FinTech software development is an area that is being improved. FinTech software development company must meet the most stringent market criteria. Some of the most important indicators are security, fault tolerance and system throughput. Much attention is paid to data encryption.
Most online stores now accept online payments. To do this, you need to organize a separate payment gateway that works with several channels. High-quality payment integration services should ensure instant transactions under any site load. All this should be provided by a professional FinTech software company.
FinTech – what is it?
FinTech software development services allow you to create software products that automate financial flows and trade. Those processes that were before possible only with the participation of a bank employee, now each user performs himself. And it takes a few minutes or seconds.
Fintech itself is a large industry. She presented a new vision in the provision of financial services. Companies that work in this area are introducing innovative technologies into the traditional financial industry. Thanks to this, various financial services become more efficient and less costly. Now many analysts and banking experts believe that FinTech companies are a serious threat to the classic players in the industry: banks and financial companies.
Mobile Payment Solutions
For over 10 years, people have not queued up to pay for utilities. This process takes about 3 minutes. It is enough to bind a bank card with the 3D-secure function to the smartphone and download the mobile application of the corresponding bank.
For about 5 years, people have been able to pay at the checkout with a mobile phone using specialized mobile applications. This capability should be built into the smartphone model.
Data Aggregation, BI, and Automation:
- Huge databases are used in business intelligence. All business processes over the years are stored in a common database. Modern FinTech solutions allow you to extract and group the required information.
- Business intelligence (abbreviated as BI) are cryptographic methods and tools. They allow you to translate transactions into the form in which it is more convenient to analyze them.
- Automation of business processes has been a prerequisite for effective business for several years. Application processing, document preparation, cash flow and logistics are performed and without downtime.
Chatbots
On every site that sells goods or services, you will see a chatbot. They began to be implemented even on forums and information resources so that people could ask questions. The algorithms used in chat bots allow us to process the most popular questions on the topic of the site. They also take part in the sales funnel, directing the visitor to contact the manager or place an order.
Blockchain-Powered Solutions
Most people associate Blockchain technology with cryptocurrencies and Bitcoin. In fact, this protocol is used in many other areas of people’s lives:
- Creation of client and visitor bases in the healthcare system.
- Working with applications based on smart contracts. They are executed without user intervention when all conditions are met.
- Maintaining registers of real estate and car owners.
Insuretech
Almost all residents of developed countries use insurance. When traveling abroad, this is a mandatory procedure. Employers must insure employees. Many people try to insure not only health, but also real estate. Car insurance is also compulsory. All these processes are being automated. To do this, it is necessary to combine Blockchain technology and FinTech solutions. Users will only have to choose the tariff they are interested in. Further, the system will independently make calculations, renew the insurance and send notifications about the current situation or updates.