6 Reasons Custom FinTech App Development Solutions are on The Rise
71% of consumers currently leverage the services of FinTech companies for digital payments. Full-cycle custom software development companies build more than payment solutions – they implement solutions for digital banking, loan inspection & approval, cryptocurrency exchanges, and more.
Custom enterprise software to solutions makes sense if companies want to solve specific problems without the limitations of the off-the-shelf software.
Here are 6 reasons custom software development services are a great way to go for a FinTech app development company –
- App Personalization
- Enterprises can easily achieve personalization with custom FinTech software. For example, through data analytics, companies can identify their spending pattern and minimize their costs.
- Similarly, they can offer personalization to users by providing suggestions based on the user history. The largest custom software development companies are using AI and Machine Learning to deliver personalized products in digital banking, insurance, and loyalty programs.
- Enterprises can also modify the app as per the need. They can change the design, add features, and implement upgrades that are not possible in the off-the-shelf software.
- Scalable Solutions
- Almost every off-the-shelf software has a limit on users. Companies providing FinTech app development services often focus on scalability since the beginning. IF there’s a digital wallet, enterprises would want more and more people to use it.
- Off-the-shelf software is not scalable, while custom software can easily be scaled. Developers can work on the system and scale the solution without any performance issues.
- Often, off-the-shelf software charges for additional resources. In custom software, companies won’t have to worry about paying extra everytime they scale.
- Better Security
- FinTech apps store a lot of confidential data. Third-party software may have security loopholes that enterprises may not know about. Working with custom software ensures that the company knows about all the security measures.
- Since there is no surety about what security off-the-shelf software offers, it doesn’t make sense to deploy them. Credit card details, customer details, etc. might be stored in the third-party software, and the company won’t even know it.
- By using advanced tech like Machine Learning in custom software, the top custom software development companies can not only integrate better security, they can identify threats before anything happens.
- Efficient Applications
- Off-the-shelf software comes with general features but lacks advanced ones. It makes the company processes inefficient. Custom software development companies focus on making the business operations efficient through the FinTech application.
- They can easily install chatbots to quickly resolve common customer queries, deploy apps on the cloud to save infrastructure expenses, and address concerns related to privacy with ease.
- Robotic Process Automation can easily take over the task of data entry and scheduled invoicing. It simplifies the entire process of financial management for the organization.
- User Convenience
- Custom software is highly convenient for consumers. For example, digital banking products enable customers to open bank accounts, take loans, make deposits – all through a Smartphone application.
- In enterprises, custom software is tailored to meet specific requirements. The accounts department can use the FinTech solution to generate invoices rather than going through a manual process of invoicing.
- Similarly, enterprises can streamline their financial processes through an application and achieve higher efficiency. There are certain limitations in off-the-shelf software that are easily overcome by custom solutions.
- Stay Relevant
- FinTech is essential for enterprises, banks, and financial institutions to stay relevant. As more and more startups join the FinTech landscape, these enterprises need FinTech transformation to match consumer expectations.
- For example, Blockchain is becoming a prominent technology for smart contracts and transactions. Data analytics ensures that users get the best out of their preferences. Robo advisors are increasing as users want quick investment advice.
- It is important to get custom software that integrates such features. Cashless transactions and branchless banking are now clear paths in the future. Therefore, to stay relevant, enterprise transformation into FinTech is crucial.