutions allow us to perform such mundane procedures within a split second and pass on to doing things of the moment that require our close attention.
Any fintech software development company aspires to provide two main assets of their fintech solutions – promptness and simplicity of usage. These benefits account for their universal acclaim and penetration of fintech software engineering tools into an ever-wider scope of finance-related services.
Having stocked a wealth of experience in software development, the specialists of Sirin Software see the following financial domains as the most promising sectors for fintech product development.
- Mobile payments
Fintech payment solutions provide by far the most popular financial service widely utilized by smartphone users all over the world. Fintech software companies have developed a number of apps and mobile wallets that enable access to your bank account and various transactions with it, including making online purchases and exchanging money with other people. - Digital banking
Today, you don’t have to visit a brick-and-mortar bank to check your balance or make transfers. Some advanced fintech software solutions of this kind even offer specialized spending management advice. - Budgeting
Handling one’s expenses wisely is now a cakewalk with respective apps. No more check gathering or dealing with awkward excel spreadsheets. Just download a budgeting app and you will be able to track your income and expenditures, map out cost plans, and find ways to cut down on wasteful spendings. - Wealth management
Fintech solutions of this kind are in fact remote earning tools that help people take care of their stock investments or enable trade. Such apps vary in complexity, being honed either for budding entrepreneurs or NYSE professionals, and you can easily move from one category to the other learning ins and outs of the industry with just a smartphone in your hand. - Insurance
Fintech software development has revolutionized even this rather conservative sphere, bringing about insurtech products. Through them, customers can ensure anything from their vehicle and home to digital data with their health and life in-between. Fintech software engineering yielded technologies that allow customers to enjoy a wide range of insurance services to boot, including getting insurance quotes, filing claims, and (naturally) processing payments. - Robo-advising
Fintech software companies increasingly involve AI technologies and offer algorithm-driven tools that are instrumental in financial portfolio management. By analyzing available investment options 24/7 and providing asset recommendations, they enhance financial efficiency and lower expenditures of anyone who utilizes them. - Crowdfunding
Forget about traditional bank loans. Fintech software solutions have replaced them with platforms allowing individuals and companies to pool in one place funding, coming from various sources. This technology is especially valuable for startups, but can also be utilized for a broad scope of purposes – from fan-and-patron funding to family-and-friends support. - Cryptocurrency and blockchain
Having a rather checkered reputation among experts and laymen, these disruptive phenomena are nevertheless a byword in the IT world of the early third millennium and a part of fintech innovation at its finest.
Contemporary fintech product development is characterized by the hybridization trend, actively heading for creating software that provides a combination of services. Thus, fintech payment solutions are augmented with digital banking, robo-advising, and budgeting opportunities, which allows clients to enjoy a wide spectrum of financial utilities in one digital place.
In addition to the growing sway of hybrid fintech products, new solutions are pushing their way in making available peer-to-peer lending, small-ticket loans, and other innovative services.
To build a viable product, any fintech software development company conducts a series of steps.
Each case is unique so it requires a specialized approach. But having tackled dozens of projects, Sirin Software has developed a road map consisting of implementation stages that we follow while developing any project, be it a fintech solution or otherwise.
- Idea
The core of fintech software development is a viable business idea that must add value. At this stage, market research is conducted that focuses on potential clients and their needs. Their financial behavior in this market is a key index that serves as the idea validation. Then, the scope of the project is defined where the product’s functionalities and interface are outlined. - Design
It is not only about building prototypes and wireframes. Designers of Sirin Software simulate real-life usage of the product to see how user-friendly it is before actually starting the coding. It is also important at this phase to realize what version (mobile or app – or both) your fintech product will have and bear in mind the strict regulations imposed on such software. - System Requirements
These are divided into functional and non-functional. The former are the tasks the product is to perform (aka product behavior) and the latter specify constraints on the implementation of the former. Our architects see to it that fintech solutions are reliable, scalable, high-load resistant, and secure. - Third-Party Integration
Fintech projects feature slews of services (card issuing, card processing, payment processing, etc.) that must be integrated into the final product. Yet bundling dozens of them into the app isn’t a good idea. We take care that only the ones that your potential customer is likely to make use of are eventually embraced. - Software Development Per Se
Previously, software vendors employed the waterfall model to develop products where the next stage commences only after the previous one is completed. Yet, in the conditions of rapidly changing environments and requirements, this approach exposed its inadequacy. So today, any fintech software development company should practice agile methodologies that presuppose flexible and continuous iterations (sprints) of development procedures and testing techniques. This is what we do at Sirin Software. - Pilot Testing
This stage involves using family and friends as customers who test the product and provide feedback as to its operability. The developing team can utilize these insights to fine-tune the product’s features before releasing it to a broad audience. - Launching
When the product has been marketed, we don’t just rest on our oars. We check reviews of users, ask influencers to give our product a shot and keep our eyes skinned for new players on the market who offer similar software. - Following up on the Development
We don’t call it a day once the product is released. Reacting to possible challenges, improving and enriching its features, providing updates, and watching for the latest regulations our team stays with customers to ensure the smooth functioning of the software we built. - Maintenance
Adjusting the product, remedying possible issues, and fixing bugs is a part of our commitment to the customer. We stay with our clients and users as long as it takes to provide a satisfying UX, which has earned Sirin Software the reputation of a reliable partner.
Comprehensive digitalization and the aftermath of the global pandemic are the two factors that will condition the exponential growth of the fintech sector in the foreseeable future.
By contacting us you will be able to obtain a first-class fintech product at a reasonable price that will serve as a source of steady income for years to come.
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