Question 1

What is financial software?

Accepted Answer

Financial software is designed to automate and streamline financial tasks in different areas, for individual customers and businesses. Examples of financial software include personal finance software, banking solutions, embedded finance platforms, payment technology, accounting software, and investment management applications. Nowadays, creating financial software goes beyond regular development; it also focuses on cloud-solution integration, AI and data science implementation, and taking advantage of Open API.

Question 2

What features does financial software need?

Accepted Answer

While the specific functionalities of your digital products will differ, depending on factors like your sector, offer and target users, there are some shared requirements that most financial software should meet. Financial software solutions should implement a range of security measures to keep customers’ data safe, e.g., by incorporating strong authentication mechanisms. These days, customers also expect intuitive and user-friendly interfaces so they can easily manage their finances. This ease of use often leads to various app integrations with other services so that customers can quickly access relevant information, while companies can improve their processes and save time. Finally, it’s a good idea to include analytical capabilities in your financial software that empower users with detailed reporting.

Question 3

What are the stages of finance software development?

Accepted Answer

Custom development of financial software usually starts with discovery workshops to gather, validate and prioritize requirements for a new product. The feature backlog generated in these workshops guides a development team to create and test prototypes. Next, the team develops a Minimum Viable Product (MVP) that ensures high quality, stability and performance. After development, the MVP is deployed. The team measures its performance and gathers more feedback from users to refine the solution, enhance it with new features and maintain it.

Question 4

Which technologies can enhance financial software solutions?

Accepted Answer

Open banking enables companies to share financial data with regulated third-party providers through open APIs. For customers, this means wider access to transactions and services, as well as better control over their finances, while companies can use it to lower transaction costs and increase conversion rates. Many financial services providers have decided to leverage cloud computing to reduce operational costs and boost accessibility. Artificial intelligence (AI) and machine learning (ML) are also more and more widely used to improve customer experience and turn large datasets into actionable insights, for both companies and users.

Question 5

How to choose the right financial software development company?

Accepted Answer

It’s important to partner with a software development company that matches your organizational culture and has financial software development experience. Shared values ensure fast onboarding, smooth cooperation and meaningful engagement. It’s always a good idea to refer to a potential software partner’s case studies and referrals to verify whether the company lives up to its promises. The right software development partner will focus on adding value, rather than simply writing code, so open communication, alignment with your business goals and transparency should also be prioritized.

Question 6

What are the benefits of outsourcing financial software development?

Accepted Answer

Outsourcing your software development helps you optimize your costs and boost productivity as your teams can focus on your core business, while an external, dedicated development team delivers high-quality financial products. Software outsourcing also gives you access to specialized talent and enables you to scale your IT capacity up and down, as needed. Cooperation with an experienced software development company means you get practical advice on improving software development processes, while avoiding the pitfalls that can occur when implementing new technologies, tools and methods.

Financial Software Development & Consulting Services

Empowering the financial sector with software and strategies