It is about embarking on the digital acceleration of the financial sector.
one of the most cyber-attacked in the USA . It's not that surprising, as the potential rewards for a successful attack can be enormous. That's why all financial service providers need to put security at the top of their priority list. And, in this, there is no better ally than a specialized custom software development team.
Why? Boxed software is available to anyone who pays for it, meaning bad actors can take it apart to dissect it and analyze its vulnerabilities. Any gaps in your protection depend on the software vendor and their update strategy. Thus, you are exposed and dependent on third parties. With a dedicated development team, you'll have a customized solution that only you can access and that can be updated as often as you need.
3. Compliance guaranteed
The world of financial services deals with highly sensitive information that needs to be protected across multiple touchpoints. The entire financial system has many security aspects that need to be addressed, from data storage to authentication, authorization and transaction processing. A number of organizations and institutions heavily regulate these complex processes at local, national and even international levels. All financial institutions must comply with these regulations to ensure customer protection and avoid costly fines.
Now, off-the-shelf software meets the critical requirements to comply with these regulations, but you can never be sure that it complies with all the rules that apply to your specific case. When working with a custom software development team, you can work closely to ensure that the entire inner workings of your custom solution comply with all regulations applicable to your organization.
4. High scalability and easy maintenance
Most financial service providers aim to serve as many customers as possible and provide them with the best experience possible. That's why they should think about custom software development for their digital solution needs. There are two reasons for this. The first is that you will build a highly scalable solution from scratch, providing solid foundations for expected growth without significant performance issues. The second is that you won't have to pay for additional capacity (as you would with a boxed alternative or a subscription to a paid platform).
On the other hand, a good custom software developer will establish a lasting relationship with you that goes beyond the product launch. This means you'll have an experienced partner who can help you with maintenance and support when you need it (rather than what you'd get with boxed software, which relies primarily on update cycles set by the development company responsible for the product).
5. Personalized Customer Experience
The financial sector is becoming more crowded by the minute, so the best bet for companies to stand out is to provide hyper-personalized services that translate into superior experiences. Naturally, this has the biggest impact on the financial services themselves, but you shouldn't ignore the software involved in this experience. Since your customers will interact with your digital systems, it is always better to personalize them.
That's why you need custom development teams on your side rather than opting for a boxed solution. With the out-of-the-box alternative, you will have minimal customization possibilities, which means you will have to use the features, workflow, and overall feel designed by someone else. With custom software, you will define anything and everything in your software and even adjust as you go depending on the feedback you receive from your customers. That's right, it's a personalized customer success experience that keeps people engaged.
Custom software development and Fintech: a long-standing partnership
I mentioned this in passing, but it's worth repeating: a custom software development team can become a valuable partner for any financial institution. This is because this type of company does more than just create a digital solution: it can help you develop a digital-oriented strategy, promote a digital transformation in your organization, provide consultancy services, increase your overall efficiency, help you developing its digital infrastructure. and even reduce your costs.
All this potential will be better utilized if you establish a long-term partnership with this supplier. The software company can get to know you better as the relationship progresses and provide better recommendations for your digital journey. This is essential for this transformative moment in the sector, which is why you should consider custom software development and the value it can bring to your financial company.
