Fintech is the language of new technologies. It has expanded beyond purely financial and is widely used in insurance, trade, and risk management. Payments are everywhere: in municipal institutions, condominiums, and government agencies. When choosing a Fintech Software Development Company to partner with a team fluent in “Fintech.”
Grow faster. Get better.
Scale up your in-house team to speed up deliverables
the most current necessity in fintech development is the need to be “user-centric.” Eliftech is one of those teams who perceive “Fintech” first and foremost from the product use point of view. To gain feasible success, consider fintech a vast new landscape for business development and growth with the help of financial software and various platforms and solutions, including the mobile application.
Get rid of tech limitations by upgrading legacy software.
Currently, fintech is most widely used in the financial sector. But the technologies can also increase efficiency in those industries where financial turnover is not the only component of business processes. Moreover, such technologies can be effectively applied in any organization.
Extend platform functionality through integrations.
To connect current payment services, it is optional to go through a full digitalization process. There are enough point products on the market that solve a specific problem of a business or individual groups of entrepreneurs, for example, self-employed. This can be the integration of acquiring, the introduction of a bonus program, or the internal automation of individual processes.
Automate workflows, both administrative & analytical flow
Fintech offers options for optimizing business decisions and business processes. Using big data technologies in fintech allows for quickly making effective decisions based on a huge amount of data. In addition, artificial intelligence and machine learning technologies ensure continuous improvement in the quality of business decisions directly using fintech systems.
Structure your data and turn it into actionable items.
Today, introducing new financial technologies can only be done with a fundamental transformation at the infrastructure level or large investments from the business. Therefore, remember to continuously analyze your business structure, strategy, and development plan for the future and clearly define what tasks the launch of a fintech product will help solve.
Stay compliant with the latest market regulations.
FinTech compliance requires following regulatory guidelines for new business models and financial technologies. In addition, the need to follow fintech compliance is dictated by the necessity to protect your users’ interests and investors’ capital. Therefore, always plan a regulatory compliance map to avoid major risks like data privacy regulations and exclude the threat of money laundering and cyberattacks.
What should a FinTech development partner be prepared to do for your project
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Custom Software Development
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Integrations & APIs
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Digital Payments Solutions
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Robotic Process Automation
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UX/UI Design
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Legacy System Modernization
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Asset management platforms
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Banking software engineering
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Trading platforms
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Marketplace development
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Accounting software creation
Choose a partner with expertise in the following.
Wealth Management
Effective money management helps in trading in the markets with margin trading. However, knowledge of CM techniques alone, without the necessary knowledge of building trading systems and psychological stability, will not make any trader successful.
Digital Banking
Today, the so-called “digital banks” are becoming especially popular. Digital banking is alien to the presence of an office and employees, cash desks, ATMs, and terminals. Instead, the client receives all this in a convenient application or online bank version.
Payment Systems
The modern economy is becoming more and more cashless. Payment systems provide fast and reliable non-cash payments. A payment system is a complex of software, hardware, and telecommunication technologies designed to perform financial transactions using non-cash money.
Trading & Investments
Stock market traders are now interested in apps and web pages that allow them to trade with a few taps or clicks on their mobile phones and other devices. Creating an e-commerce application will provide the market with a solution and make trading easier. This is a uniquely fitting opportunity to develop a trading application because the market and users have yet to see a full-fledged trading application.
Insurance Tech
If you divide the success of an insurance company by its headcount, you get the effectiveness of its activities. But unfortunately, among the abundance of indicators characterizing the rating of domestic insurance companies and causing the jealous attention of many insurers, there still needs to be a place for such a simple and, at the same time, extensive indicator. Therefore, insurance companies efficiency level has to be judged indirectly – by the level of organization of the components of the insurance process.
Lending
Financial technologies and the lending process’s automation make receiving money easier, faster, and safer. Processing a client application and issuing funds in such organizations takes less than fifteen minutes. Online loans in fintech companies are an opportunity to get money on a card without leaving home and wasting time.
Billing & Invoice Software
We live in a fully digitized world where there are plenty of options to streamline and automate some of your business’s least enjoyable and time-consuming processes, including invoicing software, to help you keep your business on track.
CTA: Explore the opportunities for your business at a genial session with our expert. Don’t forget to look at potential partners’ finished projects in FinTech.