FinTech development service: all you need to know

FinTech development service

Our life does not standstill. Every day there are new technologies, software, and modern systems, which lead to enormous changes in the work of companies representing the fintech sector. Fintech development service is becoming one of the most demanded services. Without modern software, companies in this sector simply can’t effectively serve their clients and develop their business, simply stopping their development.

Fact: already in 2025 the volume of the financial technologies market will exceed $300 billion.

Why fintech companies are ready to invest in software?

Today the competition in the fintech market is unbelievable, that’s why if your competitors have the most advanced software, while you use outdated programs and equipment, you are 99% likely to lose the competition. Your company simply will not be able to effectively, quickly, and efficiently serve its customers, both individuals, and large companies. And it is thanks to the clients that firms receive the bulk of their profits.

In this sector, there is a very simple principle: change or die.

To put it simply, either a company follows major trends and adapts to the rapidly changing needs of its customers, or it has to leave the market.

“The main winners in the competition will be the companies that use the latest technology and advanced software to provide financial services.”

Alex Peh (PayPal)

Technology is the key to the high popularity of software for fintech companies

The activity of all fintech companies is directly connected with the development of technologies. Continuous technological development becomes a factor in the growth of investments in software and hardware. Fintech development service becomes more and more popular every day.

As mentioned by Amplifyed, it’s also important to know that in order to increase sales, build relationships with consumers, and unlock new opportunities fintech companies need to invest in Fintech SEO which is one of the most profitable marketing channels tech companies can use.

Here are only some of the technologies that help companies grow and motivate them to upgrade their software:

1. Machine learning and artificial intelligence. Thanks to these technologies, fintech industry firms are able to detect fraud before it’s actually complete. In addition, these technologies simplify credit scoring and open up new opportunities for companies. The notorious Larry Page said that it is the artificial intelligence that can become the “perfect Google” that can quickly determine what a person wants and give it to them.
2. Big data and analytics. Processing huge amounts of information is quite difficult for every fintech enterprise, but there’s no getting away from it. Every day every firm has to process thousands of terabytes of information. Anothe r problem is the proper collection of data about customers, suppliers, and other counterparties. It is simply impossible to cope with these tasks with the help of outdated software. That is why companies are willing to spend money to buy the most modern software and equipment in order to collect and efficiently store all the necessary data, which will help in the further work faster than their competitors. Obtaining such a competitive advantage makes it possible to make the right decisions faster. And, of course, the software, which, in particular, is supplied by our company, becomes an important step on the way to success for all fintech firms that are our clients. Fintech development service is your chance to get ahead of your competitors and increase the efficiency of your firm.
3. Robotic process automation. Robotic process automation makes it possible to effectively do the most time-consuming and complicated work, entrusting its implementation to modern software. Previously, without the existence of this software, employees of companies had to do this work by hand, which was much longer and more difficult, consuming a lot of time and effort. Today, the most common examples of process automation are transaction management, communication with clients through chatbots, and electronic marketing.
4. Blockchain technology. Blockchain technology is mistakenly associated exclusively with cryptocurrency, but, in fact, it is not. Today, a huge number of applications are based on this technology, which is used by fintech companies. Based on this technology, fintech companies significantly reduce the likelihood of cyberattacks and ensure that all transactions are completed quickly and in a timely manner.

Advantages of ordering software for fintech companies

Do you want to order the creation of software or try to develop it yourself? Many companies are looking for the answer to this question. Of course, you can hire a team of developers and entrust them with the task. However, there are several obstacles at once. Firstly, you can not be sure about the qualifications of these specialists. Secondly, they have never worked together in a team, and this will negatively affect their interaction. And, of course, they will not be able to guarantee a high-security level of the software.

At the same time, turning to specialized companies to order software development, you get several important advantages at once:

1. Using the latest technologies. Companies know exactly what innovations should be used for software development, and how to do it in the best way.
2. Well-coordinated work, experience, and knowledge. Applying to a specialized company, you can be sure that the work on your order will start as soon as all the nuances and needs are clarified. Specialists of the company work together not for the first year, and clearly understand all their direct responsibilities.
3. Individual approach and personalization. When you order software development from a company that specializes in this, you are more likely to get the result you need. The latest data analysis methods will be used when creating the software, and individual solutions will be created, taking into account the peculiarities of your business.
4. High level of security. Safety issues are almost basic for every financial company because they keep the financial information of their clients as well as their confidential data. Unfortunately, from year to year threats of cyber-attacks become higher and higher, as well as the facts of successful activities of hackers. The statistics are frightening: hackers seek to break into financial companies’ systems to steal data 350 times more often than companies in other industries. When ordering software development from a specialized firm, you can be 100% sure that the software will be developed with all the requirements and high-security standards, which means that your company and your clients will be protected from the threats of hackers. In addition, the created software will allow you to detect fraud attempts before they are committed.
5. Best efficiency. Software created by specialized firms will increase the efficiency of your company by several times. Chatbots created with artificial intelligence will enable you to process all requests from visitors to websites much faster, even after business hours. Thanks to cloud computing, the company can optimize its costs, which have been directed to the infrastructure, which saves money and directs it to other activities.

Conclusions

Today, the importance of software in the work of fintech companies is very difficult to overestimate. After all, it is these companies that are much more likely to be attacked by hackers. In addition, they incur very high costs related to the infrastructure and struggle with the problems of low customer service. High-quality software can get rid of these and other problems, making the company much more efficient and allowing it to achieve high goals.