Three Major Benefits of Custom Development for the Financial Industryin Development
The financial industry is starting to focus more and more on digitizing its services and adopting custom development solutions. However, financial services were a bit slower on switching to new technologies than other sectors. More and more startups are changing the environment entirely, pressuring large companies to keep up the pace and modernize their offerings. Therefore, the result is the massive digitalization for all financial providers, from banks to insurance companies.
The difference between successful and unsuccessful financial providers is their software choice and digital solutions. Having a tailor-made solution that streamlines your workflow, benefits your customers, increases your monthly KPIs and differentiates you from your competitors, makes you an influential player on the market and makes your services desired by people.
Let’s explore further the benefits of custom development for the financial services industry and why you should implement this solution as fast as possible.
What Does Custom Development Mean for Financial Services Companies?
Custom software solutions are built to fit your business needs and goals perfectly. From Content Management System (CMS) and Customer Relationship Management (CRM) development to mobile solutions, we can design and implement custom solutions that adapt to your business processes. A custom software development team is a valuable partner for financial institutions because we don’t stop just developing finance software. We are going to help you expand and improve your digital transformation in your organization. We will provide consulting services and ongoing support in the software development process. This will increase your overall efficiency, build a rock-solid digital infrastructure for your business, improve customer experience, lower your costs and bring value to your financial company.
The ultimate goal of a company is to provide a seamless user experience (UX), as this is the most critical factor that can make or break a business, no matter the industry. The customer’s expectations have increased during recent years. Because everything shifted from offline to online, mainly because of the pandemic, now financial companies must deliver the best experience possible in the online environment. Standard and off-the-shelf software might seem like an appropriate business solution, but in fact, they are designed to fit a wide range of industries. Therefore, you will get lost in the crowd, with little to no possibility of upgrading or personalizing your software. You will deliver the same experience as every business that uses that specific software solution.
If you want to make a difference in your market niche, we highly recommend implementing a custom development solution that fills all your business requirements. From the branded and intuitive user interface to industry-specific features, custom software helps financial institutions improve business efficiency and serve their customers better. Contact us to find out more about what we can do for your business.
Why Does the Financial Industry Need Custom Development?
The financial industry, such as insurance, online banking, lending, wealth management, etc., are starting to invest more and more into financial technologies (fintech) software and peer-to-peer payments. In the USA, the peer-to-peer mobile banking app payments market is among the biggest globally. According to Statista, the financial market is expected to increase from 151 billion dollars in 2017 to 381 billion dollars in 2022.
While box solutions may seem more cost-effective, in reality, they are not cheap in the long run. As they are designed to accommodate as many companies as possible, you will get a limited set of features that cannot be adapted to particular needs. Moreover, you cannot delete unnecessary features or add new ones when you need them. You will need to develop workarounds or implement add-ons for standard software, which will cost you more in the future.
We want to provide you with more in-depth knowledge about the benefits of custom development for the financial industry. Why not start with a smart choice, developed for you, with the fintech industry-specific features, using the latest technologies, and offering personalized experiences to each user? Follow along to understand better why tailor-made solutions are better than shelf software.
Three Major Benefits of Custom Software Development
There are plenty of benefits of a custom software solution, from implementing the latest technology solutions to a fully personalized user experience that goes hand in hand with your business model. We will explore the key benefits that will make a difference in customer satisfaction and your business operations.
1. Scalability and Maintenance
Most financial industry software providers aim to deliver technology solutions that accommodate as many customers as possible. Therefore, when you choose shelf software, you will receive the same features as everybody, and the overall user experience will be no different from what your competitors offer.
We highly recommend a custom solution because it is more suitable for your business needs for two reasons. The first one is that you will build a highly scalable solution from the start that provides a solid foundation for your business growth. This way, you will avoid significant performance issues. The second reason is that you will not have to pay for additional capacity. The system is designed to grow alongside your business. The already built solutions will require additional payment or a monthly subscription for extra capacity.
Besides that, a competent custom software developer will establish a fruitful and long-standing relationship with you that continues after the product launch. This means that you will have a trustworthy partner that will help you with the software’s maintenance and offer you support any time you need it. If you choose an off-the-shelf software, you will depend on the update cycles that the software provider defines.
2. Highly Personalized Customer Experience
Because the financial sector is becoming more crowded than ever before, the best choice for you is to provide highly personalized services that lead to a flawless user experience. Based on the fact that your customers will interact with your digital product, it is essential to personalize their experience. To improve business performance, it is ideal to have a custom software development company by your side that will turn your customized fintech software into a powerful revenue-generating tool. The happier your customers are, the more engaged they will be with your company. With an off-the-shelf solution, you will have minimal possibilities of creating something customized for your users. With custom software development, you will have access to features necessary to your business. You can implement additional features based on your workflow, operations, branding, goals, and vision. More than that, you can define everything that your software incorporates and even adjust it on the fly. Ask for customer’s feedback and improve your solution based on your user’s needs and preferences.
3. Increased Security and Compliance
The financial industry is one of the most targeted sectors for cyber-attacks, especially in the US. This cannot come as a surprise as the potential rewards of a successful attack are massive. Therefore, all financial service providers must have security at the top of their priority list. A custom financial software development project has the ability to include additional security features that will make your digital product as secure as possible. In addition, tailor-made software is not dependent on a third party. Therefore, with the help of a development team, you will have a personalized solution that only you and your team can access, and you decide when it needs to be updated.
As the financial sector is handling a high amount of sensitive information that must be protected, plenty of security aspects must be taken care of. From data storage, authentication and authorization, to the transaction process, all of them have to comply with a complex process on a local, national and international level. Moreover, all financial services firms have to comply with those regulations in order to ensure customer data protection and avoid pricey fines. Box solutions offer software requirements that comply with the critical regulations, but you don’t know if they comply with all the rules that apply to your case. By choosing tailor-made software, you can work closely with the development team and make sure your entire project complies with all the regulations applicable to your company.
Our Advice – Why You Should Always Go for Custom Software Development
We want you to make the best decision for your business from the start. This is the reason why we want to emphasize the benefits of tailor-made software and why you should choose this solution. Now let’s dive deeper into the power of custom software development.
- Efficiency. Custom software will help you increase the productivity of your team. You don’t have to change any of your business processes because the system is tailored to your needs and workflows. You will not spend any time adapting your business workflows to the standard software.
- Easy Integration. One of the occurring concerns of box software is if it can be integrated with your existing platform. Tailor-made software is built specifically to accommodate any integration you need, even with your mobile application. You can save a lot of money by getting custom software and leverage integration with your other business applications and social media platforms.
- Boosted Profitability. Your custom software will solve many of your business problems. After its development, all rights to the software belong to you, and you won’t have to pay licensing fees or subscriptions. Besides that, you will have a customized solution that you can use in your marketing strategy.
- Independence. You won’t be bound to a software vendor. You can choose when you want to update your platform, when to implement additional features, how to implement them and decide what integrations you will need further as your business grows.
- Access Management. As tailor-made software can be easily integrated with any system, authentication platforms are no exception. This will offer you greater control over user management access at different levels and cuts down the inconvenience of memorizing passwords.
- Branding and Design. By choosing bespoke software, you can be consistent in appearance across all channels. Your custom software design can be adapted according to your company’s branding guidelines with no design limitations.
- Save Money. In the long term, having bespoke software means you will save money, as you do not have to pay for features and functionalities that you don’t need. More than that, this will increase your business efficiency as you will focus only on your business processes’ features.
- Access to the Latest Technologies. When going for custom software, you can be assured that you will get access to the latest technologies for fintech solutions. Artificial intelligence algorithms can help you with data-driven strategies and cloud computing platforms to plan your business workflow. You can also use blockchain technology. This type of technology is starting to revolutionize financial services. Partnering with a custom software development company, you can be sure to get the right technologies that perfectly align with your business goals.
- Mobile Apps. One custom software for banking companies that is the most imminent is the mobile version. Customer experience is the factor that makes the difference between a business and a great business. Mobile apps are mandatory as more and more people are using smartphones, and they want to check their balances, make deposits, transfers, payments etc., instantly, without leaving their homes.
Our expertise with custom development is vast as we worked with companies from various business industries, including the financial sector. For more than 13 years, we have developed customized solutions for mobile, desktop, and web platforms. We are one of the top Romanian development companies, and we have a very diverse portfolio. You can check out our Clutch profile and read reviews from our partners. Contact us today, and let’s start working on your customized project that will bring the results you always wanted.
Frequently Asked Questions
We recommend multi-factor authentication, real-time alerts and encryption for your sensitive data.
Because only 70% of your needs are met with an off-the-shelf solution. You need to operate within limitations, lack of features and customization.
If you choose a custom development solution, yes. You can brand it however you want. If you go with an off-the-shelf solution, your options are very limited.
If you choose us, yes. You will have a dedicated team for your custom project from the project manager to UX/UI designer, developers (front-end and back-end), etc. Besides that, we offer ongoing support and maintenance for your project after launch.