In simple terms, it’s a service that has several significant requirements. A successful development of any product is possible only if a person understands the industry that he works in and is able to integrate promising solutions into an effective strategy. The article will help you to learn everything about Fintech, its stages and the developing process.
What Is Financial Software Development and Where Is It Used?
In fact, this term refers to several technological processes. The main task of development is the introduction of advanced systems that could increase the efficiency of the company and the working group. In addition, the modern system improves all financial processes, by applying innovations (artificial intelligence, for example, or other big data).
All known financial services are divided into:
- virtual online banks;
- cryptocurrencies and blockchain;
- online brokers;
- B2B Solutions;
- insurance technologies;
- wealthtech digital solutions;
- studying and analyzing Big Data;
- online money transfers;
- custom digital platforms;
- integrations of virtual banking systems.
The Fintech market is popular and in great demand among international payment and cryptocurrency systems (including exchanges, brokers, and so on). This area currently has an active development dynamic. The field is constantly famous for its technological breakthroughs, and it’s quite possible that many of them will set the direction for new areas of the development.
Financial Software Developer’s Main Capacities
Naturally, the main and the most important task assigned to the developer responsibility is to create/update financial programs and platforms. Specialists actively cooperate with large companies providing different services (most often credit software and software for detecting and getting rid of online financial fraud).
In order to become a financial developer, a person needs:
- to have serious experience in the industry;
- to understand emerging, changing and disappearing technical features.
Since several types of financial developments are distinguished at once, the duties of employees have certain features and differences.
The main duties of the Financial sector software developer
The financial software developer’s work includes several main tasks:
- search and introduction of all possible stages of financial software;
- identification of new models for the introduction of modern platforms;
- identification of the most effective strategies, algorithms and search for the most effective financial opportunities for work;
- choosing a software that helps to develop in various business areas;
- checking and passing all the necessary stages of testing programs on mobile devices after completion of development work;
- analyzing feedback from potential customers and target audience;
- correction of defects or complete updating.
This area requires full involvement in the work to create a unique project. A fintech product should combine several main features:
- security elements, — it’s necessary to maintain safety while using the product (it usually includes the creation of authentication, Face and Touch ID systems);
- multi-factor verification to ensure the security of users and their data;
- information panels with the ability to conduct transactions;
- cooperation with other payment systems and global social media;
- development of a push notification system for monetary transactions;
- chat bot based on artificial intelligence.
There is also an important additional functionality of the product:
- an ability to pay bills, debts and other purchases;
- availability of reports on monetary analytics;
- cooperation of issued cards with most banks and ATM machines;
- cryptocurrency rates and exchangers;
- issuance of credits and related credit functions.
Steps of the Financial Software Development
In general, each fintech has its own rules and features in development, but there are stages that are the same for all of them:
Studying and collecting information about the customers’ business needs.
At the very beginning, it’s necessary to determine the purpose of the fintech, collect all the information and data and then form a competent strategy. After that, specialists are creating a project and discussing issues of concern for improving the product. Having decided which product is needed specifically for you or the client, it is worth studying its technical characteristics. Having done this, the team begins to analyze the market, study competitors and create a business plan.
Formation of the first prototypes.
In the process, employees should pay attention not only to the functionality of the future program or application, but also to a high-quality user interface. The main task of the team is to generate such a UX / UI, which will be convenient and easy to work with even for beginners in this industry.
Before starting the creation, the design team develops a single visual style. All elements of the program (icons, tabs, etc.) are further formed in accordance with the established norms. Also, a virtual navigator is being introduced into the application, which simplifies its use.
Here, the creators determine which technical stack is most suitable for the implemented product. They can also form separate applications for different operating systems or make a cross-platform program that can be used with any software.
Testing of the finished product.
The step includes quality control engineers are involvement. They test the app and check whether the final version of it meets the stated requirements. If there are inconsistencies, employees eliminate defects and prepare documentation for delivery. According to the fact that this process is one of the most important in the system, employees conduct both manual and automatic testing. That kind of approach allows to check the create program fully, avoiding serious mistakes.
Start of project maintenance.
The final stage is carried out after the completion of testing the project and making changes to the final version (elimination of defects, solving problems in design, functions, and so on). Even after the presentation of the project, the developer company continues to monitor the work of the project. Employees on an ongoing basis provide support and eliminate errors that are identified during the use of the product.
Technology Stack for Financial sector software Development
The following factors influence the choice of the technological stack:
- solutions on the organization of a software system;
Of course, these points are important in development, but the whole creation technology is based on four main components:
- development kits suitable for different operating systems;
- well-known programming languages (Java, Python and others);
- cloud technologies;
For a single rapid implementation of all the described functions, it’s better to use these application programming interfaces to achieve all the needed technical goals:
- Plaid and Yodlee.
- Stripe. Hardware and software complex for payment gateways.
- Experian. Loan solutions.
- Slack, Dialogflow, Wit.ai, Social Media.
- Chatbots created with AL-based solutions, ML, and NLP.
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If you are searching for a good developer company, Jappware is happy to offer you its services! You can check our finished products and the qualifications on the official website.
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