Fintech Software Development Services

It’s an umbrella term used for any business that leverages various software and technologies to automate money-related operations, enhance the overall experience from financial apps, and streamline pecuniary transactions.

FinTech businesses can capitalize on building specialized software for the sake of their clients and business partners, using it inside their own company, or selling it to other enterprises.

FinTech software comes in all shapes and forms. Here are some of them:

• Applications for bookkeeping and payroll;
• Billing software;
• Tax preparation software;
• Enterprise Resource Planning (ERP) software;
• Payment gateways;
• Peer-to-peer (P2P) lending applications;
• Digital wallets;
• Platforms for crowdfunding.

An important note: custom FinTech app development make it possible to incorporate the functionality of several apps inside one complex software product and augment it with blockchain and other state-of-the-art technologies.

If you decide to go for custom CRM development or any other FinTech software, make sure that it’s built according to the latest cutting-edge software trends and technologies.

Every modern FinTech solution should be protected with blockchain technologies that encrypt all the transactional data, thus preventing cyberattacks.

Artificial Intelligence can provide users with a personalized experience, predict their future steps, and gain valuable insights to improve marketing strategies.

The Internet-of-Things helps to monitor transactions and analyze real-life environments with IoT sensors and devices to make sound financial decisions.

Big Data will process large amounts of data, while RegTech will be used to automatically manage regulatory compliance requirements.

Security is the foremost concern for every business that works within the FinTech industry. Open-source APIs, the storage of sensitive data, and external sources of data all pose potential security threats and can be used by cyberattackers to steal or expose information from your software.

Fively never compromises the security of clients or allows data leakage. That’s why we take every step in software development with regard to best data-safety practices. We inspect the code for possible flaws and make sure that every data transmission process is encrypted. We embed the function of multi-factor authentication and use AI and ML tools to prevent and detect every attempt at a cyberattack. Moreover, we can build custom APIs and come up with a plan for quick and easy recovery once the security breach is discovered.

It’s not sustainable to create an in-house team of software developers, designers, and QA engineers to build a FinTech app if you have a small business or a startup. It’s a rather more feasible option to outsource a reliable software development company that will give you a full team with every worker needed for your project.

Make sure the FinTech software development company you address can be trusted; check the testimonials of their clients and reviews of their work on different online resources.

Typically, a full-stack software engineer involved in FinTech product development designs the architecture of a software product, does all the coding, and maintains the app. FinTech developers also have expertise in DevOps and cloud computing and are skilled at the integration of APIs, AI, ML, and blockchain technologies. Every software engineer keeps updating and expanding their set of skills as new tools and technologies emerge every second.

To make an outstanding FinTech app, you need software engineers who have a good command of one of the programming languages like Python, C++, or Java. They also need to have a high level of competencies in AI and ML, databases, and know how to leverage automation and visualization tools.

Another important group of specialists to have on your team are QA engineers to test the code written by developers and UX/UI professionals to attract clients with elaborate design.

Let’s not forget about business analysts, project managers, and marketing specialists who make every effort for a new software product to appear on the market in all its shining glory.

The calculation of the exact cost of a FinTech app requires careful consideration of every aspect: your business goals, tech stack, the number and complexity of features and integrations, and time frames. Contact us to get a more detailed outlook on the price of your future FinTech solution.

On the one hand, SaaS, or Software-as-a-Service, accelerates the development and digitalization processes of the FinTech industry. How? SaaS products are usually cloud applications that rent out their platforms to FinTech companies. These platforms tend to feature a high level of cybersecurity and a wide range of functionality. FinTech companies, in turn, pay for subscriptions and let the SaaS vendor deal with maintenance and all the rest of the technical issues on their own. On the other hand, a FinTech app itself can be “rented” by other businesses and resemble the monetization model of a typical SaaS product described above.

The estimations conducted in 2021 reveal that the top three countries according to the largest FinTech ecosystems are the following: the United States, the United Kingdom, and Israel.

The reason is simple: financial services are not only going digital, but rapidly evolving to become accessible, affordable, and convenient to every person. Managing all money-related activities online, quickly and without compromising security, is the dream of every business and individual.

Experts predict that by 2024, the FinTech industry will be valued at $20 billion. Wide adoption of blockchain, Business, and Artificial Intelligence, as well as cloud computing and data science techniques, will only contribute to the industry’s growth.