Custom Software Development for Fintech: Importance and Benefits

Did you know that global fintech investment has skyrocketed from $87 billion in H2’20 to $98 billion in H1’21?  With rapid advancements in technology and customer-centricity, financial firms such as banks, insurance companies, investment houses, and others are rapidly investing in digital transformation initiatives to stand out in the market. 

However, like every other organization, Fintech businesses face the dilemma of building custom software or buying ready-made software. While off-the-shelf software can support a cost-effective solution right away, this comes with a heavy price of constant software updates, cybersecurity, limited features, workflow disruptions, and more. Customized software is tailored to fit business needs and requirements. These are the key benefits that make custom software development the best option for improving your customer experience and business efficiency:

 

Unique and Innovative Platform

Every Fintech company is different with software, and business needs and demands are varied according to size, functionality, business direction, short-term and long-term goals, and so on. So isn’t it practical to want a product fulfilling all these preferences and requirements? Custom software development is the best option to churn a unique and innovative product suited to your business’s functionality and packed with custom features to streamline workflows and provide an exceptional user experience. This can help align the business model and growth opportunities in the future. Customized software can help your business further create tailor-made products for your clients. For instance, reports and forecasts created via an analytics feature based on customer data can help your FinTech firm enhance their customer experience, such as online banking, customer loyalty programs, etc.,  and widen your client base. Finally, the ownership of the software remains with your business, giving you a competitive advantage in the dynamic FinTech marketplace. 

 

Enhanced Operational Efficiency

An off-shelf software with limited features and capabilities can cause disruptions in the business processes. Also, custom software tailored to your business’s long-term vision with ample space for growth causes fewer disruptions and can offer reliable technical support.  With customized features and tools, a business can enhance its operational efficiency strategy. For instance, a Chatbot on a company’s website or mobile application can help improve customer experience, satisfaction, retention, and loyalty by being available 24*7, answering FAQs quickly, intuitive answering, and so on. Another example is incorporating Robotic Process Automation (RPA) within your custom software. This can help automate repetitive tasks such as data entry, scheduled asset rebalancing and act as a cost-saving solution. Further, improved efficiency of business processes can boost employee productivity and drive and help a business grow. 

 

Integration with the Latest Technology

Innovative growth opportunities present themselves within Fintech firms with the rapid advancements in technologies such as Cloud computing, data analytics, mobile application development, and so on.  Unlike ready-made software, custom software supports technology integration as per changing market trends over time. For instance, by integrating AI, businesses help reduce fraudulent online activities, or e-wallets in mobile applications can make investments and payments easy. Custom software development can also make the shift from legacy systems to cloud seamless, enhancing workplace efficiency.

 

Suggested Read: Five reasons why organizations should consider custom software development 

 

High Scalability & Reliable Maintenance

Having highly-scalable custom software can make for a solid pillar for business growth. In today’s digital world, where the business needs are dynamic, custom software development can help Fintech businesses save on additional capacity costs as software evolves. Custom-made software that can integrate new-age technologies and tools can support business development and adhere to business direction changes. While the developers can control ready-made software, the ownership of the custom-made software remains with the business. This can make it easy to adjust the scalability of the software and optimize the software’s functionalities as required. Additionally, a competent FinTech software development company can make a trustworthy partner to help maintain and support software throughout its lifetime. 

 

Improved Security

Data security is crucial to the financial industry as this sector handles a high amount of sensitive customer information. Hence, many security aspects need to be considered when building software. As opposed to off-the-shelf software, only the business itself owns the software custom-made as per the specific needs. This means a company has complete authority over the accessibility and the software updates. As this helps with a business’  cybersecurity risk management and mitigation, it is possible to personalize the security options to improve the data security even more. Additionally, tailor-made software can adhere to regulatory compliance and enhance fraud detection and prevention.

 

In conclusion, custom software development for FinTech can help develop innovative solutions according to the market trends and provide a secure, unique, and user-friendly experience while enhancing operational efficiency.

 

To know more about how you can develop custom software for your organization, write to us at contact@vsplc.com.

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