Today, all the basic daily operations of the client are quenched on the card in the app. You are primarily focused on digital service, so it is worth paying attention to the development of financial service products because these are striking short-term and large-scale long-term results.
Let’s look at the key points of the efficiency of financial services.
Why would you need to develop financial services
Modern conditions of banking and financial services market development require innovative product development for credit and financial institutions and private projects.
What do you get if you take all the advantages of the integrated development of financial service products?
- reduce costs when developing the products
- implement projects in a short term
- implement forward-looking solutions
- improve the efficiency of your software product management
- improve the bank’s reputation
- attract new clients and increase the profits of the organization.
Peculiarities of financial service products development
Launching new financial service products is a complicated task. A specially developed technology is provided for its solution. It serves as an auxiliary tool that allows you to effectively perform the tasks. When developing a new product, it is necessary to consider the following types of collateral:
- financial – rates, payback, profitability forecasting
- system – specially developed or customized software
- process and methodological – drafting of instructions, regulations, and other documents
- organizational – staff training, issue of materials for mastering the programs
- marketing – launching an advertising campaign, and so on
These are key factors that should be relied on when creating new software and other financial service products.
Who needs financial services product development
- Small and medium banks
- Payment systems
- Digital currency systems
- Electronic Exchanges
- Corporate treasuries
- Financial Institutions
As Aleph One mentions, in these cases you just need a modular platform, which can be easily customized for any business tasks in finance and banking, for the development of financial service products.
Benefits of developing fintech technologies in business
Naturally, the use of new IT technologies in the development of financial service products should pay off through new advantages, and fintech offers such advantages. Aleph One singles out the following:
- Reducing the cost of doing business. Foremost, this advantage is realized through the possibility of reducing the number of hired personnel. Software solutions do not need to pay monthly salaries, they do not get sick, are always in a great mood, and work much faster than people. Additional benefits come from doing away with paperwork. There are already so-called neobanks in operation – these banking institutions may not have traditional branches at all. All the work of neobanks takes place via websites and mobile applications. There is no need to buy or rent premises, furnish them with furniture and equipment, or hire staff. You can concentrate on your core business, without major recurring expenses.
- Accelerate settlement transactions at any time. In addition to the fact that software products work faster than people, they also work without weekends, holidays, and vacations, 24 hours a day, 365 days a year.
- Optimization of business decisions and business processes. The use of big data technologies in fintech allows for making effective decisions based on a huge amount of data in a short time. Application of technologies of artificial intelligence and machine learning provides continuous improvement of quality of business decisions directly in the process of use of fintech systems.
- Depending on your needs, the developers of fintech programs can create both a global financial organization on the Internet and a low-cost mobile application, through which, for example, your clients can order goods and services and pay for them.
How IT is changing the banking sector: trends in banking informatization
Key trends in banking digitalization – the growing need for data analytics and the need for proprietary lightweight and flexible systems, and anything else?
- Optimization of remote work of bank employees
- Growth of online operations
- Simplification of access to bank services
- Development of remote sales channels
- Struggle against fraudsters and hackers
- Wide acceptance of artificial intelligence technologies
- Transition to data-driven management
- Total personification programs
- Import substitution
- Development of ecosystems
- Proprietary software development
- Growing demand for IT professionals
How to develop software for financial service products
Aleph One shares the main stages of the development of financial service products:
- To analyze the task, the current situation, the market niche, and promising technologies.
- Simulate the dream – what should happen after the team finishes its work. And how do we know that the dream has come true?
- Planning the phases of the project.
- Designing a user-friendly and modern application interface.
- Conduct development, testing, and delivery of milestones at checkpoints. Upon completion of all phases, we test and deliver the development.
- Deploy and maintain. We help master the product, and after launching it, we maintain it by controlling the efficiency of the system.
- To obligatory attach the documentation. Using it, any qualified contractor will be able to upgrade the product.
What is necessary for the effective development of financial services products
Aleph One has launched several proven applications. You have the hands-on experience of a team that knows the specifics of fintech.
Your task will be handled by your in-house staff. Each of them is well proven in their work. A team headed by a manager will be formed for the project, which will include programmers, designers, and testers.
While the development process is underway, you will be constantly accompanied by the project sphere – your permanent manager.
You own your software product without any royalties. You may modify, supplement, transfer or distribute it without our consent.
Level of service
The pandemic has shown that offices and bank branches will soon be a thing of the past. Employees and operators are being successfully replaced by chatbots and AI, while biometrics ensure the security of money savings.
Customers prefer to monitor their actions directly, from their smartphone, and receive hyper-personalized offers.
Therefore, personalized service conditions, predictive algorithms, and financial services set the level of service for banking services and all financial technologies today.