Whether it is credit services, banking services, mortgages, or an insurance company, the call center will always help you attract your customers to different parts of the world.

Why do financial services companies prefer call centers? Financial services clients would like to have access to their money and manage it when it is convenient for them, usually during non-business hours.

The organization or firm now includes the financial sector, which is highly automated and over a long period has implemented the use of software to serve its customers. In addition, using a financial services call center allows you to offer services to customers anywhere in different countries and states with different legislation.

Another great advantage of call center software for financial services is that you can quickly set up a call center in their preferred location, fully staffed by call center agents who are familiar with regulatory issues and compliance with the requirements of the region.

Why Do Financial Institutions Need Call Center Software?

With Fintech platforms on the rise, financial institutions are experiencing more competition than ever. To be sustainable and lucrative, you need a call center that answers your clients’ questions and makes their experience memorable

Call centers offer a variety of functions for financial institutions, including providing information, submitting questions, and approving/rejecting transactions. However, to perform their role effectively, they require software, particularly fintech software development.

At its most basic, call center software enables you to provide your clients with self-service alternatives (for basic activities such as account information, filing a complaint, and so on) 24 hours a day, seven days a week. This guarantees that services are secure and uninterrupted, even outside of office hours.

The finest call center software includes features that improve the customer experience, including interactive voice response (IVR), phone call transfer, call barging, call recording, and third-party integration. Furthermore, the best VoIP in Canada or the USA can direct clients to the relevant department and individual based on their concerns.

Banks even utilize contact center software to validate transactions that exceed the threshold amount. The program phones the consumer at their registered number to confirm the transaction and confirms or denies the activity based on their response.

The main advantages of a call center for the financial sector

A call center can also help your financial team with day-to-day business. The proposed solutions should support your business and the perception of your brand by customers.

Enhanced customer experience

An employee in the finance department clearly explains services to industrial clients. Simultaneously, information and, as a result, the call center help to efficiently address your customers’ requests; the call center enables the client to positively solve your customers’ questions, which adds to generating a favorable impression of the company’s brand.

Increase in revenue

Financial call centers also have a special impact on the profitability of financial companies. Call center employees often use cross-selling and upselling strategies, offering consumers not only the purchases they expect, such as credit cards, insurance policies, or investment opportunities but also other related products. With the help of data management and predictive analytics, call centers can determine what a customer might be interested in. This helps call centers increase sales in the future by offering customers appropriate products.

Real-time insights and analytics

Financial services call centers are equipped with advanced technology and analytics tools that provide real-time insights into customer behavior, preferences, and trends. By studying call times, customer feedback, and business performance, business people can get information that will be useful for their business decisions, they can improve the quality of service and formulate an active strategy. This analytical data allows you to identify the strengths and weaknesses of your website, identify areas for optimization, and solve problems in the best interests of your business to achieve better results.

Scalability and flexibility

Scalability and adaptability are the two main advantages of financial services call centers, which allow you to adapt to the needs of customers and organizations according to the situation. Scalable call centers are designed to meet changing seasonal needs or market changes by increasing or decreasing resources. They provide a cost-effective alternative to effective customer engagement management, which ensures that the organization can adapt to a changing business environment and offer excellent services over time.

Reducing problems

Problems will always arise in every business. Customers who wait in line for an extended period or do not obtain a response are two examples of difficulties. If a consumer is dissatisfied with what you have supplied them, whether it is products or services, they should always feel that you are available. This translates into an offer of reasonable and timely assistance via his chosen communication channel at any time.

Call centers are indeed operating at a very fast pace, while there is a huge increase in round-the-clock customer support; call centers are the answer to this growth in demand. Financial companies can continue to participate in their core operations. Meanwhile, their team at the call center takes care of customer satisfaction.

Cost-effective customer support

In addition to making a profit, call centers operating in the financial sector allow financial institutions to reduce operating costs. With the help of a call center, organizations can centralize customer support, thereby standardizing the process, increasing efficiency, and organizing work that can be easily scaled. In this case, it is expected that a single streaming approach will ensure proper allocation of resources, reduce overhead costs and, as a result, allow cost management.

Best practices to improve financial call center performance

Call centers in the financial industry perform the most important function of caring for customers and promoting business development. In this section, you will learn about some of the best practices and ways that can help financial call centers improve their procedures to provide their clients with a high level of customer service.

Investing in advanced technology and tools

The priority in the work of the financial call center is given to advanced technologies and tools. The introduction of updated software for the call center increases the efficiency of agents, helps solve problems, and ultimately customers receive a better service. Common tools such as call allocation, interactive voice response systems, and call recording capabilities can help the agent handle calls, and as a result, you will receive better services from customers. In addition, the development of CRM systems software in conjunction with the call center software will allow call center agents to obtain the necessary information about customers, which will allow them to interact more personally with their customers and better cope with emerging problems.

Prioritizing agent training and development

Professional financial call centers should put the progress of agents first in their training and development. One aspect that could be included in this process could be the training of agents in a comprehensive learning process that would allow them to acquire the necessary skills and knowledge to solve complex financial issues and properly inform clients. In such situations, it is always possible to conduct trainings that help agents keep abreast of the latest trends, changes in legislation, and customer service practices.

Establishing clear performance metrics and goals

It is necessary not only to constantly train agents but also to determine performance indicators and goals for call centers. Taking into account elements such as the average call time, the percentage allowed on the first call, and the customer satisfaction rating can be useful because they help managers ensure minimum customer waiting time identify areas that need to be worked on to achieve improvements, and periodically monitor progress. Employees can be stimulated by setting specific performance criteria for individual employees and team representatives.

Implementing a quality assurance program

Quality control information can help financial call centers provide high-quality service and standardize customer contacts. By listening to calls, evaluating the work of agents, and then providing them with the necessary advice, call center managers identify weaknesses and quickly find suitable solutions. A system based on quality assurance and setting evaluation criteria will help to develop work standards and ultimately create a culture of excellence that is known to improve the work of the call center. Continuous evaluation of quality assurance feedback data and dissemination of best practices among employees can be the key to creating a work environment conducive to continuous self-improvement.

Optimizing workforce management processes

Optimizing HR management processes can be crucial to improve the efficiency of financial call centers and, therefore, to improve the efficiency of both staff and agents. By studying the flow of calls, forecasting demand, and assigning the required number of agents, call center managers can be sure that enough resources have been allocated to effectively carry out the call processing process. The implementation of production software platforms for personnel management may include automation of workforce planning processes, tracking staff progress, and intelligent real-time resource allocation tools.

Using data analysis and reporting tools

This allows them to gain useful knowledge about customer behavior, preferences, and trends. Call center managers can identify opportunities to improve the company’s processes, products, and services by analyzing hourly call data, customer feedback, and performance indicators. Through the implementation of data analytics, financial call centers not only gain the opportunity to develop sound policies but also facilitate the management and implementation of strategic initiatives, as well as provide customized experiences and services.

Promoting an atmosphere of collaboration and teamwork

Creating a culture of cooperation and group work in a contact center may boost staff productivity and commitment. By encouraging open communication, sharing best practices, and rewarding agents for team success, agents’ morale and motivation levels can be improved. By organizing team-building classes, cross-training, and peer mentoring schemes, employees can create a cohesive union environment in which people can work hand in hand while feeling appreciated and competent.

What Are the Important Considerations When Choosing Call Center Software for Financial Institutions?

With so many contact centers throughout the world, choosing the right one might take some time. This is because this program provides a variety of functions and alternatives. Having the right contact center software can help your financial institution succeed in improving the client experience. The following are the most important factors to consider.

• Skill-Based Dialing System
  • This is critical since it ensures that clients are connected with the most appropriate call reps. For example, an ideal contact center software will route your customer’s technical assistance request to an individual with exceptional specialized abilities. Dialing systems also assist in speeding up the process of connecting your clients with the right representatives.
• Speech Analysis Tool
  • An ideal call center employs speech analytics technology to provide invaluable insights into your customers’ behavior. The capacity to understand your customer’s attitudes, feelings, and opinions allows your financial institution to make better judgments about how to improve their experience.
• Cloud-Based Technology
  • A successful contact center handles client calls using cloud-based technologies. Regardless of the volume of calls, this technology ensures that customers always receive the finest service. The technology is also cheaply priced, so you will not have to spend a lot of money on the software.

Unleashing the Power of the Cloud: Revolutionising Financial Services Call Centres

It is for this reason that setting up a call center for the financial sector is the best idea since they carry all the responsibilities, including training and hiring agents. They provide professional agents to achieve a level of customer service that ensures their satisfaction, which has a great and positive impact on financial companies.

The post How cloud call centers help Financial Firms? first appeared on Itexus.

API terminal

This type of trading system is a basic script designed to run on the trader’s computer. It does not come with a user interface or logging capabilities, but it serves as a platform for accessing various financial instruments, monitoring reports, and charts within the terminal. Such trading bots operate on an investor’s computer and utilize the API interface of electronic trading platforms such as MetaTrader 4 to interact with and manipulate the necessary elements. Key features of a trading terminal usually include:

• market data
• order execution
• technical analysis tools
• fundamental analysis
• risk management
• account management
• news feed

Developing a trading terminal is a viable choice for investors seeking to automate their strategies before creating a complex system. Do trading bots really work? They certainly do, however, it’s the strategy that defines the bot’s efficiency.

Starting with a bot allows for strategy refinement, paving the way for the development of a more advanced system. Additionally, it is feasible to create a bot that monitors the market and provides notifications for specified triggers, without actually trading real money. Therefore, there is no need to worry about unnecessary trades.

One specific condition of this system is that the trader must ensure that the computer stays turned on all the time.

Development time & cost

The time it takes to develop such a system typically takes a couple of weeks, depending on the complexity of the trading strategy. However, it is important to acknowledge that real-world challenges such as latency and other factors may come up, which can add complexity to the actual implementation. As for the cost, it is the most affordable option, with a price range of a few thousand dollars, depending on the developers’ hourly rate.

To learn more about building an automated trading bot and the resources required, read our case study.

Cloud-based autonomous system

Unlike traditional trading terminals, cloud-based trading systems operate in a cloud. They utilize cloud computing infrastructure and technologies to implement automated trading strategies. The WebSocket protocol is commonly used in cloud-based trading systems for real-time communication with the server, enabling streaming of market data, order updates, and other relevant information, thereby enhancing trading efficiency.

Such trading solutions can be accessed from different devices, can handle multiple users and accounts, and are not limited to specific trading sessions. They are faster and more powerful, particularly when deployed close to the broker’s servers, which reduces latency.

Cloud-based trading systems can operate either via the FIX protocol or WebSocket API. The main difference between these two options lies in the level of standardization and complexity:

• The FIX protocol is the industry standard in fintech for transferring financial information, such as market data and order management. It is a lightweight protocol that uses less data for communication, leading to improved performance and lower latency.
• On the other hand, the WebSocket API is more versatile and can transfer a wide range of information beyond financial data, offering more customization options. However, it usually results in higher average latency compared to the FIX protocol.

The choice depends on the specific requirements and preferences of the trading system and its users.

The basic features of a cloud-based trading system typically include:

• automated execution of trading strategies
• algorithmic trading
• real-time market data processing
• predictive analytics
• risk management tools
• backtesting
• monitoring and alerts
• integration with exchanges
• user interface
• dashboards and reports

A cloud-based autonomous trading system combines the benefits of cloud computing with advanced algorithmic trading techniques to create a powerful and flexible platform for automated trading in financial markets.

Development time & cost

Developing a cloud-based trading system will take a few months and cost tens of thousands of dollars, depending on the features required. The process is more challenging and time-consuming compared to building a trading terminal. However, cloud-based trading systems offer long-term benefits as they run faster and consume fewer resources.

To learn more about building a cloud-based trading system and the resources required, read our case study.

Trading platforms

Trading platforms are complex, enterprise-level solutions that cater to a wide range of entities operating in the financial markets. They allow users to connect to multiple exchanges, provide a strategy builder, and enable the configuration of strategies for various asset classes. These platforms also offer backtesting capabilities and allow different users to connect to different strategies. Traders can allocate funds to multiple bots, each executing a specific strategy.

Trading platforms typically offer a comprehensive set of features and capabilities:

• support for a wide range of order types
• risk management tools
• algorithmic trading
• advanced market data analysis
• high degree of customization
• multi-asset support
• comprehensive reporting and analytics tools
• low-latency execution and high-speed data processing capabilities
• integration with multiple third parties to provide diverse trading opportunities
• adherence to applicable regulatory requirements and compliance standards

Such platforms play a crucial role in facilitating complex trading strategies, managing large portfolios, and ensuring compliance with regulatory requirements for institutional clients in the financial industry.

Development time & cost

Trading platform development is a complex process that usually takes months or even years to ensure stability and scalability. In terms of cost, building a trading platform can require hundreds of thousands of dollars. For a more accurate estimation, please share your requirements with Itexus specialists, and we will provide you with a quote.

To learn more about the process of building a trading platform and the resources required, read our case study.

Building trading solution

When developing trading software, whether it’s an enterprise-level system or crypto trading bots, there are several factors to consider. These factors include the desired functionality, complexity of the trading strategy, user interface requirements, and the target audience. It is important to have a clear understanding of the goals and objectives before starting the development process.

Choosing the tech partner

Developing trading systems and bots is a multidisciplinary task that requires expertise in programming, finance, and market analysis. Collaborating with professionals like Itexus can offer valuable insights and guidance throughout the development process.

Cost considerations

The cost of developing trading systems and bots can vary significantly depending on the complexity and scope of the project. Simple trading terminals are generally less expensive to develop, while cloud-based autonomous systems and trading platforms require more extensive resources and time investment. It is crucial to carefully assess the budget and allocate funds accordingly to achieve the desired results.

Summary

Different types of trading solutions offer distinct advantages and cater to varying needs within the trading community. Whether you choose a basic trading terminal, a cloud-based autonomous system, or a comprehensive trading platform, it is essential to understand the nuances, functionalities, and cost implications to achieve success.If you are thinking about building your trading system or bot, it is recommended to consult with experts and gather additional information that is tailored to your specific requirements. This will help ensure that your trading solution aligns with your goals and maximizes your return on investments.

The post Trading Systems: Exploring the Differences first appeared on Itexus.

The same applies to financial organizations. Not to be overflowed with financial information that might be irrelevant to your business processes, fintech startups, and small and midsize businesses should partner with proven, best-in-class financial data aggregation platforms to stay far ahead of their competitors in terms of service quality and customer satisfaction. One such company that provides high-quality, consumer-permissioned data to invigorate business processes is Finicity. Let’s discuss the company in more detail and get to know what makes it so special.

What is Finicity?

Finicity is an American company headquartered in Utah that was founded more than 20 years ago as a personal finance management agency that helped people save money and improve their financial health. Later on, it started growing and connecting with banks and other financial institutions across the U.S. to support real-time, lightning-fast payments. By 2015, it had connected more than 10,000 banks and now covers 95% of all financial institutions in the United States. By acquiring advanced, powerful technologies, Finicity managed to grow into one of the largest North American data aggregation services, having hands-on encryption, AI, and ML to provide the data required to fuel fintech services and apps, bringing benefits to their customers.

In 2020, Finicity was acquired by Mastercard, which positively impacted the company’s performance and increased its value among other data aggregation platforms.

What is Finicity Open Banking Platform?

It’s impossible nowadays for any fintech company or startup to increase its efficiency and gain market weight without an improved customer experience. One of the ways to do this is to unleash the power of data for individuals, the data generated while paying bills, making purchases, budgeting, saving for college, etc. fintech companies, in turn, armed with the right data from banks (via data aggregators like Finicity), could propose best-in-class financial solutions to improve the financial health of end consumers and help them make smart financial decisions.

Finicity’s open banking platform enables end-users of fintech solutions to employ, own, access, and easily share financial data in a highly secure and protected environment.

Finicity and other key players in the open financial market are operating consumer-permissioned data. In addition, the latest cutting-edge technologies allow customers to opt-in to cash transactions or cash patrol, checks, etc., to get a more accurate picture of financial flows in real-time, which could be used to improve customers’ credit scores, obtain better credit terms, and facilitate loan origination.

Finicity open banking platform, along with other open banking platform providers, located in the heart of the new financial system, is advocating for inclusiveness which drastically improves customer financial well-being and brings many benefits to startups and companies adopting it.

Finicity Open Banking Platform core principles 

Finicity Connect grants authorization and provides access to the Finicity open banking platform. It downloads all relevant data from users’ accounts and offers powerful analytics. Through Finicity Connect, customers view their account information, apply for loans, request reports on financial transactions, and send electronic payments. Let’s dig into what makes Finicity open banking platform and Finicity Connect safe and powerful.

Security

Is Finicity safe? Finicity financial services apply powerful technologies to protect user data. They heavily use encryption and follow strict security processes similar to those used by banks and other financial institutions. All data is stored in AES256bit encryption format, in addition to their backend encryption systems. Machine learning is used to detect and block suspicious system activity. The Finicity open banking platform is SOC2, Type 2 certified. When third-party providers connect to the Finicity platform, tokenization integration occurs. It means that user credentials are converted into a secure “‘token”. This helps protect customers’ data because tokenization does not allow third-party vendors to store passwords and usernames.

Reliability

The best way to integrate fintech solutions with the Finicity open banking platform is via Finicity API to create a robust connection – as opposed to “screen-scraping” where any change to the customer’s digital interface could result in a disconnect. Integrating services via API provides a direct connection where sensitive customer data is transferred accurately, quickly, and, most importantly, securely.

Use cases of Finicity integration

Finicity APIs help financial organizations harness the power of new technologies to deliver high-quality services to end-users in various fintech areas:

1. Personal finance management

Finicity API provides a real-time view of your categorized financial data. Up to 2 years of account history is provided in detailed charts and other visual representations. Finicity statement is a digital statement aggregation tool that is FCRA compliant and meets the requirements for credit decisions.

2. Loan analysis

Finicity provides accurate financial data to lending institutions at lightning speed when analyzing customers’ income history for the last 2 years. Finicity applies data intelligence and offers a variety of identified income streams, including PayPal and perhaps cryptocurrencies in the future, as Finicity CEO Steve Smith claimed in his interview with Insider Intelligence. In addition, Finicity also offers employment verification in seconds.

3. Expense reporting

In addition to debit, credit, and balance analytics, Finicity also enables cash flow analyses through powerful technology. Better insight into customer spending takes into account all income and expense streams, increasing the chances of a better option for auto, mortgage, SMB, and personal loans.

4. Banking

Finicity’s innovative verification tool provides instant account balance and account holder information. It greatly improves bank payments and AHS transfers, P2P money transfers and account opening, government disbursements, and funding source verification for investment and wallet accounts.

5. Insurance

In the insurance sector, Finicity’s capabilities can be used for risk assessment and fraud prevention. Insurers use Finicity’s data to gain insights into policyholders’ financial behavior, detect identity fraud, verify claims, streamline underwriting, and issue policies faster. Additionally, insurers can engage customers through financial wellness programs and offer tailored policies, resulting in a more loyal customer base and data-driven decision-making for claims and pricing.

6. Wealth management

Finicity’s integration into wealth management services enables financial advisors and clients to make informed decisions about investments, financial planning, and risk management. It offers a comprehensive view of investment portfolios, real-time updates, and goal tracking, allowing clients to stay on track with their financial goals. By utilizing Finicity’s data, wealth management companies can provide insights into portfolio diversification, risk assessment, tax optimization, and asset verification, enhancing the overall financial experience for individuals and organizations.

Summary

Integration with the Finicity online banking platform helps organizations, individuals, and corporate customers to make better financial decisions. Finicity open banking platform prioritizes customers by putting them in control of their financial data and advocating for financial inclusion and financial literacy. With the right software development company on your side, the integration with Finicity API is smooth and effortless.

If you would like to learn how you can benefit from integration with the Finicity platform, send us a note, and our representatives will get back to you as soon as possible.

The post Finicity Integration for Fintech Development first appeared on Itexus.

When it comes to choosing the format of that online presence, mobile apps outperform websites or web apps from all viewpoints. Apps are faster and more responsive than websites, and they offer a more personalized experience for users. and they also allow for push notifications, which is a powerful tool when it comes to customer engagement and sales promotion. On the other hand, developing a custom app from scratch is a far more resource-consuming process compared to building a website, which may deter non-technical companies from digitization.

This is where white-label apps come into play. A white-label app is a software application developed by one company, rebranded, and offered by other businesses under their own branding. It’s an affordable way for companies to provide their customers with a tailored mobile experience without making significant investments. However, white-label apps have their drawbacks.

Ultimately, the choice between custom-made and white label app depends on your business’s specific needs and goals. In this article, we define and explore the pros and cons of each option. Read on to understand all the small details and make a well-informed decision.

Custom app development explained

Developing a custom business app from scratch requires strong planning, technical, and management skills. The process usually involves the following steps:

• Concept and planning. To give a project a good start, it’s necessary to thoroughly research the target audience and market, and outline a clear project roadmap that includes main milestones, budgets, and other important details.
• Prototyping and design. A good app allows users to perform their tasks effortlessly. To ensure a seamless user experience, designers create wireframes, mockups, and prototypes, test them, and make adjustments. Then the interface is created with a unique brand-tailored appearance.
• Development. Now backend and frontend developers take the process over. They code the application according to the tech stack defined at the planning stage and integrate the app with third-party services, if necessary.
• Testing. The application undergoes thorough testing to identify and resolve any potential bugs or issues before being released to users.
• Deployment. In a nutshell, deployment is the process of making the app available to be used by users. While this definition may seem simple, it is one of the most important stages of the app development process as it will directly impact how quickly an application can respond to changes in user preferences or requirements, and most importantly, the quality of each change.
• Post-launch maintenance and support. The journey isn’t finished yet. After the release, the team continues to maintain and support the application, introduce new features, and monitor app’s performance to timely fix any issues.

As you can see, custom app development is a complex and resource-intensive process. To efficiently execute all the steps described, you will need to assemble a team comprising at least a business analyst, a project manager, a few frontend and backend developers, UI/UX designers, QA engineers, and a DevOps specialist.

Another option is to outsource the project to a mobile app development company. This is a more affordable way to build a custom app for business, as you will only pay for the hours worked by the team on your project. Other costs, such as hiring expenses, employee salaries, taxes, benefits, insurance, and hardware costs, will be the responsibility of the company you outsource the project. You can use software development outsourcing guide to get more detailed information. This option also enables a shorter time-to-market, which can be crucial in highly competitive markets or industries.

To make an informed choice between in-house development and outsourcing, you need more information on both options. You can find this information right away in our article about the cost of app development.

White-label app explained

As mentioned previously, a white-label app is developed by one company and then purchased by another. It can then be customized, branded, and used to serve the customers of the buying company. Many businesses can utilize the same white-label application, customized to their specific brand requirements.

Typically white-label app providers offer the option to purchase either just the back end of the app or the entire package, which includes both the server and client sides.

• If you only pay for the app’s back end, you can create the front end yourself. This allows for more flexibility and customization. However, if you don’t have in-house developers, you will need to hire someone to build the front end using a white-label application’s infrastructure.
• If you purchase an app with both server and client components, you will only need to make a few minor modifications. However, this approach limits customization and scalability. If your business requires additional features or infrastructure to handle the increased workload, you will need to seek an alternative solution.

As for the costs of white-label apps, there are two common options:

• one-time payment for the source code, which grants the buying business lifelong rights to use the white-label app without any additional fees.
• subscription-based fees – monthly, quarterly, or yearly.

Let’s explain what is white label app with an example. Imagine a company named “Billzilla”. They made a white-label e-commerce app, which is a flexible ready-to-use mobile application made for selling things online. This app is like a blank page that can be easily customized and branded.

Now, consider another fictional business – let’s say it’s a pet shop called “Purrfect”. Purrfect wants to enable its customers to buy online and use a mobile app for viewing the catalog, reading reviews, placing orders, and making payments. Instead of creating their own mobile app from the beginning, they chose to use the white-label app offered by Billzilla. Here’s how it works:

1. Branding and customization. Purrfect asks Billzilla if they can use their white-label app. Billzilla customizes the app by changing its colors and logos and adding Purrfect’s name and branding elements. The final product is a customized app that is based on the white-label app but with Purrfect’s branding.
2. Feature set. Purrfect might want to add extra features such as loyalty rewards for their loyal customers. The white-label app can be adjusted to include or exclude specific features based on Purrfect’s needs.
3. Deployment. Billzilla assists Purrfect in deploying the app to the respective app stores under their name.
4. Customer experience. Customers of Purrfect can use their app to shop online instead of going to the store. They can view the available products, read and leave reviews, place orders, make payments, and more.
5. Maintenance and updates. Billzilla keeps the main white-label app up-to-date and secure, following industry standards. The custom app used by Purrfect automatically gets these updates.

And that is how white-label apps can be a cost-effective and practical solution for businesses looking to establish an online presence without the need for extensive development and maintenance efforts. Just like Purrfect, other businesses that want to sell online can use Billzilla’s white-label app.

Pros and cons of white label vs custom-made apps

Now when you clearly understand how these two options work, it’s time to decide which one is the right choice for you. To help you make a well-informed decision, we prepared a comparative table of custom-made and white-label apps. Check it out:

	Cons	Pros
White-label apps	• limited customization options • lack of uniqueness • limited scalability • dependency on the provider	• quick launch • lower cost • support & maintenance are handled by the provider
Custom apps	• higher development cost • longer time-to-market	• tailored solution that meets the business’s specific needs • flexibility • unique features that may serve as competitive advantages • scalability

Let’s dive deeper into each point.

Cons of white-label apps

Limited customization options. Customization options in white-label apps are typically limited by branding and some minor adjustments. Incorporating advanced features can be costly or may not be available at all.

Lack of uniqueness. White-label apps often lack a unique and recognizable identity because providers strive to build more generic and less personalized solutions in order to serve a wide range of customers.

Limited scalability. When your business experiences rapid growth, your app needs to grow along with it. However, this can be challenging with white-label apps, as they may not easily scale to meet the growing load.

Dependency on provider. Dependency on a provider and its decisions can have significant implications for a business, potentially affecting its ability to operate and compete effectively in the market. Therefore, it’s important for businesses to carefully consider the track record and reputation of the provider before committing to their app, particularly in reputation-sensitive niches such as finance.

Pros of white-label apps

Quick launch. White-label apps are readily available, enabling you to go online within a few weeks.

Lower cost. Opting for a white-label app is often more affordable compared to custom mobile app development.

The provider handles support & maintenance. Maintenance and support for white-label apps are usually handled by the provider and included in the fee. There are no additional expenses involved.

Cons of Custom-Made Software

Higher development cost. Compared to a white-label solution, developing a custom mobile app is a more expensive option. However, in the long term, this price difference is balanced out by the cost of customizing and adding advanced features to the white-label app when the need arises. In the long run, the cost of a custom app may actually be lower than using a white-label app for an extended period of time. Considering that you have long-term plans for the success of your business, it makes sense to invest in a custom app rather than opting for a white-label solution.

Longer time-to-market. Building a tailored app that meets your business’s specific needs definitely requires more time than branding a white-label app.

Pros of Custom-Made Software

Tailored solution that meets the business’s specific needs. Your application is carefully crafted from scratch, taking into consideration the specific requirements, preferences, and challenges that your business faces. It caters to the individual needs of your company, ensuring perfect alignment with your operations and setting the stage for sustainable growth.

Flexibility. With a custom app, you have the flexibility and control to easily and quickly adapt to market changes and customer demands.

Unique features that may serve as competitive advantages. In a crowded app market, offering unique features can differentiate your business from the competition. Users are more inclined to select and stick with an app that provides something they cannot find elsewhere, and with a custom app, you can introduce new features quickly.

Scalability. Having a dedicated team that works on your custom app makes it easily scalable. On the other hand, with a white-label app, scaling usually takes time. Scalability allows for the efficient handling of increased user loads and peak traffic periods, ensuring a smooth user experience. It supports business growth and minimizes infrastructure costs by accommodating user and feature expansion. Additionally, scalability future-proofs the app, making it adaptable to evolving technologies and market trends, enhancing reliability and flexibility.

Summary

As you can see, both white-label and custom apps have their benefits and drawbacks. There is no single checklist that can help you determine which of two options will be more beneficial for your business. However, based on our experience, the current state of affairs is as follows:

• If you have a limited budget, need to roll out the app to users as soon as possible, and time-to-market is the most important metric, then choosing a white-label solution is your best option.
• If you are aiming for long-term, sustainable growth, we recommend you choose custom app development.

The key is to look at where you are now and where you want to be in the future to make a choice.

At Itexus, we understand that every business is unique, with its own goals and challenges. We believe that custom app development is the most effective way for businesses to establish an online presence. We craft each line of code with a specific purpose in mind, helping you maximize your returns on investments in technology. If this approach resonates with you and you are aiming for long-term success for your business, contact us to discuss collaboration.

The post Choosing Between Custom and White-Label Apps: Pros and Cons first appeared on Itexus.

At a time when software development services are much more accessible and affordable, more and more credit unions are looking to invest in technology to become more accessible and provide better experiences for their members. To help you choose the perfect development partner, we have shortlisted the best software development companies for credit unions – check them out.

5 Technology trends for credit unions to watch in 2024

Efficient utilization of member data

In 2024, credit unions should prioritize the effective use of member data to improve financial well-being and assist members during economic downturns. This can involve utilizing automated budgeting tools, employing AI-driven chatbots for basic financial guidance, and identifying consumer behaviors that affect loan repayment capability. Additionally, credit unions will leverage member data to enhance operational efficiency.

Going mobile

For credit unions, technological shifts, such as mobile applications, have evolved from being an additional benefit to becoming an essential service, especially in the post-COVID era. To ensure member satisfaction, credit unions should implement user-friendly mobile services. This could involve providing customer service personnel with interactive tablets to assist members in resolving issues.

Virtual assistants

Virtual assistants are set to become a significant technological trend within credit union branches. By 2024, these assistants are expected to have advanced capabilities, allowing them to handle tasks that were traditionally performed by humans. While physical branches will continue to be important, customers will also have access to virtual assistants to address complex concerns.

All-digital transactions

Imagine a scenario where members can submit loan applications, manage their accounts, and conduct various financial transactions without having to visit a local credit union branch. Technological trends suggest that this may become increasingly common in the future, and the pandemic has already highlighted the growing importance of digital transactions. Investing in this technology will enhance the competitiveness of credit unions compared to other lending institutions. Digital tools have already replaced many manual procedures, providing online loan applications, e-contracts, e-signatures, and other digital enhancements.

Self-service instruments

The rise of digital transformation has led to the development of ever-evolving self-help tools in credit union technology. Some credit unions are now offering digital mechanisms that allow members to explore vehicle options through preferred dealerships. Other credit unions empower members to bring pre-validated auto loan documentation to dealerships. These services transform credit unions into invaluable partners rather than just lenders. User-friendly self-help tools give credit unions an advantage in an increasingly simple technological environment.

List of 10 credit union software companies

1. Itexus

Itexus is a financial software development company that helps credit unions provide a better digital experience for their members. The team of seasoned fintech experts harnesses the power of modern tools and technologies to assist credit unions in digital transformation, growth, and exceeding their members’ expectations. Itexus engineers upgrade credit union core software and on-premises architectures to integrate them with necessary applications and tools, handle data privacy issues, and address legal roadblocks to ensure compliance in the financial industry.

2. Snowman Labs

Snowman Labs is a software development agency renowned for its transparent collaboration and robust solutions. The company builds software for credit unions, catering primarily to mid-sized and large companies.

3. JSGuru

JSGuru specializes in developing digital products, including credit union management software. The company offers services in product discovery, UI/UX design, and software development, helping businesses grow by providing top-notch development solutions. The team is recognized for its responsiveness, flexibility, and customer-focused approach.

4. Keeper Solutions

Like other credit union software vendors, Keeper Solutions focuses on developing software solutions for highly regulated environments, particularly in the credit union financial sector. They are renowned for delivering robust, secure, and scalable solutions. The highly skilled team at Keeper Solutions is fully committed to ensuring the long-term success of their partners.

5. Kanda

Kanda is a reputable software development firm that develops credit union software systems. With a strong background in the fintech industry, the company offers a comprehensive range of services, including lending software development, UI/UX design, architecture and prototyping, maintenance and support, cloud migration, and more.

6. CN Group

CN Group creates high-quality credit union banking software. They also offer a range of consultancy services, QA and testing, as well as support and maintenance services. The company is known for being a flexible, reliable, and competent development partner, with a strong commitment to high-quality standards, robust development processes, and extensive knowledge of their business areas.

7. Zoolatech

Zoolatech offers high-end software development services and strives to create a harmonious, collaborative environment for its employees and clients. The company provides custom credit union software development services tailored to the individual needs of the client, helping them to overcome challenges and grow their business. Zoolatech also offers lending software development for banks.

8. Instil Software

Instil helps businesses prosper and succeed through digital transformation. It is an engineering consultancy that develops bespoke credit union software solutions. The company has earned a reputation as a trustworthy, honest, and competent credit union software vendor with world-class development expertise and a transparent and flexible approach.

9. Avenga

Avenga is an agency that provides custom software development and design, product management, technology consulting, and advisory services. The firm builds credit union loan origination software and credit scoring solutions and works primarily with mid-sized and large companies.

10. BJSS

BJSS is a technology and engineering firm that specializes in delivering complex and innovative technology solutions. Similar to other credit union software companies mentioned above, BJSS offers cost-effective development services, deep fintech domain knowledge, and extensive expertise in delivering credit union online banking software. The company provides a variety of flexible engagement models, ranging from individual consulting engagements to full project outsourcing.

4 Reasons for credit unions to invest in technology

With the majority of financial issues now being handled online, credit unions are faced with competition from fintechs and traditional banks for their members’ attention and loyalty. In this regard, making the digital push will undoubtedly be a worthwhile effort for credit unions.

Stronger member service

People join credit unions because they value personal service, local decision-making, and a customized approach to their financial needs that helps them achieve their financial goals. Technology allows credit unions to gain a better understanding of their members’ needs and offer them improved products and tools, resulting in a positive impact on member service. By investing in mobile and online innovation and digital enhancements, credit unions can keep up with lending trends and enhance the digital experience for their members.

Automated processes and lower operational costs

Automation frees up time for analysis and streamlines operations to enable a more efficient, effective, and flexible organization. You don’t have to be big to automate. Even for small credit union software, automation can bring about dramatic results. Credit unions are experiencing increased efficiency and transparency, reduced operating costs, and improved member satisfaction. By automating processes like loan origination, credit scoring, and KYC (Know Your Customer), credit unions can prioritize higher-level tasks such as strategic analysis and enhancing business value.

Great insights and intelligence

Marketing intelligence and AI are empowering credit unions to gather more information about their members’ behavior and gain a better understanding of their needs, wants, and pain points. These valuable insights enable the creation of personalized experiences and the provision of more effective tools, resulting in increased member satisfaction and improved customer retention.

Smarter money management for members

The global shift toward digitalization has significantly affected member demands, leading to a dramatic increase. Nowadays, credit union members expect secure and dependable digital services that operate seamlessly, with around-the-clock support. Fortunately, thanks to modern technologies, credit unions can not only meet but also surpass these escalating expectations by providing their members with robust, user-friendly, intelligent, and easily accessible money management solutions.

Summary

Ignoring the global shift toward digitization is a futile strategy for a credit union. However, launching a software development project may initially seem like a daunting task that requires a significant amount of effort. The key is to collaborate with a suitable credit union software company. A dependable technology partner will handle the entire process, allowing you to concentrate on higher-level tasks.

At Itexus, we assist credit unions in their digital transformation journey by enabling them to operate more efficiently, reduce costs, and automate processes. Whether you require the modernization of legacy software, the development of a responsive website or a mobile banking app for your credit union, or ensuring compliance with regulatory requirements, we are here to provide our expertise. Contact our team to discover how we can help you leverage the full potential of technology.

The post Top 10 Credit Union Software Development Companies first appeared on Itexus.

While there are multiple payday loan apps on the market, they fail to meet the growing user demand for accessible and convenient credit options. So there’s still room for new solutions. Consider launching a payday loan app? Read on to learn how these apps work, where to start payday software development, what core features you should implement first, and how specialized payday loan business software helps minimize risk and maximize profits by automating manual processes at all stages.

Benefits for businesses

The traditional approach to managing short-term loans is time-consuming and tedious, not to mention the possibility of human error, which can come at a high cost in financial services. This is where payday loan software comes in, offering numerous advantages over legacy systems. Let’s take a closer look at them.

Complete automation

The main function of online payday loan software is to automate the entire process – from online application and loan origination to the final payment. Automation makes it possible to avoid human errors, speed up processes, increase efficiency, reduce operational costs, and much more. From this point, all the other benefits of loan management apps emerge.

Better customer experience

Payday loan management software provide a seamless experience for borrowers by allowing them to apply for a loan from the comfort of their homes via their devices, rather than visiting a branch. A smooth borrower journey and excellent experience lead to a higher customer satisfaction rate, which, in turn, is critical to the well-being and growth of your business, as well as customer retention.

Smarter resource allocation

Specialized pay day loan software enables financial service providers to save resources in many ways. It eliminates repetitive manual tasks and reduces personnel costs, enabling companies to go paperless and save on stationery, among other benefits. Payday loan software solutions also free up space and time for activities aimed at growing your business by taking over tedious and time-consuming tasks.

How does a payday loan app function?

Payday loans are a type of short-term borrowing with higher interest rates based on the borrower’s income. The loan amount is deducted from the borrower’s next paycheck and is automatically debited when the borrower receives the paycheck, which serves as collateral for the loan. Generally, the amount of a payday loan is limited to $1,000. Below, we describe step by step how to take out a loan using a special app.

1. Registration

First, a user needs to register in the application, enter their personal data (name, income, photo, etc.), and upload the documents required for the KYC check.

2. Loan limit & interest calculator

Based on the data provided by the user, the online payday loan software calculates the maximum possible loan amount. The interest rate also varies and depends on the user’s income.

3. Linking with a bank account

To take out a loan, users must link their bank accounts to the app. These accounts will be used for both lending and repayment.

4. Online loan application

Users apply for a loan online, specifying how much money they want to borrow and for how long. If the loan is approved, the money is transferred to the linked bank account.

5. Automatic repayment

On the next payday, when the user’s salary is received in the linked bank account, the credited amount is automatically withdrawn.

Payday loan app core features

To avoid confusion, we have divided the key functions of a payday loan app into two groups: user app features and admin panel features.

User app features

• Registration

Users can register in the app with their credentials (e.g., phone number or email), which are then used for logging in.

• Profile creation

Users can create their profile in the app and fill it with personal data such as their name, contact details, photo, etc.

• Linking a bank account

Users can link their bank account to their profile in the app to obtain or repay loans.

• Documents upload & management

Users should be able to upload the documents needed for KYC and other verification processes.

• KYC

Users can complete the Know Your Customer procedure by uploading their documents and providing the required information.

• Loan limit calculator

The credit limit is automatically calculated based on the user’s salary information provided during profile creation.

• Interest rate calculator

The interest rate is automatically calculated based on the amount that a user wants to borrow.

• Loan application

Users can view the available loan types, select one, and apply for it by submitting the required documents and other related details.

• Loan status

Users are informed about the status of their loans on a regular and timely basis.

• Automatic debit

The loan amount, along with the interest amount, is automatically debited from the user’s linked account as soon as they receive their paycheck.

• Push notifications

Users are informed in a timely manner via SMS, email, or push notifications about the status of their loans, upcoming payments, new offers, etc.

Admin panel & general features

• Role-based access control

Role-based access control (RBAC) restricts network access based on an employee’s role. It is one of the main methods of advanced access control.

• Transaction log generation and storage

All transaction data is collected, organized, and securely stored for future audit purposes.

• Document storage

Integrated document storage with classification and access control enables efficient document management, improves regulatory compliance, and prevents data breaches.

• Customization options

Your app’s loan management capabilities should be versatile enough to enable you to provide a personalized experience for your borrowers. It’s advisable to equip your app with customization options – you should be able to configure custom rules for loan products, payment plans, fees, and underwriting needs, etc.

• Integrability

To run your daily operations efficiently, you need to integrate your payday advance software with multiple third-party tools and services. Therefore, it’s important that all the tools required to effectively manage payday loans are seamlessly integrated and work smoothly.

• Compliance

As cyberattacks become more sophisticated, regulatory requirements for fintechs are becoming more stringent. Violations of these can result in heavy fines for your company. Thus, ensuring compliance with legal and regulatory requirements relevant to your type of business is a matter of survival.

Payday loan automation: best practices

Let’s explore the best practices for payday loan software automation that will allow you to maximize your profits, reduce operating costs and employee workloads, and increase efficiency.

AI-powered processes

There are several stages in the lifecycle of a loan that can be streamlined and automated with AI technology – from credit scoring to risk management and data analytics. To this end, we implement intelligent AI systems that help you make data-driven decisions and grow your business.

Reporting & analytics

We implement advanced reporting and analytics systems that allow you to keep track of your cash flow by providing an overall view of all processes across the company. An efficient reporting and analysis engine enables well-informed decisions and ensures that not a single detail is overlooked.

Fraud detection & prevention

Our seasoned specialists utilize best practices, such as real-time data monitoring and suspicious activity detection, predictive scoring for alerts, prioritization of high-risk alerts, and others, to ensure a sophisticated defense for your payday loan management systems. This way, you can focus on what’s important for growing your business instead of dealing with the consequences of fraud losses that can jeopardize your revenue and reputation.

How to start payday software development with Itexus

As a trusted fintech software development partner, we bring our expertise and capabilities to the table to help our customers around the world achieve their business goals with tailor-made and robust fintech solutions. And we would love to do the same for you. Here’s how we will do it.

1. Project assessment

To create impactful digital products, we need to understand your goals, as well as the needs of your target audience. Once we outline the desired outcome, we’ll document the project requirements and estimate the resources needed to implement your solution.

2. UI/UX Design

Our designers will wireframe your future app to identify the best ways to meet users’ needs and ensure flawless and intuitive navigation. Then, they’ll create a design concept – the core idea that determines the design of your solution. After that, our UI/UX specialists will design the app’s interface and refine it based on your feedback.

3. Development phase

Our experienced fintech engineers will develop your app, integrate it with industry-leading third-party service providers, and ensure a high level of security using industry best practices.

4. QA, delivery, and post-launch maintenance & support

Once the loan app development is completed, your app will be thoroughly tested by our QA team to ensure that all bugs are identified and fixed and that everything works as expected. Now, your brand-new app is ready for deployment. If needed, we will maintain and support your app after the launch, updating it regularly to ensure uninterrupted work and high performance.

Loan apps development: Itexus experience

App for getting loans

A FinTech startup with decades of experience in the financial services industry recognized a gap in the lending sphere for small and midsize businesses. To address this, they decided to launch an online loan platform and mobile app and approached Itexus with this idea. The platform we developed automates loan processes, reduces operational costs and interest rates, and features AI-based credit scoring for better loan outcomes.

To learn more about the project, please read the case study.

Mobile banking app with early paycheck feature

The Itexus team developed a mobile banking app for migrants that facilitates transactions like sending financial help abroad, receiving microloans, etc., and allows for getting a paycheck early. Within the app, users can also apply for microloans from the banking partner — without red tape and unnecessary delays. The app assesses the user’s creditworthiness based on transaction amounts and grants a loan equal to a certain percentage of the sum of the transfer.

To read more about the project, please read the case study.

B2C platform with digital lending

Another solution with loan functionality developed by the Itexus team is an e-commerce ecosystem that connects tire suppliers, installers, buyers, and digital lenders across the online buying cycle. Users have the option to pay for their orders in installments thanks to the enabled digital lending feature. To get a loan, the user needs to provide information like monthly income, existing loans, and credits. This data is shared with the lenders, who then send their loan offers. The user selects a suitable offer, signs an online contract with the lender, and returns to the platform.

To learn more about the project, please read the case study.

Summary

Payday loan app development is a great way for existing financial companies to expand their offerings and attract new customers. It’s also a good opportunity for new businesses to enter the fintech market. At Itexus, we have helped both the oldest market players and newcomers drive growth and win users’ love with secure, robust, and powerful fintech solutions, including payday software. If you can imagine it, we can code it – just share your idea and we’ll do our best to help you achieve your goals.

The post Guide on Pay Day Loan Software Development first appeared on Itexus.

This article explores the development of mhealth apps and the benefits they provide to patient care, operational efficiency, and the healthcare ecosystem as a whole. Whether you’re already considering building a mobile health app or just starting to explore the topic, this article provides valuable insights for mhealth app development. Keep reading to explore the various types of mhealth apps and their use cases, learn how to create a mhealth app from scratch, discover the key features it should include, and explore the latest trends in this field.

Mhealth apps market overview

According to Grand View Research, the global mhealth apps market was valued at USD 43.5 billion in 2022 and is projected to grow at a CAGR of 11.6% from 2023 to 2030. The market is driven by the following factors:

• growing adoption of fitness and medical apps for collecting and tracking health-related data using smartphones,
• the increasing penetration of the internet and smartphones,
• and the growing awareness of the importance of maintaining physical health and lifestyle.

The number of health applications available on app stores has exceeded 350,000, with users showing interest in managing chronic diseases and healthcare professionals recommending the use of mobile apps for better patient care. OrthoLive stated that 93% of healthcare professionals believed that mobile health applications can improve patients’ health.

However, not everything is as smooth as it may seem. Among the main challenges in the mhealth industry experts highlight concerns regarding data security and privacy. Issues such as unauthorized access to sensitive information, data breaches, and the lack of regulatory approval for mhealth apps may impede market expansion. To address these concerns, healthcare organizations collaborate and technology companies are looking for a solution that will enable secure and convenient mobile patient care while eliminating potential risks.

Mhealth apps: types, use cases, and trends

The term “mhealth app” includes a wide range of applications that cater to the needs of healthcare professionals and patients alike. These solutions have been revolutionizing healthcare delivery for a few years now, making it easier to access, more efficient, and focused on the patient. In the following sections, we will delve into two main types of mhealth apps: professional solutions and apps specifically designed for patients.

Type #1: Professional solutions

These apps are designed to assist and enhance the abilities of healthcare providers. Professional solutions include a variety of tools and resources specifically designed for clinicians, nurses, pharmacists, administrators, and other healthcare professionals. They improve communication, facilitate better decision-making, and result in more streamlined and impactful patient care.

Key features:

• Electronic Health Record (EHR) integration
• Secure messaging and communication
• Telemedicine capabilities for remote consultations
• Clinical decision support systems
• Medication management and prescription tools

Type #2: Applications for patients

Patient-focused mhealth apps empower patients to effectively manage their health. These user-friendly platforms cater to various health-related needs by providing personalized health insights, medication reminders, symptom tracking, and direct access to medical records. Additionally, they facilitate communication between patients and healthcare providers, promoting a collaborative and informed approach to care.

Key features of applications for patients:

• Personalized health and wellness tracking
• Medication reminders and adherence monitoring
• Symptom tracking and health journaling
• Access to medical records and test results
• Appointment scheduling and telehealth options

Mhealth apps use cases

Let’s explore some key areas where mhealth apps are making a significant impact.

1. Telemedicine

Telemedicine had been gaining popularity gradually, but it was during the pandemic that mhealth solutions became irreplaceable. Now, mhealth app solutions are widely used to enable patients to schedule appointments and connect with doctors through video or audio calls, improving access to care regardless of geographical limitations.

2. Health information exchange

Mhealth apps are extremely handy when it comes to patient data storage and exchange. For example, the EHR (Electronic Health Record) feature allows for accessing and updating patient records on the go, making patient data management more accurate and efficient. Mhealth apps also facilitate healthcare providers in easily and securely sharing patient information. This ensures that all individuals involved in a patient’s care are well-informed, leading to improved coordination of care.

3. Diagnosing

Mhealth app solutions can assist healthcare providers in making accurate diagnoses by incorporating diagnostic tools and algorithms. This is especially useful for preliminary assessments and decision support.

4. E-prescribing

Mhealth mobile apps simplify the prescription process by allowing healthcare providers to generate electronic prescriptions directly in the system. This not only saves time for care providers and patients but also reduces errors during checkout.

5. Medical billing

Mobile solutions facilitate the medical billing process, allowing healthcare providers to manage patient billing, insurance claims, and revenue cycles efficiently.

Current trends in mobile health apps

The field of mobile health apps is always changing, influenced by new technology and the changing expectations of patients. Let’s explore some recent trends that highlight how technology is shaping modern healthcare.

Remote Patient Monitoring (RPM)

RPM apps are becoming more popular. They let healthcare providers keep track of patients’ vital signs, chronic conditions, and recovery progress from a distance. These apps improve patient care and lower the number of times patients have to go back to the hospital.

Wearable health devices integration

Mobile health apps are becoming more compatible with wearables such as smartwatches and fitness trackers. This allows for seamless data synchronization, enabling comprehensive health and wellness tracking.

Gamification of health and wellness

Apps are integrating gamification elements to engage users in their health and wellness journeys. This makes it enjoyable and rewarding to achieve health goals.

AI-enhanced diagnostics

Mobile health apps are using AI to improve diagnostics. Some apps can analyze medical images such as X-rays and MRI scans.

Examples of successful mhealth apps

The healthcare app industry is thriving with innovative solutions that have significantly improved patient care, increased efficiency, and enhanced the overall approach to healthcare. Here are three examples of healthcare apps that have been gaining attention recently.

1. Calm

Calm is a popular meditation and mindfulness app that focuses on promoting mental well-being and reducing stress. While it may not be considered a conventional medical app, Calm plays a crucial role in the larger healthcare ecosystem. It provides a wide range of guided meditation sessions, soothing sleep stories, and relaxation exercises, providing users with effective tools to cope with stress and anxiety and enhance their overall well-being. With more than 100 million downloads, Calm has become a top player in the mhealth field, showing that mental health importance is increasingly recognized.

2. Doximity

Doximity is a professional medical network and healthcare communication platform. It connects over 1.8 million healthcare professionals, enabling them to collaborate, communicate securely, and access important medical resources. Doximity simplifies communication among healthcare providers, makes referrals easier, and provides secure telehealth capabilities. The platform has made significant progress in improving healthcare collaboration and has become a helpful tool for medical professionals seeking secure professional connections and safe options for data sharing.

3. Zocdoc

Zocdoc makes it easy to find and book appointments with healthcare providers. It enables users to quickly search for doctors based on their specialty, location, accepted insurance, and availability. The app also provides access to patient reviews. Zocdoc’s success stems from its ability to solve a common healthcare challenge – getting timely care. With partnerships with thousands of healthcare providers, Zocdoc streamlines the entire healthcare process, saving patients time and reducing stress.

How to develop an mhealth app?

Custom mhealth app development is an exciting journey that involves several steps. Depending on the complexity and your goals, it can be a bit challenging at times. But don’t worry – below, you’ll find a friendly roadmap that will guide you through the mhealth app development process.

• Shape an idea. It all starts with an idea. Ask yourself, “What healthcare challenge can we tackle with a mobile app?”. Whether it’s enhancing patient engagement, simplifying administrative tasks, or facilitating access to medical information, your idea should address a real healthcare need. Let your creativity flow and draw inspiration from everyday healthcare encounters.
• Conduct market research and gather customer feedback. It is important to conduct thorough market research in order to gain a deep understanding of the competition, user preferences, and industry trends. Engaging with potential users, healthcare providers, and stakeholders will provide invaluable insights. It is also crucial to collect feedback in order to refine your concept and ensure that it resonates with your target audience. Remember, the input from others can greatly contribute to the viability of your idea.
• Validate your hypotheses. Before diving into development, it’s crucial to validate your business ideas. Give your concept a test run on a smaller scale to determine its feasibility. This step will not only help you identify any potential obstacles but also provide valuable insights into the viability of your app.
• Build an MVP. Start with a small step and create a Minimum Viable Product (MVP). It’s important to include only the essential features of your app without any unnecessary extras. This simplified version will allow you to release your app to users faster, gather their valuable feedback, and make continuous improvements.
• Design. User experience is crucial in healthcare apps – a convenient and intuitive interface can make a tremendous difference. Therefore, it is vital to prioritize user-centric design to guarantee that both patients and healthcare professionals discover the app effortlessly to navigate and a pleasure to use.

Must-have features in a health application

These features lay the groundwork for an efficient health application that caters to a wide range of healthcare needs.

1. User authentication – secure and convenient user login options, ensuring data privacy and personalization.
2. Electronic Health Records (EHR) integration – seamless access to patient records, allowing healthcare providers to access and manage medical information.
3. Telemedicine functionality – in-app video or audio consultations, expanding access to care, especially in remote or urgent situations.
4. Prescription management – helps users schedule and track medications, with reminders and dosage information to ensure adherence.
5. Symptom checker – a reliable symptom checker for users to assess their conditions and make informed decisions about seeking medical help.
6. Appointment scheduling – allows users to book appointments with healthcare providers, streamlining the patient-doctor interaction.
7. Health and fitness tracking – enable users to monitor their physical activity, nutrition, sleep, and other health-related metrics, promoting wellness.
8. Secure messaging – facilitates communication between patients and healthcare providers, ensuring privacy and convenience.
9. Emergency services locator – provides users with the ability to locate nearby hospitals, clinics, and pharmacies in times of urgency.
10. Data analytics and insights – offer personalized health insights and data-driven recommendations, helping users make informed choices for their well-being.

Advanced features

These are advanced features that utilize modern technology to boost the capabilities and scope of your mhealth mobile app, making it even more useful.

1. ML-powered predictive analytics – implement machine learning algorithms to analyze user data and provide personalized health insights and recommendations.
2. IoT integration – connect your app with IoT devices, such as wearables and medical sensors, to collect real-time health data, to allow for continuous monitoring and analysis.
3. Blockchain-based health records – blockchain technology helps to enhance the security and integrity of electronic health records, ensuring immutable and tamper-proof health data.
4. AR for medical training – augmented reality can be used for medical professionals’ training and surgical simulations, offering a realistic, immersive learning experience.
5. Geospatial health data – this feature enables location-based health services, such as identifying health risks in specific areas and providing tailored health information for travelers.

How to monetize your mhealth app

Even if you’re developing an app for internal usage in a hospital, it can still generate income. However, the strategy will differ depending on the app’s specifics. Let’s explore several options for monetizing your mhealth solution.

• Paid apps (users purchase the app upfront) – this model is suitable for apps offering premium features or specialized medical content.
• In-app purchases – basic features are free, but advanced functionalities or content require in-app purchases.
• Subscription-based model – implement subscription plans, such as monthly or annual payments, for access to advanced features and content or telemedicine services.
• Telemedicine consultation fees – charge users or healthcare providers for telemedicine consultations conducted through your app.
• Advertising and sponsorship – you can display targeted healthcare-related advertisements to users (or charge for access to the app without ads) and seek sponsorships from healthcare organizations to promote their services.
• Data licensing and sales – offer anonymized, aggregated healthcare data to researchers, pharmaceutical companies, or healthcare institutions for insights and analytics.
• Affiliate marketing – partner with healthcare products or service providers, earning a commission on referrals or sales generated through your app.
• Health insurance integration – collaborate with health insurance companies to provide users with discounts or rewards based on their health and wellness activities tracked through your app.
• B2B model – offer your app as a white-label solution to healthcare organizations and institutions.

How much does it cost to develop a healthcare app?

The final cost of mhealth app development services depends on the team’s hourly rate, which averages at $50. Developing a basic app typically requires around 10,000 hours, resulting in a cost of $50,000. More complex solutions with advanced features can cost up to $250,000 or more.

Please note that these estimations are relevant for outsourcing the project to a mhealth app development company. If you are planning to hire an in-house team, the cost will increase because, in addition to salaries, you will have to cover operational costs.

How to choose an mhealth app development company

Selecting the right healthcare app development company is crucial to the overall success of your project. Here are some essential tips to help you make the right choice.

Tip #1: Experience is key

Look for a team that has a demonstrated history of creating healthcare apps. Their knowledge of industry regulations and best practices will help ensure a seamless development process and a dependable final product.

Tip #2: User-centric approach

Opt for a company that prioritizes users and their needs. Your mhealth app should be easy to use and enjoyable for both patients and healthcare professionals. A development team that understands the role of user experience will create an efficient and user-friendly app, increasing chances for its success.

Tip #3: Security and compliance expertise

Ensuring the safety of health data is crucial, therefore, it is important to choose an mhealth app development company that has expertise in security and compliance. The privacy of your users and the reputation of your app depend on it, so make sure the company has a HIPAA-compliant healthcare solution in their portfolio and can provide a strong security plan for your app.

Tip #4: Communication and collaboration

Effective communication is essential for a successful app development project. When selecting a company, look for one that actively involves you in the process, listens to your needs, and provides transparent progress updates. Choosing a collaborative partner who is aligned with your goals will greatly enhance the effectiveness of achieving your mhealth app objectives.

Summary

To compete and succeed in the rapidly expanding field of mhealth apps, it is crucial that your solution is secure, convenient, and user-friendly. An experienced and reliable mhealth app development partner can help you achieve this.

At Itexus, we have technical proficiency and extensive knowledge of the mobile health sector. Combined with our user-centric approach, this enables us to develop solutions that deliver value. Whether you want to develop an app from scratch or improve an existing one, we are here to assist you. Contact us to learn more about the services we offer.

The post Mhealth App Development: Cost, Features, and Trends first appeared on Itexus.

Fitness apps, in their essence, are designed to help people improve their physical condition. They may encompass a wide range of features—from monitoring exercise routines and dietary habits to providing motivational content and health-related insights. By harnessing the capabilities of smartphones and wearables, fitness apps transform the way we manage our overall well-being, making healthy lifestyle more convenient and accessible than ever before.

Given this, it’s not surprising that forward-thinking businesses are inclined to building fitness apps. Going to create your own fitness application? Read on to learn how to develop a fitness application and get an idea of the process with Itexus.

Overview of the fitness apps market

The landscape of fitness apps has undergone significant changes in recent years, reflecting the increasing focus on health and wellness in society. If you are considering health and fitness app development, start by exploring the current state and trends of the market.

• Health and fitness apps made $4.12 billion in revenue in 2022, which accounted for about 15% of total health and fitness technology revenue.
• The global fitness app market is projected to reach $120.37 billion by 2030.
• As of March 2023, FitPro was the most downloaded fitness and sports app for global users worldwide, with over 3.43 million downloads.

Current trends in the fitness apps industry

Technology transform the world in numerous ways, and the fitness industry is no exception.

• The integration with wearable devices has become inevitable in fitness apps. Smartwatches and bands are insanely popular, and they can provide useful data such as heart rate, activity intensity, calorie expenditure, and more.
• Social networking and gamification. The strategy of the gamified process helps to actively involve users and makes it easier for them to achieve their well-being goals. Social networking features also allow users to share and discuss their progress, serving as an additional source of motivation.
• More personalized experience. By integrating artificial intelligence (AI) and machine learning (ML) components, apps can now offer tailored fitness experiences. AI- and ML-powered applications provide users with personalized exercise routines and dietary schedules based on their characteristics, preferences, and schedules.
• Remote workout sessions are in high demand these days, so fitness facilities are now actively collaborating with fitness apps to provide training sessions to individuals.

Types of fitness apps

The fitness app market is no longer limited to basic workout tracking. It now encompasses a diverse array of niches and specializations. From yoga and meditation apps to running and strength training platforms, there’s a fitness app for nearly every interest and fitness level.

Activity tracking apps

These apps help people live more active lives by keeping track of their physical activities. They gather and analyze data about users’ daily movements, workout details, calories burned, sleep patterns, and other information. Most activity tracking apps work with devices like the Apple Watch or Android Wear. These apps use the following options to track activity:

• location services allow for measuring the distance covered, speed, and pace, while also monitoring the routes taken;
• the accelerometer keeps track of the user’s steps and monitors the pace and rhythm of their walking or running.

Workout apps

Workout apps provide personalized exercise routines, instructional videos, and different workout options that can be accessed whenever needed. These apps can easily connect with trackers, smartwatches, scales, and other devices to give fitness enthusiasts a complete overview of their progress. If you’re planning to create a workout app, consider incorporating the following set of features:

• gamification elements to motivate users to exercise;
• calorie expenditure and water tracker;
• personalized workouts tailored to specific fitness goals and experience levels;
• social network feature to bring in competitive element and share progress.

Diet and nutrition apps

Weight loss apps is one of the most popular types of fitness solutions. They provide information about balanced diets, allow users to track the calories they consume, monitor their weight, and facilitate meal planning by providing recipe ideas. Diet and nutrition apps typically encompass the following features:

• food database and food logger;
• meal recipes;
• meal planner and shopping lists;
• calorie calculator;
• water consumption tracker.

Meditation apps

Meditation apps help users relax and calm their minds. They offer guided meditations, deep breathing exercises, and other techniques. These solutions are often used as helpful additions to mindfulness exercises and can assist with managing anxiety and sleep issues. They also provide mood trackers, meditation timers, and sleep stories. Mindfulness app usually offer the following feature set:

• wearable integration to gather sleep data;
• gamification element to reward progress;
• recommended practices based on users’ goals;
• helpful content on mental well-being;
• live streaming of meditation classes.

Smart coach apps

The smart coach fitness app uses advanced technology such as motion tracking, 3D pose estimation, and machine learning algorithms to help people exercise safely and avoid injuries. These apps analyze users’ movements in real time and provide feedback on exercise techniques. Some apps can even recognize equipment and suggest appropriate weights.

Yoga apps

These apps provide yoga sessions and practices that can be accessed whenever it’s convenient, whether users are beginners or experienced yogis. Yoga apps typically offer audio-guided sessions, organized training plans, and guides for different poses. The features in yoga apps are similar to those in meditation apps, such as live-streaming of classes, gamified process, and personalized training recommendations.

5 steps to create a fitness app

Building a fitness app may not seem as complex as it sounds, but it still requires your fitness mobile app development team to strike a balance between comprehensive initial research, robust frameworks, and engaging user interfaces. This is essential for crafting a successful fitness application. In the following sections, we will explain the process of developing a fitness app with Itexus.

1. Ideation and market research

So, let’s get started on developing your fitness app, shall we? The first thing we need to do is lay a solid foundation. This means we have to clearly define your target audience by considering factors such as age, gender, fitness level, and health goals. Don’t worry, we’ll conduct some market research and competitor analysis to understand the current fitness app market, spot any gaps, and uncover exciting opportunities.

To develop a good fitness app, we should aim to tackle a real issue or meet a specific need in the fitness and health field. User personas and stories will help us to shape the users experience and interactions within the app. We’ll also validate the app concept with potential users or a focus group to gather valuable feedback and ensure it meets their expectations. In short, at this stage, we’ll lay the groundwork for an outstanding fitness app that will perfectly cater to the requirements of your target audience.

2. Planning and strategy

During the planning and strategy phase, we’ll set the direction for your fitness application development journey. The first step is to create a comprehensive business plan that outlines the vision, goals, specific KPIs, revenue model, and other important information for your app. This document will serve as our roadmap.

Next, our team will define the core features and functionalities that your app will offer. Here is a list of features that will be sufficient for the first version of the app:

• Sign up & sign in. Your applications should offer multiple sign-up and log-in methods, including social sign-up, email, and phone registration.
• User profile. Users can create profiles in the fitness app, inputting data on age, height, weight, fitness level, and other details, which are then used to generate personalized workout plans, track progress, and view exercise history.
• Workout plans & demonstration. This feature can be implemented via pictures, 3D animated models, or videos to emphasize proper techniques.
• Notifications and reminders. These can be used to remind users about upcoming training sessions or notify them of reactions from other community members.
• User activity tracking & statistics. Visualize users’ fitness goals and achieve milestones through charts, diagrams, progress bars, animated statistics, and other visual elements.
• Wearables integration. Connecting third-party devices enhances the application’s understanding of the user’s lifestyle, eating habits, and activity levels. By using third-party APIs, your application can connect to various trackers, smartwatches, smart scales, and other devices to collect different activity and body data.
• Social sharing. Sharing workout progress with friends is a great way to keep motivation high. This feature also helps promote your app by automatically including the app’s link in shared posts.
• Educational content. Your app can offer fitness and health tips and personalized educational material based on user goals and achievements, in various formats such as podcasts, videos, and blogs.

To enable the planned functionality, we’ll choose the platform and technology stack. This will include the programming languages, frameworks, and tools that align with your app’s technical requirements. The tech stack will have a significant impact on the development process and performance of your app, so we’ll make sure it’s chosen wisely.

3. UI/UX design

The success of your app depends on the experience it provides to users – it’s as simple as that. Therefore, it is extremely important to design the UI and UX of your solution properly. First, our UI/UX designers will create an intuitive and visually appealing interface that aligns with your brand and target audience, keeping seamless navigation and accessibility in mind. Then, they’ll gather feedback and make necessary adjustments before development.

4. Development and testing

The development phase is when your fitness app actually comes to life. Our backend developers will build the infrastructure of your app, including servers, databases, and APIs, and frontend developers will take care of the user interface and interactions. If needed, Itexus fitness app developers will integrate your app with third-party services like payment gateways, geolocation services, and others. And last but not least is testing and quality assurance. To ensure that your app functions properly, performs efficiently, and is secure, our QA specialists will conduct thorough testing. They will identify any bugs and issues and make sure they are fixed before releasing the app.

5. Launch, maintenance, and support

Launching a fitness app is just the beginning of the journey. Once the app is released, we’ll focus on maintaining and supporting the app, as well as continuously improving and expanding its features to meet the evolving needs and expectations of your users. By regularly updating the app with innovative features, we can not only enhance the user experience but also attract new users and retain existing ones.

How much does fitness app development cost?

The cost of fitness app development varies based on factors such as the app’s complexity, the number of features, design complexity, and others. On average, it will take your development team around 1300 hours to develop a fitness app with basic features. Assuming an average hourly rate of $50, we can estimate the cost of fitness app development to be around $65,000.

Please note that our estimation only covers the costs associated with the development stage. The estimation does not include the work of business analysts, Q&A specialists, designers, or other experts.

Fitness app monetization models

Here are the most popular monetization strategies for your fitness app:

• Paid apps. With this model, users pay to download and install your app. However, providers strive to avoid this option, resulting in a decrease in the share of paid apps in app stores.
• In-app purchases. This strategy involves selling goods within your app, such as gym gear, sports nutrition, and more. Users can also unlock additional training plans or nutrition tips for a fee.
• Advertisements. In this case, you get paid to show ads in your app. These can be banners, out-stream ads, and native ads that should blend in with the user’s experience. However, video ads can have a negative effect on user experience, especially in meditation or yoga apps where interruptions should be avoided.
• Freemium model. The freemium model lets users download and use your app for free, but some features (like advanced fitness plans or ad-free content) are locked. Users can unlock features by paying a recurring subscription fee.
• Sponsored content. This monetization model involves partnering with sports brands, nutrition brands, gyms, or influencers. The brand’s promotional content is placed on your app and an advertiser pays for it.

Summary

The increasing popularity of home workouts and healthier lifestyles has created exciting opportunities for businesses in the health and fitness industries. To take advantage of the global trend towards better physical fitness, you may consider developing a fitness app.

And here you have two options: you can assemble an in-house development team, or you can approach a reputable fitness app development company to handle the whole project for you—from ideation and planning to design, development, testing, and post-release support. We recommend that you carefully consider pros and cons of in-house development and outsourcing options to make an informed decision.If you have already determined that outsourcing is the best option for you, contact us to learn how we can contribute to your project. At Itexus, we help businesses in various industries, including health and fitness, in transforming their ideas into user-friendly, reliable, and innovative apps. And we’re excited to do it for you.

The post App-Solutely Fit: A Guide into Fitness App Development first appeared on Itexus.

Financial institutions can greatly benefit from going mobile. This includes improving customer experience, increasing engagement, cutting operational costs, exploring various marketing opportunities, gaining actionable insights into customer needs, and more. With accessible services and the power of wearables, customer acquisition becomes easier. Additionally, fintech apps help financial institutions remain competitive in the rapidly evolving industry.

According to Statista, there are an estimated 5.62 billion fintech users globally as of 2023. The digital payments segment accounts for 4.4 billion users, making it the largest fintech sector. By 2027, the number of fintech users is projected to exceed 7 billion.

Investing in technologies is no longer just a trend, but a strategic solution for financial organizations that want to remain competitive. In this article, we’ll explain how much does it cost to build a fintech app to help businesses gain a clearer understanding of what it takes to develop a financial solution.

In-house or outsource: how type of the development team affects the cost

The team is an important factor that affects the cost of fintech apps development. Due to security concerns, financial institutions typically opt for either an in-house development team or outsourcing the entire project to a fintech software development company.

Outsourcing the project to a software development agency is usually more cost-effective than building an in-house team. However, the choice between the two should not be based solely on budget. We advise you to carefully consider your long-term goals before making a decision.

For those who are still undecided about whether they need to build an internal team or outsource their fintech app development project, we’ve prepared a comparison of these two options, including their pros and cons.

Building an in-house development team

Cons	Pros
Higher costs Having a full set of skills in the office can cost you a pretty penny because of the need to pay salaries, provide benefits, and cover infrastructure expenses, not to mention the costs associated with hiring.	Faster communication Face-to-face communication is usually quicker and more efficient, which is important for sensitive financial projects.
Lack of talents In-house teams may not have the necessary skills at the moment when your project needs them. Therefore, you’ll have to find and hire professionals with specific expertise, which can take months, especially when it involves a specific combination of skills and experience. Not to mention that you’re limited by the talent pool in your region.	Better alignment In-house teams can better align with your company’s culture, values, and long-term goals.

Outsourcing the project to a development company

Cons	Pros
Communication challenges Different time zones, language barriers, and cultural differences can present communication challenges that impact the overall efficiency of a project.	Cost efficiency When opting for outsourcing, you only pay for the hours that the team spends on your project. Other expenses, such as administrative, insurance, benefits, and salaries costs are the responsibility of the employer.
Less control The performance and stability of the individuals involved in your project have a direct impact on its overall success. Given that outsourcing implies limited control over the development team, it is important to select a reliable and well-established development company.	Access to a global talent pool By accessing a diverse talent pool from around the world, you have the opportunity to select the team that best fits your specific project.
	Scalability Outsourcing companies can scale their teams up and down quickly to fulfill the needs of your project at different times.
	Faster time-to-market An outsourced project can start immediately since there is no need to spend time building the team – all required specialists are already in place.

Now that you know how the type of team impacts the project, let’s move on to the breakdown of fintech app cost. Please note that all estimates are provided based on the assumption that you choose the outsourcing model.

Five main types of fintech apps and the development pricing

The pricing of fintech app development is primarily influenced by two main factors: the hourly rate of the developer and the size/functionality of the app being developed. On average, a fintech app development project requires a minimum of 1500 hours to complete. Skilled engineers’ average hourly rate is around $50. Now, let’s explore the estimated development time for various types of fintech apps and compare the associated costs.

Banking apps

This is probably the largest group of fintech apps. They allow users to check their account balances and transaction history, enable money transfers to other bank accounts, schedule payments, send peer-to-peer payments, and find nearby ATMs that can be used free of charge.

Developing the modules for onboarding, authentication, transactions, deposits, savings, settings, support, and notifications can take up to 3500 hours. This would result in an average fintech solution development cost of $175,000. The price includes the development of a native banking app and admin panel.

Lending apps

P2P lending apps facilitate borrowing money by connecting individuals who are willing to lend with those in need. Some lending apps utilize machine learning to gather data on individuals with limited or no credit history and provide recommendations to lenders regarding the amount of money that can be loaned to such users. These apps also include built-in budgeting tools to assist users in managing their spending more effectively. Lending app development will take about 2200 hours, which corresponds to a budget of $110,000.

Finance management apps

This type of fintech app helps users plan their budget, control spending, and avoid going into debt on their credit. Personal finance management apps also assist with bill payments, enable users to connect bank cards and PayPal, and provide visualizations of spending through charts and diagrams. Some apps even offer investment functionality. To create software with the necessary personal finance management features, the developer company may require approximately 3450 development hours, which would amount to $172,500.

Investment apps

These apps enable users to invest and improve their investment performance by utilizing relevant data provided by the app. This data can include articles, videos, the latest investment news, or other automated AI-driven advisory features that assist users in maximizing their return on investment (ROI). Recently, there has been a growing demand for investment apps that allow users to trade cryptocurrencies and other financial assets. To develop an investment app, developers may require approximately 2100 hours, resulting in a fintech software development cost of $105,000 for a native app and admin panel.

Insurance apps

Insurance apps simplify the process of resolving insurance-related issues for users. These apps cover various insurance categories including Vehicle, Property, Health, Life, and Travel. Additionally, there are apps specifically designed for insurance marketing.The development of an insurance app involves several components such as onboarding, authorization, offers, payment methods, privacy settings, push notifications, agreements, and terms and conditions. The development time for such an app can amount to approximately 1400 hours. As a rough estimate, the cost of insurance app development starts from $70,000.

Fintech app development cost breakdown

Taking a look at the app development process, specifically the features to be implemented and the hours required to introduce them, can be quite exciting. Let’s explore how the cost of developing a banking app is broken down. The following estimate is based on the general MVP features and includes the costs for both the client-side and admin panel.

Client-side cost breakdown

Admin panel cost breakdown

Note: The provided costs for fintech app development are only a rough estimate for the development portion. In addition to developers, designers, business analysts, project managers, QA engineers, team leaders, and other specialists also contribute to the app as part of the team. Therefore, the final cost of the app includes the combined cost of all these individuals. The composition of the team depends on the complexity of the project and may vary.

3 Tips for choosing the right fintech development team

Finding the right development team is crucial for a successful fintech project. Having a good team can save you time and money by delivering clear, high-quality code and adhering to established and efficient processes. And vice versa, choosing the wrong team can put your brilliant idea at risk. Here are some helpful tips to keep in mind when selecting the perfect team:

• Expertise in financial services sector. To create a successful FinTech app, it is essential to have more than just technical abilities. A strong grasp of the market is also necessary. Therefore, it is important to choose a team that not only possesses technical expertise but also understands the business aspects of the development process.
• Positive reviews from previous clients. Platforms like Clutch can provide valuable insights into a team’s professionalism. Take a look at the feedback from previous clients of the companies you have shortlisted. This can be a valuable source of information to assess their reputation and competence.
• Track record in fintech. When evaluating a company for your fintech app development needs, you should take into account their past achievements in the field. A strong track record of creating successful fintech products can significantly enhance the likelihood of success for your own project.

Itexus fintech development expertise

Take a look at a few recent projects that the Itexus team has delivered for clients in the financial services industry. This will give you an idea of what to look for in the portfolio of your preferred development company.

Financial data analytical platform for a large investment management company

A leading investment management company with over 1.5 trillion dollars in assets under management that caters to both institutional and retail investors approached Itexus to develop a solution for financial data analysis. Our team developed an AI-based data analytical platform that analyzes clients’ stock portfolios, transactions, quantitative market data, and uses NLP to process text data such as market news, research, CRM notes to generate personalized investment insights and recommendations.

To learn more about the project, read the case study.

Online lending platform

For a fintech startup, Itexus team built a digital lending platform and a matching mobile app client that automate loan-lending process and features AI-based credit scoring. The solution is integrated with industry-leading third-party service providers, such as Plaid, Mbanq, Experian, PayPal, and others.

To learn more about the project, read the case study.

White-label mobile banking app

A Silicon Valley-based digital banking services provider contacted Itexus to develop a white-label mobile banking application. In just 4 months, our specialists delivered a customizable and scalable application featuring the full range of financial services that banks and non-banking financial organizations want to offer to their customers.

To learn more about the project, read the case study.

Algorithmic intraday stock trading system

A wealth management company aimed to digitize their business in order to expand their customer base, boost trading profits, and reduce operational costs. They planned to achieve this by developing a SaaS system that would automate trading strategies and operations. With this request they approached Itexus. It took us 3 months to deliver a minimum viable product (MVP) of the SaaS system for automated intraday stock trading. This system enables investors to connect their brokerage accounts and configure a robot to automatically trade stocks on their behalf. Users are charged a commission and subscription fee for this service.

To learn more about the project, read the case study.

Summary

Building a fintech app is not cheap, but it is definitely worth the investment if approached properly. The right development team will not only deliver a high-quality solution in the most resource-efficient manner, but also save you money on cost to build fintech app, further product maintenance, and support. The challenge is to find a team like that.

At Itexus, we combine our tech proficiency with extensive fintech expertise and robust development processes to build first-class software products that help businesses grow. Have an idea for a fintech app? Contact us to find out how we can help you turn it into a next-generation fintech solution.

The post Cost of Fintech Apps Development first appeared on Itexus.

Traditional billing processes involve a lot of repetitive manual work, which can also lead to multiple mistakes caused by human error. As your business expands, the workload only grows. That’s when it’s time to introduce billing system software into your business processes.

Today, such systems are widely used in all industries, including but not limited to healthcare, tourism and hospitality, retail, manufacturing, finance, and the legal industry.

In this article, we would like to explain what this type of solution offers to its users and share some practical tips on how to build custom billing software that will be fully tailored to the needs of your company.

Understanding billing software

A billing management system is a type of software that offers businesses a range of tools for tracking and operating their billing and payment processes. The key goal of implementing such tools is to automate repetitive tasks, such as creating invoices and sending them out, managing customer accounts, and collecting incoming payments. As a result, the entire billing-related routine can be significantly streamlined, while employees will have the possibility to concentrate on more creative and complex tasks.

There are two kinds of such software:

• ready-made solutions (either universal or industry-specific);
• custom billing software.

The first option allows businesses to start using such tools with basic functionality significantly faster. However, billing software development services can be viewed as a guarantee that you will receive tools that fully reflect your business’s specificity and, as a result, demonstrate higher efficiency. There is great freedom in adjusting all standard functions to the needs of each organization and adding any required tools, making this second option a popular choice among companies of different types and sizes.

Benefits of custom billing software

• Automation. Repetitive tasks related to creating and sending invoices, as well as receiving payments, can be fully automated.
• Resource optimization. As a lot of billing tasks will be performed by your software, you can optimize your staff and labor costs.
• Accuracy. Thanks to the introduction of enterprise billing software, you will minimize the risk of human mistakes.
• Efficiency. With the help of a billing management system, your employees won’t have to spend precious time on routine tasks.
• Data security. While building your own custom billing software, you can introduce powerful security measures that will ensure excellent protection of your sensitive data from different types of external attacks.
• Flexibility. When you have your custom solution, you can always enrich it with any tools your need or integrate any necessary services.

Key features and requirements

When developing your own software, you can build any features you need. However, we have prepared a list of features that are traditionally offered in solutions of this type.

• Invoice generation. First of all, your automatic billing system should have the functionality to create invoices in various formats. It is necessary to ensure the possibility of creating new invoices fully from scratch or based on the previous ones to speed up the process. If you work in healthcare, you’ll need something HIPAA compliant, such as software for medical invoicing.
• Invoice delivery. Billing software solutions should be able to automatically send invoices to customers and partners via different channels like email or SMS.
• Payment processing. This feature will allow your customers to pay you directly by following a link that will be attached to the invoice. It will make the payment process easier for customers, and you will get money faster.
• Reporting. It will be a good idea to develop analytics and reporting tools. In such a case, your enterprise billing system will analyze your billing and payment data and create customizable reports. You can also ensure an option to export these reports in different formats.
• Tax and revenue calculation. Thanks to this functionality of your company billing software, you can avoid using external tools for calculating your revenue and identifying the tax amount that should be paid.

What are the modern billing software requirements?

• Recurring billing. It is important to enable the possibility of charging your customers at predefined intervals (e.g. once a month or once a year) for the products or services they receive from you regularly.
• Subscription management. Your software should also have the necessary tools for managing, updating, editing, adding, and deleting various subscription plans with different billing frequencies.
• Customer notifications. Implementing a billing management system should be a win-win for both you and your regular customers and subscribers. It should help people better plan their financial transactions, manage their subscriptions, and track their payments. For example, your billing system should notify customers of upcoming subscription or credit card expirations, send warnings if your company has updated subscription plans, or remind them of the need to repeat failed payments.

Technologies for billing software development

The exact tech stack that will be used in invoice software development always depends on a wide range of factors. These factors include, but are not limited to, the desired functionality, required integrations, the skills and expertise of the development team that you will work with, software compatibility with different platforms, your requirements for scalability, and others.

Below you can find a list of the most commonly used technologies and tools used for creating billing system software.

• Programming languages: Java, Python, C++, PHP, Swift
• Databases: MySQL, PostgreSQL, MongoDB
• Runtime environment: Node.js, VMware, VirtualBox,
• Frameworks: Angular
• Cloud platform: AWS, Azure, Google Cloud

Technical integrity

Any customer billing system deals with huge volumes of sensitive information, including banking details. Given this, the security of data should be taken as the top priority. One of the steps to achieving high data protection is writing bug-free code and eliminating any software vulnerabilities. That’s why the role of testing in billing software development should not be underestimated.

Testing and Quality Assurance

In modern software development practices, there are different types of automated and manual tests that are appropriate for various software products.

We always combine different kinds of testing. As a rule, all new features are tested manually, and the process is properly documented for further automation. The entire software is tested in accordance with the QA pyramid principles.

Unit testing is conducted to ensure that isolated code units work fully as expected. Then, we proceed to integration testing, which aims to check the interaction of each code unit with other units and external components.

The next level is end-to-end testing, which covers the entire software product. Our team’s task at this stage is to simulate real-world cases from the end-users’ perspective to see how the solution behaves in different situations.

After all the changes are introduced, and the tests have demonstrated that everything works as it is supposed to, it’s time to make your app available to users.

Nevertheless, it doesn’t mean that the work of developers on the app has come to an end. It is required to regularly monitor the performance of the solution to detect any vulnerabilities and address them timely. Moreover, for the smooth functioning of your system and its compatibility with newer versions of hardware platforms and integrated third-party apps, regular updates are required.

Data security and compliance

When planning to launch custom billing software, it is important to consider compliance with regulations in the chosen jurisdictions. The most common regulations are GDPR and PCI DSS, which focus on reliable data protection and implementation of robust security measures.

GDPR, a regulation introduced in the EU, covers questions related to processing personally identifiable information. PCI DSS is more specific, introduced to increase control over cardholder data and reduce credit card fraud.

It is also necessary to check which regulations apply in regions where the billing system will be available and carefully study the requirements introduced.

Integration and scalability

While custom billing software is often delivered and implemented as stand-alone apps, it should be efficiently integrated into the entire enterprise IT environment. Integrating a billing management system with other business software products will guarantee continuous interaction and reliable data exchange. As a result, it will be possible to avoid data and task duplication, optimize business processes, and organize the work of the company’s employees more efficiently.

Let’s have a look at a couple of examples.

• Integration with a customer relationship management (CRM) system: With this integration, users will be able to manage and view customer data and billing information in a centralized platform. Additionally, it will be possible to generate and send invoices based on customer-specific data.
• Integration with accounting software: This will centralize all billing and accounting processes, eliminating the need to add the same data twice. Both systems will automatically share the required information. All details indicated in invoices and all information regarding financial transactions will be immediately added to accounting records.

The scalability of your enterprise billing software is another aspect that you should think about beforehand. You need to make your system scalable and flexible enough so that it can efficiently deal with the continuously increasing number of transactions and invoices. This will be a logical consequence of the growth of your customer base.

Design and user experience

One of the goals of implementing billing system software is to facilitate a series of tasks for employees and streamline many processes. That’s why it’s worth focusing on the user-friendliness of your solution. When a person opens such a system, everything should be intuitively clear. A well-designed interface will not only reduce the time needed to complete tasks but also minimize the risk of human errors.

Considerations and best practices in billing software development

• Mobile responsiveness: With the modern lifestyle, remote and hybrid work models, many job tasks need to be performed on the go. That’s why it is important to make your software fully functional and visually attractive on different devices with varying screen sizes.
• Multi-platform compatibility: It is recommended to make it possible to use your customer billing system on a wide range of devices and operating systems. This will ensure the required convenience for all potential software users.
• Efficient user interface: Try to keep the interface as simple as possible, add common visual elements, and use typography to create a hierarchy and increase the clarity of the entire functionality.

Case study

Today, there are many ready-made billing solutions that are widely used by companies in numerous industries. Among the most well-known solutions of this type, we can name NetSuite, Zoho Invoice, Square Invoices, QuickBooks, and Recurly.

In our portfolio, we also have a row of successfully built and implemented custom billing software products. One of them was an autonomous invoicing and billing web platform built for a startup.

The solution is intended for businesses that need to create and send invoices for the services they provide, as well as for those businesses that need to pay invoices for services they have received. The goals of its implementation are to automate the invoicing and billing process, prevent fraud, and eliminate B2B payment errors.

The key thing that sets this solution apart from its competitors in the market is the ability to issue invoices in different currencies and pay invoices received from companies based in both the American and European regions.

The project has several integrations, such as Dwolla (for verifying the business identity of users), Payrock (for managing card payments and obtaining transaction information from bank accounts), Plaid (for linking financial data), and others.

Our team needed 7 months to deliver an MVP of this platform that fully met the client’s requirements. Currently, the first real users are testing the platform, and we are collecting their opinions to enhance the solution and enrich it with the most valuable features.

You can read more about this case here.

Summary

The popularity of billing management systems is increasing. New ready-made solutions are regularly introduced to the market, and many companies turn to custom development services when they want a product fully tailored to their needs.

However, the introduction of billing system software cannot be viewed as the latest innovation. The first tools of this kind were built several decades ago. Today, we can observe how these solutions are being modernized under the influence of the latest tech trends.

The future of billing systems may be greatly affected by the new possibilities that AI can open up to users. Although many solutions are already enriched with automation features, AI is expected to take automation to a completely new level. A traditional enterprise billing system can be expanded with pattern recognition and predictive analysis tools. As a result, such software will be able to monitor transactions, detect suspicious behavior, and help prevent fraud schemes.

Another way to lower the risks of data breaches and fraud is to increase the transparency of transactions through blockchain. Nowadays, thanks to all the ensured benefits, the tendency to rely on blockchain networks for building automated billing software is gaining momentum.

If you are also interested in professional billing software development services, our team is always at your disposal. We will carefully listen to all your thoughts and do our best to offer the most efficient solution. Just contact us to schedule a consultation!

The post Billing Software Development: Practical Tips first appeared on Itexus.

This rapid adoption of digital wallets is driven by several factors, including the global increase in smartphone and internet users and technological advancements.  Moreover, users show growing interest in convenient, fast, and secure payment methods. Digital wallets fulfill all these criteria by providing fast transactions, convenient payment options, and a high level of security for user data.

To help you get answers to all your questions about these apps, we’ve created a comprehensive guide to digital wallet development. Inside, you’ll learn how to develop a digital wallet, what subtleties to pay attention to when designing the user interface, what trends to expect in the niche, how to win user loyalty with advanced features, and much more.

Why does the market need more digital wallets?

The global FinTech market continues to evolve and is predicted to grow at a GAGR of 23.58% by 2025. The robust integration of technologies into financial services leads to constantly emerging market demands dictated by customers. Look how changing environment affects the FinTech domain:

• the emergence of cryptocurrencies launched the race for crypto wallets;
• the COVID pandemic drove the adoption of safe contactless payment technology;
• e-commerce growth set off wide usage of online payments;
• today’s generation, especially millennials, prefers to have faster, more flexible, and more convenient payment methods.

You see, every new financial trend or lifestyle change causes a technological response in the form of a new product, service, or process. And whatever the trends are, service providers have to adjust to create and deliver value to their clients. A lack of trust in the traditional banking industry, demand for access to alternate financial services, and lots of underserved areas of banking are among other reasons for FinTech rise. To sum up, it’s clear that new solutions are still needed and they will continue to emerge.

Advantages of digital wallets

The increasing use of digital wallets is due to a number of benefits they offer to both businesses and consumers. They save time and money, provide unique services, and even allow instant access to information that would otherwise be unavailable. Below, we listed the key advantages of digital wallets for businesses and consumers.

Benefits of digital wallets for businesses

Improved customer experience and increased conversion rates reached due to streamlining the payment process and offering customers more payment options.

Protected cardholders’ sensitive financial data and an additional layer of security with biometric features – e.g. fingerprint, retina scan, or facial recognition.

Access to real-time data and actionable insights into customer behavior, enabling data-driven decisions and more effective marketing efforts.

Benefits of digital wallets for consumers

Multiple payment methods available through a single app as if users were storing multiple cards in a physical wallet.

Storing of additional information such as loyalty cards, concert tickets, travel cards, coupons, boarding passes, etc.

Enhanced security – users don’t risk losing their cards or cash, and all sensitive financial data is encrypted and protected by multi-factor authentication.

P2P money transfers, making it easy to share bills with friends or send money to family.

Advanced features such as an expense tracker that helps develop healthy financial habits.

Digital wallet winning features

Bringing more similar solutions to the market is pointless. To enter a niche and outwit the competition, a new digital wallet solution must stand out from others. It might be a unique feature much needed by the target audience, enhanced security, the lowest fees, or whatever else that would become a competitive advantage of a new wallet.

For sure, there is no single formula for an e-wallet that would be loved by millions. Yet there are some winning e-wallet features that would enable your solution to deliver the best user experience possible and differ advantageously from your competitors. Let’s point these features out.

Simple registration

You never get a second chance to make a first impression, and when it comes to digital wallets, that very first impression is the simple and quick registration process. Did you know that the majority of your mobile app sign-in drop-off rate is caused by the complex registration process itself?

Your solution may offer a unique and helpful feature, but eventually, it all comes down to the experience the users have interacting with your product. Provide users with a streamlined and well-designed registration process that would take just a few taps, otherwise, they will switch to a more customer-oriented product.

Security

The ever-increasing popularity of digital wallets is driven not only by their convenience and ease of use but their enhanced security. Losing a wallet or having it stolen can be a blast as one’s has to cancel all their cards and then get them reissued. But this is not the case with e-wallets; they are inherently more secure than conventional payment methods.

Advanced security of users’ money and sensitive data must be your top priority if you want your wallet to be a blast. When one makes an in-store or online payment via a digital wallet, only a unique transaction identifier or token is exchanged, not their account information. Still, there are many threats like impersonation, SIM swapping attacks, phishing, malware attacks, etc. So consider cybersecurity carefully before getting down to the ewallet development.

And take into account that human error is still very much the driving force behind an overwhelming majority of cybersecurity problems. Consider an algorithm impacting users’ security awareness to help them protect their data and money. It can be popups with relevant tips on enhancing the account security, notifications offering to update the password, or whatever else you can come up with.

Fast transactions

One of the principal advantages of digital wallets is high transaction speed. Unlike traditional bank transfers when the recipient has to wait for money from several hours to a few business days, digital wallets allow wiring funds to the recipient’s account in a matter of seconds. Instantaneous and simple transactions made in a few taps are what make e-wallets a better choice for users so high transaction speed is a must for such an app.

Low fees

Lower exchange rates and flat fees for some transactions or functions compared to traditional bank services are another competitive edge of digital wallets. Fewer service and transaction charges mean broad availability and an audience of millions of people. Make sure to consider your pricing policy to combine two objectives – monetize your app properly and make it profitable for users.

User-friendly design & navigation

When it comes to user experience, the role of UI/UX design and intuitive navigation can not be overemphasized. According to CBI, 17% of startups fail due to unfriendly product design. By user-friendly design, we mean an easy-to-use app that has a unique visual appeal, engages users and interacts with them. If an app is well-designed, it is easy for users to start with and understand how to use it.

As for navigation, it has to be clear, logical, and well-structured to enable users to make transactions quickly. Isn’t that what they expect from a digital wallet?

According to the 2020 Google Cloud’s FinTech Focus Report, only 6% of FinTech startups break even, but you can improve your chances. For this, you should build a digital app keeping your customers in mind. Apply a customer-centric approach, create customer personas, build customer journey maps – all these activities would help you to dig deeper into the target audience’s needs and wants and to better understand how to solve their problems with your product.

Reward programs

Reward programs are all about clients’ loyalty which is vital when you expect users to entrust your app with their money and sensitive data. Reward programs can become a powerful tool for acquiring and retaining customers, increasing brand awareness, and enhancing customer experience.

The essence of a reward program boils down to providing greater value for each transaction. This can be reached via multiple options – offer cashback to users, reward new users after registration, affiliate program, enable users to pay via earned rewards points, etc.

Connected with crypto trends

Although there are specific wallets intended for cryptocurrencies, it wouldn’t hurt to add to your e-wallet app some of crypto wallets’ functionality. It is a way to cover a larger audience and open up new horizons of possibilities for users. Cryptocurrency payments are profitable for both businesses and individuals due to protection against fraud, fast international transactions, and financial transparency. Thus, connecting your app with crypto trends will equip it with another robust competitive advantage.

Digital wallet core components & costs

Let’s explore the basic features of the digital wallet and its cost. Whether you intend to introduce an e-wallet under a particular brand or contemplate constructing a digital wallet white-label solution, all of the mentioned functionalities are important.

Please note that all estimates are rough and can go either way. For simplicity, features are estimated in labor hours – to express it in monetary terms, multiply the labor hours by the hourly rate of your software development partner. On average, the hourly rate of experienced fintech developers starts at $40.

Registration & onboarding

The financial services industry is heavily regulated, and fintechs are also subject to these regulations. To comply with AML requirements, it is necessary to allow users to undergo KYC verification (or KYB – this depends on the specifics of your particular app) during registration. For this purpose, your digital wallet will be integrated with a KYC provider (e.g. Jumio or Alloy). Such solutions not only allow you to perform KYC but also help fintechs prevent fraud and money laundering.

On average, it takes 14-26 hours to implement registration & onboarding for iOS devices and 20-28 hours for Android. Backend development takes between 18 and 26 hours.

Authentication

Although it’s a standard feature of any fintech app, it should be approached with proper attention as it implies handling user credentials. Therefore, security measures should be taken – a common practice is to enable multi-factor authentication.

Implementing a secure login with MFA takes 14-26 hours for iOS and 20-28 hours for Android. Backend development takes between 18 and 26 hours.

Card management

As mentioned earlier, one of the biggest advantages of mobile wallets is that they allow users to store a variety of information in a single app – not only credit or debit cards but also loyalty cards, coupons, tickets, etc. This multitude of items should be easily and conveniently managed so that users can switch between cards or their categories, select a card for payment, view transaction history, etc.

Card management implementation takes between 75-109 hours for iOS and 88-124 hours for Android. The backend requires about 75-105 hours.

Money management

This feature includes topping up accounts, checking account balances, withdrawing money, transferring money to other cards within the app, and making transfers to other users. Needless to say that all transactions should be fast and secure.

Implementing money management requires between 35-48 hours for the iOS app and 44-58 hours for Android. The backend development takes 166-105 hours.

If you want your users to be able to pay rent, utilities, telecom, insurance, and other bills with your digital wallet, this requires extra time – 36-50 hours for iOS, 44-56 for Android, and 165-221 for backend development.

Payment link sharing & contacts management

This feature allows digital wallet users to create and share a payment link in the app or generate a link to request and send money through a messenger of their choice. Payment links function takes between 32-43 hours for iOS and 44-56 hours for Android. The backend takes 101-134 hours.

The contact management feature allows users to manage contacts manually or sync the app with the phonebook and requires 54-73 hours for iOS, 63-80 for Android, and 40-55 hours for backend development.

Analytics & reporting

It’s crucial to provide users with actionable insights into their spending patterns through comprehensive information about their transactions. To enable your digital wallet to analyze expenses and create descriptive and digestible charts and infographics, you can implement the analytics and reporting feature.

This feature requires between 120-160 hours for iOS, 140-180 hours for Android, and 83-109 hours for the backend.

User support

It’s not that difficult to gladden already satisfied users. However, when a user faces a problem, it is the availability and quality of support that determines their overall experience. Therefore, it’s important to implement efficient support service.

This takes between 20-28 hours for iOS, 26-34 hours for Android, and 22-32 hours for backend. Note that this is the estimate of a basic support system – advanced features like AI-powered chatbot require extra time.

Notifications & alerts

Notifications are not only necessary to keep users updated about their transactions and account, remind them about upcoming payments, etc. They are also a powerful marketing tool – used correctly, they can increase user engagement and retention and contribute to upselling and cross-selling.

Implementing the feature requires 28-39 hours for iOS and 37-45 hours for Android. Backend development takes between 22-32 hours.

Advanced functionality

Depending on the specifics of your app and your target audience, you may want to add some advanced features. These can be QR-enabled payments, bill splitter, crypto asset management or even trading, loyalty programs, budget planning, and so on. If you’re developing a white-label digital wallet, you can provide these features as additional functionality at an extra cost.

For more information about advanced features, the time required to implement them, and the overall digital wallet architecture see our article on e-wallet app components.

How to create a digital wallet: Itexus expertise and portfolio

Having a rough idea isn’t enough for getting down to the digital wallet development phase. To give your digital wallet a good start, undertake some preparatory work.

• Define your target audience. The same functionality can be delivered in different ways depending on the target audience of the app. Make sure to explore the economic, social, and cultural context of your targeted users to verify your hypothesis and adjust your idea according to your findings.
• Analyze the market. You might find similar solutions, and if that’s the case, think twice before entering the market without a unique feature. Competing with solutions that have already gained clients’ loyalty would be successful only if you can offer something much more valuable for users.
• Create customer personas and journey maps. A customer-centric approach is what helps to design genuinely good solutions. Even one comprehensive customer persona can provide you with a wide range of insights about your target audience, their needs, motivations, and pain points. And outlining a map of the journey users will take while interacting with your solution can help you better understand the experience they get at each stage of their journey, grasp their expectations, and identify areas for improvement. That is how great ideas come.
• Build an MVP. Whether you’re planning digital wallet web app development or going to build a mobile solution, it’s essential to validate the app concept first instead of rushing to develop it right away. Building an MVP allows you to test a product idea, assess the validity or invalidity of your business plan, save time and money, avoid building the wrong product, and reduce numerous risks.

Once you’ve done preparatory work, it’s time to move forward with your app. Building a digital wallet that would be loved by millions requires a skilled development team with strong expertise in the FinTech domain and a proven track record of providing digital wallet development services. Itexus has helped multiple clients to build and deliver to the market next-generation financial solutions. Feel free to check out our latest FinTech projects to get inspired for crafting your own.

Itexus digital wallet expertise and portfolio

Now that you know all about digital wallet app development, you may want to get some inspiration to refine your own product idea. To that end, you can check out a couple of digital wallet projects Itexus has delivered for our clients.

Money saving and personal finance assistant app

The app delivered for a Silicon Valley startup helps users develop healthy financial habits with advanced gamification features and supports viral marketing through social features. Within the app, users can manage their finances, set and achieve savings goals, participate in various challenges (such as “Cutting down on junk food”), and invite friends to track or compete with their progress. To ensure an appropriate level of security, the app uses in place role-based access controls, multi-factor authentication, encryption, and other measures. To learn more about the project, read the original case study.

Personal finance assistant app

In a nutshell, it’s an intelligent money management system designed to help users make proactive and rational decisions about their finances. The app’s target audience is millennials, who often struggle to keep track of their regular spending. The solution takes advantage of ML and AI technologies to analyze, systematize, and categorize data about the user’s income and expenses over a period of time and displays the corresponding results in the form of graphs and charts. To learn more about the project, read the original case study.

Team extension for building eWallet

At Itexus, we do not just provide digital wallet development service – we also offer flexible engagement models to fill the knowledge or skills gap in your in-house team. That’s exactly what we did for a fintech startup from Northern Europe. Our client had already started developing a digital wallet and then decided to hire more mobile developers with deep fintech expertise to increase the project’s capacity and accelerate the product’s time to market. To learn more about the project, read the original case study.

Mobile bank transfer app

As a trusted digital wallet development company, Itexus was assigned to develop a mobile app-to-bank transfer solution for a US-based startup. We created and delivered to the market iOS and Android apps that facilitate sending money from US-issued bank cards to Nigerian bank accounts. The apps also allow paying bills, managing several bank cards in one account, etc. To learn more about the project, please read the case study.

Mobile banking app for migrants

This neobank solution crafted for an American entrepreneur is designed specifically for migrants and other unbanked audience segments. The app facilitates monetary transactions like financial help to families, getting paychecks early, micro-loans, etc. To learn more about the project, please read the case study.

Summary

Digital wallet mobile app development requires resources, expertise, attention to detail, and a thorough understanding of the needs, habits, and problems of the target audience. However, if you get it right, your efforts will be rewarded. The market for mobile payment solutions is growing rapidly, along with the number of users who are adopting new approaches to their daily financial transactions.

If you are interested in developing a digital wallet from scratch or need specialists to fill the skills gap in your team, we’ve got you covered. Our team consists of experienced fintech engineers, designers, business analysts, project managers, and other specialists who can help you transform your idea into a secure and exceptional digital wallet that users will adore. Contact us to learn about the benefits our expertise can bring to your project.

The post Digital Wallet Development first appeared on Itexus.

Super apps have emerged as ecosystems that offer a plethora of services through a single mobile interface. Although they originated in Asia, they are now widely adopted in different countries and industries.

What exactly defines a super app? Should you consider developing one? What challenges can you expect during its creation, and how can you tackle them? Lastly, is it feasible to create such a sophisticated solution? Read on to get answers to all of these and other questions.

Understanding the concept of super app

The idea of a super app was identified back in 2010 by Mike Lazaridis, the founder of Blackberry.

A super application is a closed ecosystem of many apps that people would use every day because they offer a seamless, integrated, contextualized, and efficient experience.

– Mike Lazaridis

It’s a well-articulated concept, isn’t it? However, it fails to clarify what exactly makes an app a “super app”. To help you understand the essence of this term, we’ve listed six key elements that are inherent to a superapp.

• Social. Can you imagine life without social media? Hardly. These platforms have reshaped the way we communicate, and we are now accustomed to exchanging messages and sharing experiences anytime, anywhere. For an app to be super, it should include a social media feature that enables users to interact with each other.
• E-commerce. With 19% of all purchases made online, e-commerce is a multi-billion dollar turnover sector. People tend to shop from the comfort of their couches, and super apps provide them with the opportunity to do so.
• Delivery. There can be no e-commerce without delivery. Super apps not only enable users to purchase items online but also cover the entire delivery process.
• Transportation & travel. Gone are the days when we needed to visit multiple websites to plan our itineraries and book tickets. With a superapp, users can book and pay for airplane, bus, and train tickets, as well as order a taxi, all in one place.
• Banking and finance. Super apps typically include banking services such as bill payment, money transfer, balance checking, and even in-app loans.
• Health services. The widespread use of telemedicine has led super apps to expand their services even further, to provide health-related services. These may include making appointments with doctors and paying medical bills, among others.

Does your business really need a super app?

In 2023, it is rare to find businesses unaware of digital transformation, and mobile app development is one of its key means. While many organizations need mobile apps, the question arises – do they need super apps? Are there any criteria to decide? Actually, there are. Your company needs to develop a super app if it:

• offers diverse services or has a large user base that would benefit from a one-stop-shop for various services,
• or has a complex infrastructure with hundreds and thousands of employees.

User-facing apps

If the first point applies to you, you need a customer-facing super app. Here are the major benefits it will bring you:

• increased revenue due to diverse super app monetization opportunities,
• higher user engagement and retention,
• improved user acquisition due to tailored customer experience,
• reduced costs on the infrastructure development and maintenance in the long-term.

Below are examples of user-facing super apps:

• Since its launch in 2011, WeChat has evolved into a super app with multiple platforms and programs. It offers countless services, including video chat, payment, social interaction, coupons, membership cards, translation services, and more.
• Grab is a Singaporean super app that aims to drive economic empowerment in Southeast Asia. It offers food and grocery delivery, express document and package delivery, transportation booking, and financial services, including payment options, insurance, and investment guidance.
• Gojek started with GorDie (motorbike ride-sharing), GoSend (delivery), and GoMart (shopping) services. It has since evolved into the most successful super app for Southeast Asia, offering over twenty services on a single super app platform. The app has been downloaded over 170 million times and has over 2 million registered driver-partners and 500,000 GoFood merchants.

Employee-facing apps

In the second scenario, when your organization has a complex infrastructure and many employees, an in-house employee-facing super app is a good option. With this solution, your organization can enjoy the following benefits:

• improved productivity and collaboration,
• effective communication across departments and teams,
• seamless knowledge sharing among employees, teams, and departments,
• boosted employee engagement,
• enhanced document management,
• reduced time and cost spent on manual processes and inefficient communication,
• and more.

Do these arguments seem compelling enough to initiate building a super app? If not, let’s examine some facts and figures.

Super app development potential and market demand

The popularity of super apps in both developing countries such as Thailand, India, and South America, and in first-world countries such as the US, UK, Canada, and Australia, has led many entrepreneurs to consider building super apps to generate quick revenue. And indeed, it is a promising game.

The super app market is rapidly growing and shows promise for the future, transforming the way we interact with technology and access essential services. For example, the Russian sector of super apps is currently experiencing a booming trend. According to Statista, super apps brought over $50 billion to businesses in 2020. This figure is expected to skyrocket by 2025, as the development of on-demand super apps continues to surge.

According to some estimates, approximately 70% of consumers in Australia, the UK, the US, and Germany would choose a super app over mobile apps that have limited features. This indicates that the trend toward super apps is gaining momentum.

How to develop a super app: a step-by-step guide

At this point, you’re probably wondering where to start the super app development journey. And we’ve got you covered! Below, you’ll find a step-by-step plan that covers all the key stages in the super app development process. Please note that while we explore the process of building a user-facing super app, the steps involved in developing an enterprise solution will differ.

Product discovery

Discovery phase includes identifying your target audience, analyzing their needs, and evaluating your idea from the perspective of helping users accomplish their tasks more effectively. It involves researching competitors as well. Throughout this process, you will gain valuable insights and a clearer vision of your future product.

Great results are based on well-outlined plans. Therefore, the process of discovery also involves carefully outlining the following documents:

• Vision and Scope document: defines the product vision, and identifies the necessary work scope, methods, and activities to achieve it.
• Software Requirements Specification document (SRS): describes the project, feature set, and tech stack.
• Software Architecture Document (SAD): provides a clear vision of the software structure.
• UX/UI design and a clickable prototype of your future product: provides actionable insights into how the future solution will function and look.
• Detailed work breakdown structure, workload and cost estimate, and a project plan: helps plan and manage time, costs, and human resources.
• Risk assessment and mitigation plan: allow to identify potential risks and evaluate & minimize their impact.

You can attempt the discovery phase with your in-house team’s efforts, but we recommend approaching a reliable super app development firm that will guide you through the entire process.

Development phase

This is where the actual development takes place. If enough attention was paid to the documents from the previous steps, the development team will most likely deliver the planned scope on time and within budget.

Quality assurance

Investing in thorough testing can help to avoid costly mistakes and delays, ensuring the app works trouble-free and provides a smooth user experience.

Deployment and maintenance

Once your app is live, the journey has just begun. Now, you need to keep it up and running, which requires proper issue resolution, regular updates, and rolling out new features.

Super app development challenges

What’s a success story without challenges, right? Creating a super app can be a daunting journey with various roadblocks.

Significant resource investment

As we already mentioned, super apps are more cost-efficient in the long-term compared to a few narrowly specialized apps. However, at the beginning, multifunctional apps require considerably more investment than simple apps. This is due to their complexity, which involves housing a vast array of mini-programs and micro-apps from various vendors and companies.

The flip side of the coin is that a super app can generate revenue that offsets its high development cost. With a diverse range of features and services, it can attract a large user base, resulting in increased revenue. As your app’s popularity grows, more vendors and companies will be eager to offer their services within your platform, creating a virtuous cycle of revenue growth.

IT infrastructure requirements

For an app to be super, it’s not enough to provide multiple offerings within a single platform. There is also a smooth user experience that significantly contributes to the superiority. To be fast, trouble-proof, and efficient, your app must be scalable and always keep up with the latest technology updates. 

Security

The rise of multipurpose apps has raised concerns regarding their security. To offer various services and features, super apps integrate with external APIs and third-party services, which in some cases can make the entire system vulnerable to attacks. To address these concerns, industry-leading and time-tested security measures should be implemented.

Even with these measures, 100% safety cannot be guaranteed. There is still a risk of malfunctioning or attacks. Therefore, it is important to have a team of cybersecurity experts who can monitor the system, detect potential threats, and respond quickly to any security breaches.

UI/UX design

If your goal is to reach millions of users with your super app, then UI/UX should be among your top priorities. Paying appropriate attention to interface, navigation, design elements, and related aspects is crucial because a good application starts with good design. Your app might offer a handful of useful features and services, but poor design and ill-conceived navigation can become insurmountable obstacles to its success. Here comes the challenge: the wider the functionality, the trickier it is to enable a seamless user experience.

Cost of custom super app development

As previously mentioned, developing a super app can require significant investments due to factors such as app design, complexity, development time, and features. Other expenses include app maintenance and marketing. The overall cost of developing a super app varies depending on its features and platforms, as well as on the rate of super app development company you choose for the project implementation. A basic app can cost between $30k to $100k, while a more complex super app platform can start at $70k and reach up to $150k.

Summary

Super-apps provide a seamless and integrated user experience across a broad range of services and industries, revolutionizing how consumers interact with technology. It’s no surprise that companies worldwide are investing heavily in various super-app models and white-label industry apps to meet the growing market demand.

If you’re thinking about developing a super app, this investment can give your business a significant advantage. But keep in mind that it’s a complex project that requires a clear vision, strong technical skills, and an experienced development team.At Itexus, we’ve been helping clients across the world and industries bring their most ambitious ideas to life. Our team of professionals includes business analysts, UI/UX designers, architectural engineers, developers, QA specialists, and project managers. All these people are ready to contribute their skills and knowledge and can join your project at any stage. Contact us to discuss collaboration.

The post Super App Development first appeared on Itexus.

What is behind the optimistic approach to RPA in financial services? What benefits can this technology bring, and what can we expect from it in the coming years? Read on to find answers to these and other questions.

RPA use cases in finance

In this section, we will explore the main use cases of robotic process automation in financial services.

• Customer onboarding and verification

Processes such as customer onboarding can be entrusted to a robot that utilizes character recognition to gather client information and record personal details in the database.

• Account opening

Automating bank account opening and registration with RPA simplifies and speeds up the process, benefiting both businesses and their customers.

• Invoice automation

Outsourcing invoice processing to RPA can reduce workload and free up valuable time for employees. This allows them to focus on other tasks that require their attention.

• Fraud monitoring

RPA is commonly used in finance to monitor fraudulent activity. Robots can handle data entry and reports, easing the workload of compliance officers and giving professionals more resources to track risks and make better decisions.

• Tax reporting

Robots can extract, validate, calculate, and report data from multiple sources. They can also handle tasks like data entry, reconciliation, and tax form submission. Robotic automation minimizes errors and helps organizations reduce the time needed to complete tax reporting.

• Loan processing

ML- and AI-powered RPA solutions can simplify the loan process and decrease processing time by automating tasks such as data entry, document scanning, credit checks, risk analyses, loan amount calculations, and others.

• Financial planning

Finance robotic process automation can be used to analyze past trends, track present trends, and forecast future expenses. This makes it possible to create more accurate financial plans and improve decision-making across various departments.

• Mortgages automation

RPA tools improve mortgage processing speed and accuracy by handling data entry, document verification, and credit checks. This enables mortgage lenders to handle more loans and improve the borrower experience.

Key trends of robotic process automation in 2023

ML- and AI-powered RPA solutions

Businesses are gradually getting used to the idea that robots can facilitate routine tasks. This technology has become widely employed to handle repetitive operations and free up resources for areas that require more of a human touch, such as customer experience.

But what if we say that robotic automation is capable of more? As customer expectations and business needs continue to evolve, vendors offering RPA for finance companies are predicted to leverage NLP, AI, and ML algorithms to be able to handle more sophisticated tasks.

More industry-tailored RPA solutions

According to Gartner, about 80% of finance leaders have either implemented or are planning to implement robotic process automation. Other industries are also expressing interest in adopting RPA. For example, HR and sales departments are experiencing visible changes through the use of this technology. Using RPA in trade finance is also gaining momentum.

Meanwhile, it is becoming clear that there is no one-size-fits-all solution, as different industries have different automation needs. Therefore, RPA vendors are expected to develop solutions tailored to specific automation needs, enabling each organization to implement the technology efficiently.

No-code/low-code RPA tools

In a press release, Gartner stated that by next year, over 80% of technology products and services will be created by people who are not technology professionals. This overall trend towards no-code and low-code solutions also applies to RPA solutions.

To automate the process, users can write what-if scenarios and enter them into the tool interfaces. The tool will then convert them into code, facilitating the process and increasing its speed and efficiency.

Built-in RPA features

Robotic process automation is expected to become a standard feature in many software platforms due to mergers and acquisitions among enterprise software companies and new competitors entering the market. These factors will contribute to the diversification of the RPA market.

Benefits of robotic process automation

Today, RPA tools in banking institutions and financial companies focus on two major types of core benefits.

Behind-the-scenes operations

Robotic process automation is a key initiative across multiple sectors today. Robots, which leverage both ML and NLP technologies, can be applied in fintech for multiple reasons.

Cutting operating costs

Robotic process automation in finance can substitute for and augment the human workforce, enabling it to accomplish more in less time with fewer resources. As a result, financial companies can achieve increased efficiency while reducing staff and decreasing the need for physical locations.

Increased efficiency

The fintech market has various use cases today, showcasing the capability of robotic process automation to efficiently automate mundane and routine administrative processes. For instance, the Bank of NY Mellon Corporation has deployed over 200 bots to manage repetitive tasks like money transfers. This implementation resulted in an 88% improvement in processing time and $300,000 in savings.

Customer experience

When it comes to customer experience, both speed and quality of service are crucially important. RPA can greatly contribute to improving both aspects.

Processing customer queries in real-time

Improved customer service directly correlates with increased sales conversion rates. Robotic process automation can significantly enhance back-office productivity and operational quality, ultimately leading to increased sales conversion rates.

As an example, the Italian Banca Popolare di Sondrio (BPS) bank faced common issues with its contact center. With 500 agents handling approximately 650,000 calls per month, agents were spending too much time on follow-up activities after each call. These activities included logging job tickets and call details in relevant databases, filing claim requests, and more. Due to the high volume of activities, operatives were frequently unable to meet a five-minute response time target for fraud alerts.

The bank has implemented RPA (Robotic Process Automation) to automate most of its manual post-call activities. The implemented robot draws necessary information from internal systems and submitted requests, processes it, and creates new customer files. Additionally, desktop automation tools have been set up to guide agents through a complicated fraud alert process.

The results are impressive: all requests are processed on time, with an average handling time reduction of 82% during the wrap-up phase. Additionally, there is a 99% accuracy rate in handling over 8,000 fraud alerts per month.

Eliminated risk of human error

Robotic automation helps put in place step-by-step instructions which a robot follows whenever it reviews financial documents, issues mortgage approval, processes credit card orders, and cost accounting. Human participation will be reduced to a minimum, with experts intervening only when an exception or a force-majeure event occurs.

Setting the right priorities

As noted by Will Davenport, director at Business Systems Ltd., the average employee spends around 80% of their time on mundane and routine tasks, like data entry, form filling, filing and archiving, and so on.

RPA-ensured tools allow employees to focus on concerns of higher priorities, leaving low-priority issues for bots.

Robotic process automation in finance: how to start the journey

1. Define the global goal

Do you want to increase the back-office efficiency? Get a new source of revenue? Or improve customer engagement rates? Once you know why you are starting process improvement or implementation, it will be easier to determine how to leverage Robotic Process Automation in this process.

2. Create a roadmap

Once the goal is clear, conduct a thorough study of what is obstructing its realization. This will help identify inefficient business processes, detect gaps, and gain in-depth visibility of what needs to be re-engineered and automated.

3. Determine the place of robotic process automation within the strategic roadmap

Robotic automation is most efficient when seen as part of the overall structure, rather than as a single, targeted technology.

4. Ensure coordination across different units

Since RPA functions across the entirety of an organization and aggregates data from multiple sources, all departments – including IT, security, and accounting – must have a clear understanding of the robots that have been implemented.

5. Educate staff on process automation and RPA technologies

Employees should not only be aware of the implemented robotic process automation scripts but also understand how these scripts impact their functions, automate certain processes, and provide more time and effort for strategic and creative tasks.

Summary

Robotic process automation has proven to be a highly effective tool in the financial services industry due to its ability to enhance accuracy, speed, and ultimately, the customer experience. Using RPA in finance industry helps to streamline operations, reduce errors, and minimize costs, allowing companies to better serve their clients and remain competitive in a constantly evolving marketplace.

Are you considering embracing RPA technology? Itexus specialists will thoroughly analyze your needs and implement an RPA solution to help you achieve maximum efficiency and remain competitive in the ever-changing financial services industry. Contact us to learn more about what we can do for you.

The post How RPA (Robotic Process Automation) Helps Finance Companies Gain Profits first appeared on Itexus.

1. Convenience: emoney can be transferred almost instantly, making it a convenient and fast (digital transactions are completed in seconds) way to pay.
2. Cost-efficiency: emoney is usually cheaper than traditional payment methods because it does not require physical banking infrastructure.
3. Financial inclusion: emoney enables simple access to financial services for unbanked segments of the population.
4. Globalization and cross-border transactions: emoney simplifies cross-border transactions, allowing people to send and receive money internationally without the delays and complexities of traditional methods like wire transfers.

Although there are significant benefits associated with emoney, it also has its drawbacks. Let’s take a closer look at them.

1. Limited usability: emoney is not accepted everywhere, which may create difficulties in using it in certain situations or places.
2. Security concerns: even with strong security measures, eMoney transactions can still be hacked or attacked by cyber threats.
3. Technology dependence: emoney relies entirely on technology, which means that users may not be able to access their funds during outages or other disruptions.
4. Risk of fraud: emoney transactions are hard to undo, which is why they are a target for fraudsters.
5. Limited regulation: emoney is a relatively new concept, so there are few rules to protect users and make sure providers behave ethically.

Technology advancements and more accurate regulations can help address a large part of the challenges, it’s just a matter of time. Meanwhile, with the growing demand for emoney solutions, financial service providers are eager to take advantage of this opportunity. If you’re considering building your own emoney app, read on. In this article, we’ll provide you with an overview of the emoney app market and explore the potential of building your own solution. We also highlight the key considerations to keep in mind when planning emoney app development.

What is emoney app?

In a nutshell, emoney apps allow users to make electronic transactions and payments using their mobile devices, such as smartphones or tablets. It is common to hear people use the terms “emoney app” and “e-wallet” interchangeably, but they actually have some differences. Let’s understand what distinguishes these two apps:

• An emoney mobile app enables electronic transactions and payments via mobile devices or computers for P2P transfers, bill payments, and online shopping. These apps often offer extra features like payment reminders, transaction history tracking, and integration with other services. Popular examples of emoney software include PayPal, Venmo, and Cash Appю.
• E-wallets are digital payment apps that store and manage digital value. They hold funds that can be used for transactions and are often used to store digital currencies (including emoney). E-wallets may also have features like loyalty card storage, ticket storage, and contactless payment integration. Examples of e-wallets are Apple Pay, Google Pay, and Samsung Pay.

Both emoney apps and e-wallets allow for digital transactions and payments. However, emoney mobile apps offer a wider range of payment-related features, while e-wallets mainly focus on storing and managing digital funds.

Emoney vs. cryptocurrency

Do not also confuse emoney with cryptocurrency. The latter is a type of digital or virtual currency that uses security measures called cryptography and operates independently of a central bank. Emoney, in turn, is electronic money that is issued and regulated by a central authority, such as a government or financial institution. Emoney and cryptocurrencies both refer to digital currencies, but they have distinct characteristics. Here’s a breakdown of the main differences:

To sum it up, emoney is centralized and backed by traditional currency reserves. It’s the subject of regulation and primarily used for digital transactions. In contrast, cryptocurrencies are decentralized, not backed by physical assets, less regulated, and have a wider range of use.

How do emoney apps work?

Now that you understand the details, let’s find out how emoney apps generally work:

1. Account creation and setup. Users download and install the app and create accounts by providing personal information, linking bank accounts or cards, and verifying their identities.
2. Funding the app. Users can add money to their apps by linking their bank accounts or credit/debit cards, or by transferring funds from another user of the same app. The app securely stores the user’s payment information and encrypts it to ensure the safety of financial data.
3. Making transactions. To send money through an app, users choose the recipient – typically another app user – and enter the amount. Some apps let users scan a QR code from the recipient to begin the payment process.
4. Transaction processing. The app verifies payments with backend servers and securely sends encrypted payment details to the processor to ensure sufficient funds.
5. Payment processor. The payment processor confirms payment information, checks for fraud, and verifies funds. Upon verification it sends a notification confirming the successful transaction to both the sender and recipient, acting as a mediator between them (usually in-app and/or via email/SMS). The transaction is displayed in the transaction history.

It’s possible to enable cross-border transactions in your emoney custom app, allowing users to send money internationally.

Emoney software market overview

In the European Union, an increasing number of people are choosing emoney as their preferred payment method. According to Statista, the number of emoney transactions amounted to approximately 4.6 billion in 2019. By 2021, this number had risen to around 7.5 billion transactions.

In its report on electronic payments, the World Bank Group counted that global ownership of digital payments (which includes emoney transfers) has increased by 50% from 51% of adults in 2011 to 76% in 2021. However, the same source claims that approximately 1.4 billion adults worldwide remain unbanked.

Considering the statistics and the growing interest in digital payments, the segment of emoney payments is a promising market.

Emoney app potential

Traditional financial institutions, fintechs, entertainment companies, telecommunications providers, and other organizations can capitalize on numerous opportunities for accessing untapped markets with emoney software.

Cashless payment services are the lifeblood of e-commerce and online banking success. Although multinational payment giants dominate the market, innovative emoney products can still emerge. Two areas with potential growth are emoney solutions for developing countries, where affordable financial services are in high demand, and for the rapidly growing IoT market.

Emoney can also bring significant value to the retail industry. It is growing steadily worldwide, but with greater demand comes greater competition. By supporting emoney, retailers can give customers more payment options and attract a larger, more loyal customer base.

Emoney custom app development: key considerations

Along with opportunities, building a custom emoney solution from scratch can bring several challenges. These are important factors to consider in order to reduce risks and make the launch easier:

Careful planning

Building a successful emoney app from scratch requires a competent team of coders, the right technology infrastructure, and resources. However, more importantly, it requires a detailed, carefully outlined, and well-worked-out plan. An experienced and reliable finance software development company can assist with both planning and implementation.

Compliance

When starting an emoney business, it’s important to consider regulations and compliance with local and international laws. To operate on a global scale, companies must manage limits, fees, and regulatory processes across multiple jurisdictions. This requires staying up-to-date with regulation changes and complying with all relevant laws in each market. Strategies such as hiring local legal experts and collaborating with other financial institutions can help reduce compliance burdens, positioning emoney businesses for long-term success and growth in the global marketplace.

Security & KYC

Trust is crucial for the success of financial institutions. Clients expect secure data processing and storage, and financial companies need to implement Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions to determine which clients to trust. Make sure to integrate an efficient AML & KYC service provider and keep your customers’ data safe with industry-leading security solutions.

Summary

Emoney provides convenient and cost-efficient payment options that drive financial inclusion. Along with technological innovation, these factors increase demand for more emoney payment solutions. Billions of emoney transactions are made yearly – and the numbers continue to grow.

Electronic payment is a promising market for multiple players, including fintechs, traditional financial institutions, and non-financial organizations. However, building a successful emoney custom app requires a significant investment of resources. More importantly, it requires finding a reliable and experienced tech partner.

At Itexus, we have been helping clients from the financial services industry worldwide turn their boldest ideas into high-quality software solutions. Our team of talented professionals is proficient in various technologies and well-versed in the ins and outs of the fintech domain. We would be happy to contribute our expertise and skills to your project. Contact us to discuss the details and find out how we can assist you.

The post Emoney App Development: Potential & Key Considerations first appeared on Itexus.

In this article, we explore the basics of marketplace lending and its potential benefits and risks. We also provide the step-by-step process of developing and improving a lending platform. Read on to get some tips on creating a successful marketplace lending platform.

Marketplace lending explained

Marketplace lending is a form of alternative lending that bypasses traditional financial intermediaries like banks and credit unions and connects borrowers with potential lenders through an online platform. It usually incorporates all of the following attributes:

• loans are provided to individuals and small businesses;
• online lending marketplace doesn’t have physical locations;
• almost the entire loan lifecycle is automated;
• marketplace lenders are funded by issuing equity or selling loans to investors;
• loans are usually unsecured, small, and short-term.

The sector of marketplace lending is growing rapidly. According to statistics, its global transaction value is expected to reach $34.7 billion within the next four years.

Originally a peer-to-peer lending concept, marketplace lending has evolved to include institutional investors interested in funding this activity. As more commercial lending marketplaces are being launched, traditional financial institutions are also beginning to adopt this innovation to keep up with the competition.

How does marketplace lending work?

Lending marketplaces do not directly lend or approve loans. Rather, they connect borrowers with direct lenders, who are typically private or institutional investors. Depending on the regulations of a specific region, direct lenders may be required to obtain a license. Lending marketplace involves the following steps:

• A borrower submits an online loan application, which is assessed using the marketplace lending company’s credit scoring tool.
• The lender’s algorithm assigns a credit grade to the loan request based on factors such as the borrower’s credit score and income.
• Once assigned, the loan request is advertised for investors to review and pledge funds based on their investment criteria.
• The marketplace issues security notes for investors in exchange for the investments used to fund the loan.
• After the process is complete, the borrower must make monthly payments to the marketplace. The marketplace will then pay the investor a proportionate amount after deducting the loan servicing fees.

Some marketplace lending companies partner with banks. In this case, the process differs:

• The marketplace lending company affiliated with a bank handles borrower applications, assesses creditworthiness, and collects investor interest.
• The marketplace sends completed loan applications to the partner bank, which makes the loan to the borrower.
• The bank issues the loan and sells it to the marketplace.
• The marketplace issues security notes up to the purchase amount and offers them to its retail investors to pledge to fund the loan.
• After the process is complete, the borrower must make monthly payments to the marketplace. The marketplace will then pay the investor a proportionate amount after deducting the loan servicing fees.

Using these two approaches, marketplaces can offer borrowers unsecured consumer loans, debt consolidation loans, auto loans, purchase financing, education financing, real estate lending, merchant cash advance, medical patient financing, and small business loans, using these two options.

The advantages of marketplace lending

Marketplace lending model offers plenty of benefits to both borrowers and investors alike.

Benefits for borrowers:

• alternative credit options for those who struggle to obtain loans from traditional banks;
• simplified loan applications and quicker loan disbursement;
• competitive rates, particularly for borrowers with good credit scores.

Benefits for investors:

• lending to multiple borrowers with different risk profiles helps investors diversify their investments;
• higher returns compared to traditional investments like savings accounts or bonds;
• direct participation in the lending process without intermediaries, which lowers fees and enables greater control over investment decisions;
• more informed investment choices by considering the risk and return characteristics of various loans;
• access to new markets.

What is the potential of building a lending marketplace?

Compared to traditional lending, marketplace lending offers lower cost structures, more accurate underwriting, and faster, more convenient application and underwriting processes. Advocates believe these advantages will transform how people and small businesses acquire credit and lead to better financial and societal outcomes, such as:

• lower rates for borrowers,
• increased availability of credit, especially for underserved market segments,
• higher returns for credit investors.

The demand for marketplace lending is driven by various factors, including the growth of small and medium-sized enterprises, especially in emerging countries; lower operating costs and market risk for both lenders and borrowers; and the utilization of advanced technologies for risk assessment.

Given the potential beneficial outcomes and the factors fueling the interest in marketplace lending, experts predict the sector will continue to gain popularity.

Potential risks

Just like other financial sectors, marketplace lending comes with risks and uncertainties. Some observers have highlighted the following concerns:

• The accuracy of underwriting and loan performance has not been tested during an economic recession.
• Marketplace lenders’ ability to attract borrowers and raise funds in various economic conditions is uncertain, given the high demand for loans and funding seen during economic expansions with low interest rates.
• Without proper oversight, marketplace lenders may engage in unsafe or unfair lending practices. This could create complicated conditions for other lending organizations.

In addition to standard practices, effective risk management in marketplace lending involves staying current with lending industry trends, conducting thorough due diligence, and being flexible in the face of changes.

How to build marketplace lending in 7 steps

If you’ve made it this far, you’re probably seriously committed to starting your own marketplace lending platform. To help you out, we’ve put together a step-by-step guide that will show you how to develop marketplace lending in the most resource-efficient way possible. Let’s get started!

Step 1: Validate the problem

The worst-case scenario for any product is investing a significant amount of time and money in development, only to discover that there is no demand for it. To avoid this, start with problem validation. Here’s how:

1. Write down your goals, assumptions, and hypotheses to examine and test them. This can save you time by clarifying the value of your product, what sets you apart in a crowded market, and what you understand about your business model.
2. Assess the size and potential of your market through research.
3. Research the search volume of related terms to determine if there is demand for your product or service.

Problem validation is an ongoing process. Continuously revisit it as you develop your lending platform. Insights gained from it guide the further product development and increase chances of success.

Step 2: Define your target audience

Understanding your audience is key to success. Research and analyze their needs, pain points, and preferences to create a strong product strategy and effective marketing campaigns.

1. Identify your potential customers: Will you build a P2P lending marketplace for individuals, a business lending marketplace for small businesses, or a solution that serves both categories? Determine why they need your platform and what tasks they will perform with it. Who will provide funding?
2. Conduct customer validation interviews to gather feedback on their needs, problems, and ideal solutions.

Step 3: Analyze competitors

Analyze marketplace lending platforms to identify their strengths, weaknesses, and areas where they fail to meet customer needs. This will give you actionable insights into your product’s positioning.

Step 4: Product planning

Once you have validated the problem, formed a clear vision of your target customers, and analyzed competitors, it’s time to move on to product planning (or the discovery phase). The purpose of this step is to identify the project’s vision, goals, and scope and set the stage for further lending marketplace platform development. Therefore, the quality of the outcomes is crucial for the product’s success. During this stage, the following should be done:

• Requirements analysis
• Monetization model selection
• Choice of architecture
• Defining tech stack and integrations
• Feature selection & prioritization
• Documenting software specifications

While it’s possible to do it on your own, we recommend approaching a software development company that offers discovery as a service. This way, you can rest assured that your project is fully prepared for a proper start.

Note that if you are going to partner with a bank, this stage will also include selecting potential partner banks and negotiating collaboration terms.

Lending marketplace key features

We recommend that you carefully consider the list of features. The starter feature set includes:

• User accounts, profiles, and settings
• Search and filters
• Loan calculator
• Payment system integration
• ISA/IFISA support
• Auto payments
• Notifications
• User support
• Review and rating (for both lenders and borrowers)
• Secondary loans market
• Admin dashboard with visualized analytics and reports
• Automated onboarding & KYC/KYB verification

These features are sufficient for launching the first version of your platform. Introducing too many features from the very beginning can have two negative consequences. Firstly, it can increase the timeframe and cost of lending marketplace development. Secondly, it can result in redundant functionality that frustrates users and pushes them away from your platform. Instead, it is advisable to focus on essential features sufficient for users to complete their tasks and introduce new ones as the need arises.

Step 5: Prototype and design

Create a basic prototype of a platform that is sufficient to test your core value proposition. Share it with a smaller group of potential users and gather feedback on its usefulness and usability.

After making adjustments based on the feedback, you can begin creating the full-fledged design of the future platform. Pay attention to creating a simple onboarding flow that will guide users through the platform, as well as clear navigation that will allow them to easily find the information or features they need.

Step 6: Develop and test the platform

Here you have two options: building a marketplace lending platform from scratch or using a white-label lending marketplace solution.

• Creating your platform from the ground up provides you with complete authority over the features, design, and structure. This is a great alternative if you have specific needs or want full ownership of your codebase. Nonetheless, starting from scratch can be a time-consuming and resource-intensive process.
• Using white-label marketplace platform frameworks or content management systems can speed up development. Existing solutions offer ready-made components and features specifically designed for marketplace platforms. Although this approach can save time and effort, you may have less flexibility to customize certain aspects.

Step 7: test and deploy

The next step involves developing and deploying the platform itself and integrating it with selected third-party services. It also includes a combination of unit tests, automated service and UI level tests, and manual testing. Unit tests are conducted to ensure that individual components or modules of the platform are functioning as intended. On the other hand, automated tests are designed to simulate user interactions and detect potential issues that may occur in various scenarios. Manual testing involves real users evaluating the platform’s usability, performance, and functionality.

Now, your marketplace lending platform is all set to onboard customers.

Post-development improvement and scaling

After lending marketplace development, the journey is far from over. Now it’s time to focus on improving and scaling the platform. This includes monitoring user engagement and feedback, analyzing platform data, and regularly updating and introducing new features.

User engagement, conversion rates, and user feedback monitoring

These are essential metrics to track. Based on the change of indications, you can make data-driven decisions and introduce products and offerings that are tailored to your users’ needs. User feedback is an excellent source of actionable insights that you can use to inform decisions about future updates and enhancements.

Platform data analysis to identify areas for improvement and optimization

Data that can be used includes borrower information (credit scores, loan applications, employment history), investor data (investment history, preferences), loan performance data (repayment history, defaults), platform usage data (user interactions, click-through rates), and more. Analyzing this information comprehensively will allow you to identify bottlenecks, inefficiencies, and areas for improvement.

Regular updates and new features

Regularly updating your marketplace lending platform allows for improved security, bug fixes, enhanced performance, compatibility, and avoidance of technical debt. Moreover, as time goes by, it will be necessary to add new features. This is the standard approach for all products seeking to provide even greater value to users, expand into new markets, and continue to grow their user base.

Summary

The marketplace lending industry is a promising financial services sector that continues to attract a growing number of borrowers, lenders, investors, and banks. If you are considering starting a marketplace lending business, there are two options:

• creating from scratch in-house or by outsourcing a dedicated team,
• or using a white-label marketplace lending software.

Whether you have a specific idea in mind or need help developing one, Itexus can assist you. Since 2013, we have been partnering with businesses across various sectors worldwide to help them achieve their goals using technology. Our team of talented professionals is ready to contribute their deep understanding of the financial services industry and strong technical skills to your project. Contact us to discuss your goals and expectations, and discover what we can do for you.

The post Guide on Marketplace Lending Platform Development first appeared on Itexus.

The provider offers several fintech products into its ecosystem that are worth considering for integration to save time and money, for example:

• transactions: shows real-time updates and categorizes expenses.
• authorization: provides a smooth and instant connection to bank accounts.
• balance: shows real-time account balances.
• identity: verifies the account holder’s identity using bank data.
• investments: understands holdings, balances, and transactions that can affect investments.
• assets: provides a holistic view of the account holder’s financial situation for lending institutions to decide on loan size.
• liabilities: shows real-time loan data and analyzes payment terms and balances, and others.

For those who want to leverage Plaid’s capabilities and are looking for a reliable tech partner to enable the integration, we’ve compiled a list of top Plaid API integration companies. With hands-on experience in integrating various third-party services into all kinds of software solutions, these companies will do their best to ensure that you get the most out of your investment in technology. Go check them out!

1. Itexus

Itexus is a custom software development agency that offers a full cycle of services, from ideation and product discovery to design, development, testing, and post-production maintenance. The company’s specialists have hands-on experience in integrating clients’ systems with various third-party services, including payment gateways, KYC/KYB/AML providers, data aggregators and providers, brokers, and others. Plaid is no exception – Itexus’ specialists are well-versed in its capabilities and features and can seamlessly integrate it into your software. The company also offers consulting services. If you’re not sure which service provider to choose, Itexus’ specialists will analyze your needs and goals and offer the most suitable options available on the market.

2. ThoughtWorks

ThoughtWorks Software Technologies is a prominent technology consultancy with cross-functional teams of strategists, developers, data engineers, and designers. The company’s objective is to assist clients in creating their own path to digital fluency and in building organizational resilience to navigate the future. The team has significant experience integrating financial APIs with clients’ software solutions and can assist with Plaid API integrations, among other things.

3. Cognizant

Cognizant is a top-tier professional services firm that helps clients modernize their business, operations, and technology models for the digital age. They take a consultative approach tailored to each client’s industry, enabling them to innovate and optimize their businesses. Cognizant’s team of specialists is experienced in seamlessly integrating third-party services and is available to support your Plaid integration needs.

4. RapidValue Solutions

RapidValue provides comprehensive mobility, omnichannel, IoT, and cloud solutions to enterprises worldwide. The company has a large team of experts in consulting, UX design, application development, and testing, with extensive experience delivering global projects. RapidValue offers a range of services across various industry verticals, including assistance with Plaid banking API integration.

5. Svitla Systems

Svitla Systems is a trusted global IT solutions company that focuses on digital transformation and innovative technologies. The company is dedicated to providing exceptional customer experiences and has developed a tailored engagement model to ensure that each client gets the most out of their technology investments. Among other services, Svitla offers third-party integration, so whether you’re just considering the opportunity or need extra help in the middle of a project, they’ve got you covered.

6. Chetu

Chetu is a software development and Plaid API integration company that offers industry-specific solutions to businesses worldwide. With a combination of technological expertise, domain experience, and a commitment to delivering enterprise-grade solutions, Chetu acts as a seamless backend technology partner, helping businesses leverage technology capabilities. In addition to custom software development, Chetu provides integration services and can implement Plaid integration for you.

7. Devbridge

The Devbridge team defines itself as a software development agency that fights mediocrity by building extraordinary custom software that delivers measurable results for their clients. Devbridge provides a wide range of digital transformation services, including custom Plaid API integration.

8. Simform

As a digital product engineering company and experienced Plaid API integration partner, Simform is dedicated to solving complex software engineering problems and helping businesses elevate their value through development services. The company’s specialists can help you determine the appropriate architecture and processes to follow, and they oversee the successful delivery of your software projects. Simform partners with the best technology providers to bring their clients the power of cutting-edge technologies and can assist you in realizing Plaid bank integration.

9. Innopl

Innoppl, Inc. is a company specializing in mobile app, open source, and eCommerce development. Innoppl aims to accelerate its clients’ growth by providing best-in-class services through strategic mobile and web applications. The company places a strong emphasis on hiring talented, confident, and energetic individuals who are the best in the industry. They provide their employees with all the tools necessary for an outstanding career. As a Plaid integration partner, they guarantee that everything will be executed in a high-quality manner.

10. Intertech

Intertech takes pride in its ability to deliver high-quality software solutions that are tailored to meet the unique needs of clients across various industries. The company creates systems that support operational processes in many business areas and is dedicated to building high-quality and resilient software. Intertech specialists are well-versed in various third-party tools and can integrate Plaid API into your software.

Summary

By partnering with Plaid integration companies, businesses can innovate faster, save time and money, and generate more revenue. With the right partner in place, you can leverage the full power of Plaid’s API to drive growth, improve efficiency, and enhance the customer experience. The challenge here is to find one. Fortunately, there are experienced and trustworthy companies available who can help you navigate these waters with confidence and ease.

At Itexus, we have been helping businesses across various industries leverage the capabilities of various third-party services. Our specialists are ready to contribute their knowledge and skills to your project and implement a robust and seamless Plaid integration for you. Contact us to discuss the details.

The post Top 10 Plaid Integration Companies first appeared on Itexus.

Fortunately, the rapid advancements in artificial intelligence, machine learning, and big data analytics have empowered financial institutions with powerful tools to combat fraud in financial services effectively. By analyzing vast amounts of data in real-time, these technologies can swiftly identify suspicious patterns and anomalies, thwarting potential fraud attempts before they inflict harm. Banks are relentlessly enhancing their tactics, from advanced two-factor authentication methods to sophisticated behavior-based monitoring systems, to offer secure and seamless experiences for customers.

In this article, we delve deeper into banking fraud prevention, exploring the significance of staying ahead in the fight against fraudsters. Join us as we navigate the complexities of this critical domain, exploring the methods financial institutions employ to ensure online banking fraud protection of assets and maintain trust in a rapidly changing financial scene.

Types of banking fraud

In the battle against financial fraud, it’s essential to understand the different types of banking fraud. Fraudsters use a variety of cunning tactics to exploit vulnerabilities and gain unauthorized access to funds. Here are some of the most common forms of banking fraud:

• Identity theft. This insidious crime involves stealing personal information, such as social security numbers or login credentials, to assume another individual’s identity. Armed with this stolen data, fraudsters can open fraudulent accounts or make unauthorized transactions, leaving victims grappling with the aftermath.
• Account takeover. In this increasingly common form of fraud, cybercriminals gain control of a legitimate account through various means, such as phishing attacks or malware. Once inside, they manipulate transactions, siphon funds, or commit other illicit activities, causing significant financial harm to the account holder.
• Credit card fraud. Fraudulent credit card transactions are a major issue in the banking industry. Thieves exploit stolen card information to make unauthorized purchases or withdrawals. Sophisticated technologies, such as skimming devices or card-not-present fraud, make it challenging to combat this form of deception.
• Check fraud. Despite advancements in digital fraud prevention, traditional methods like check fraud still persist. Fraudsters alter or counterfeit checks, diverting funds from rightful recipients and evading detection by banking fraud prevention measures.
• Loan fraud. Misrepresenting information or providing false documentation to secure loans is a deceptive tactic employed by fraudsters. This fraudulent behavior puts financial institutions at risk of significant losses and undermines the integrity of the lending system.

Being aware of different types of banking fraud empowers individuals and financial institutions to implement stronger financial fraud prevention measures and enhance their defenses against these threats.

Importance of fraud prevention in the banking industry

Fraud prevention in the banking industry is the first line of defense in safeguarding the integrity and stability of the financial ecosystem. The impact of fraud on both banks and customers is profound, resulting in devastating consequences in terms of financial losses and reputational damage.

Fraud can cause significant monetary losses for financial institutions. These losses not only impact the bottom line but also damage customer trust, potentially leading to customer attrition and decreased market confidence.

Furthermore, “reputational damage” can severely harm a bank’s reputation in the eyes of both customers and investors. News of a significant fraud incident can spread quickly, resulting in negative media coverage and public scrutiny. Rebuilding trust after such an event requires significant effort and resources, highlighting the need for robust corporate fraud prevention measures.

Benefits of effective fraud solutions for banks

Implementing effective fraud prevention solutions in the banking industry has several compelling benefits for financial institutions:

• Cost savings. Proactive banking fraud prevention minimizes financial losses resulting from fraudulent activities. By mitigating the risks before they escalate, banks can save significant amounts of money that would otherwise be spent on compensating affected customers and restoring compromised accounts.
• Regulatory compliance. Compliance with strict anti-deception regulations is crucial in preventing financial fraud. Effective fraud prevention solutions in banking ensure that banks meet regulatory requirements, avoiding penalties and legal complications that could arise from non-compliance.
• Customer trust and retention. A secure banking environment fosters trust and loyalty among customers. Banks can retain existing customers and attract new ones, strengthening their market position, by demonstrating their commitment to protecting their assets and data from online banking fraud.
• Enhanced efficiency. Automated banking fraud prevention solutions use advanced technologies to detect and prevent fraudulent activities in real-time. This automation streamlines processes, reduces manual intervention, and improves operational efficiency.
• Competitive advantage. Having a reputation for robust banking fraud prevention solutions can provide a competitive advantage by attracting customers who prioritize security and reliability when selecting a financial institution.

The importance of fraud prevention in the banking industry cannot be overstated. Given the far-reaching impact of fraud on banks and customers, investing in effective digital fraud prevention strategies is not only a necessity, but also a strategic imperative for financial institutions aiming to thrive in today’s dynamic and competitive fintech environment.

Risk assessment and detection in banking fraud prevention solutions

In the pursuit of preventing financial fraud, risk assessment and detection play a crucial role in identifying and thwarting fraudulent activities. By utilizing the latest fraud prevention techniques, such as data analytics, artificial intelligence, and machine learning, banks and financial institutions can strengthen their defenses against sophisticated threats.

Data analytics

Effective online banking fraud prevention is based on data-driven insights. Analyzing vast volumes of transactional and behavioral data allows banks to uncover hidden patterns, anomalies, and suspicious activities. Data analytics enables the identification of unusual trends or deviations, signaling potential fraud attempts.

Artificial Intelligence (AI) and Machine Learning (ML)

AI enables banks to proactively combat banking fraud by automating the analysis of massive real-time data sets. Machine learning algorithms within AI systems continuously learn from new data, improving their accuracy and adaptability to emerging fraud patterns. AI can quickly identify fraudulent transactions, preventing financial losses and ensuring timely interventions.

A subset of AI, machine learning focuses on developing algorithms that learn from data without explicit programming. These algorithms can identify fraud patterns that might go unnoticed through traditional rule-based systems. As new patterns emerge, machine learning models adjust and improve their banking fraud prevention capabilities, staying ahead of evolving threats.

Behavioral analytics

Understanding customer behavior is crucial for detecting fraudulent activities. Behavioral analytics tools generate individual profiles by analyzing historical transaction data and interactions. Deviations from established patterns, such as sudden changes in spending habits or atypical login locations, trigger alerts for further investigation.

Biometric authentication

Biometric technologies, such as fingerprint or facial recognition, provide an additional layer of security in banking fraud prevention. These methods validate user identity with unique biological features, reducing the risk of unauthorized access and account takeovers.

Anomaly detection

Anomaly detection techniques utilize statistical modeling and machine learning to identify deviations from normal patterns. This helps in detecting outliers and unusual activities, which can indicate potential fraud attempts that require immediate attention.

Financial institutions can strengthen their defenses against fraudulent activities by integrating sophisticated techniques and fraud solutions into their corporate fraud prevention arsenal. Continuous monitoring, real-time analysis, and adaptive systems ensure that banks stay ahead in the battle against fraudsters, protecting both their customers and the integrity of the financial ecosystem.

Security measures and controls for efficient financial fraud prevention

Financial institutions use a suite of savvy security measures and controls to fortify the resilience of their digital fortresses. These measures act as formidable barriers against the threat of banking fraud, ensuring the protection of sensitive data and customer assets.

Multi-factor authentication (MFA)

Multi-factor authentication (MFA) is a powerful defense mechanism that requires users to provide multiple forms of identification before gaining access to their accounts. By combining something they know (like a password) with something they have (like a mobile device) and something they are (like a fingerprint), MFA significantly reduces the risk of unauthorized access and account takeovers.

Encryption

Encryption acts as a shield to protect sensitive information during transmission and storage. By using complex algorithms, data is converted into unreadable code that can only be deciphered with the appropriate decryption key. This ensures that even if intercepted, the data remains secure and inaccessible to unauthorized parties.

Firewalls

Firewalls act as virtual sentinels, monitoring incoming and outgoing network traffic to prevent fraud in banks. These protective barriers filter traffic based on predefined security rules, keeping malicious entities at bay and safeguarding the network from intrusion attempts.

Collaboration and information sharing

Financial institutions share intelligence on emerging fraud trends and attack vectors, bolstering collective defenses. By pooling their data and insights, banks can identify widespread patterns and warn each other about potential threats.

Governments play a pivotal role in creating and enforcing robust regulations to combat banking fraud. Cooperation between financial regulators and banks ensures that fraud prevention practices in the banking industry align with industry best practices and legal requirements.

Specialized cybersecurity firms bring their expertise in identifying and analyzing new threats. They work closely with banks to develop innovative fraud solutions, safeguarding the financial ecosystem.

Fraud prevention in banks: best practices

Staying ahead of evolving fraud schemes requires agile implementation of modern software development practices to fortify the capabilities of fraud prevention in banks.

Implementing real-time monitoring and analysis can swiftly identify suspicious activities and trends. Proactive surveillance ensures timely detection of fraud in banking and enables response to potential threats.

Conduct regular risk assessments to evaluate existing vulnerabilities and adapt security measures accordingly. Identify potential weak points and take preemptive measures to mitigate risks.

Provide comprehensive fraud awareness training to bank employees to help them recognize and report potential threats. A vigilant and informed workforce can act as an additional line of defense for preventing fraud in financial services.

Collaborating with cybersecurity experts and leveraging their expertise can help in developing the best banking fraud prevention solutions. Engaging with industry specialists can keep you at the forefront of fraud prevention in banks.

By adopting best practices and promoting collaboration within the financial sector, banks can strengthen their defenses against fraud schemes. This will instill confidence in customers and help maintain the integrity of the financial system.

Success stories of fraud prevention in the banking industry

In a world where financial security is crucial, banks demonstrate an unwavering commitment to safeguarding their customers’ assets. They exemplify excellence in banking by providing not just fraud protection, but also peace of mind. Let’s explore how some banks tackle fraud threats.

DBS Bank

DBS Bank, the largest financial institution in Singapore, has successfully implemented a machine learning system to automate transaction surveillance and enhance anti-money laundering (AML) and financial fraud prevention. By combining rule-based systems with machine learning capabilities, DBS can prioritize alerts based on the level of suspicion, streamlining the investigation process for analysts.

The implementation of various AI tools, such as Network Link Analytics, CRUISE platform, and ML-based filtering, has significantly increased the efficiency of analysts. This enables them to resolve more cases in less time and identify “bad actors” faster. While automation has transformed transaction surveillance, it’s important to note that human judgment remains crucial in evaluating complex business transactions. Analysts now focus on higher-value tasks, staying ahead of emerging threats in a more integrated and proactive approach to risk surveillance and fraud prevention in banks.

Chase

Chase, one of the largest and most esteemed banks, is renowned for safeguarding customers’ money and serves as a prime example of fraud prevention in banks. With an unwavering commitment to security, Chase offers Zero Liability Protection, assuring customers that they will not be held responsible for any unauthorized transactions made under their name. This provides peace of mind and reassurance to customers.

As a testament to its commitment to banking fraud protection, Chase provides round-the-clock protection against banking fraud. This ensures that any suspicious activity is promptly detected and addressed. In the unfortunate event of a lost debit or credit card, customers can rest assured that Chase offers the convenience of temporarily suspending the card to prevent potential misuse.

While many banks offer corporate fraud prevention, Chase distinguishes itself by introducing Next-Day Cash Reimbursements. This innovative approach sets Chase apart, as they swiftly respond to hacking incidents by providing customers with cash reimbursements on the very next day. This unparalleled responsiveness empowers customers to withstand any financial impact while the bank works diligently to resolve the issue.

Summary

The landscape of fraud prevention is undergoing a remarkable transformation, with advanced technologies such as biometrics, blockchain, and behavioral analytics leading the charge. These emerging trends are reshaping the way we combat fraudulent activities, providing heightened security, more efficient detection methods, and a deeper understanding of customer behavior.

As the world of banking and finance evolves, staying ahead of fraudsters requires a proactive approach that embraces cutting-edge tools. To learn more about how your business can leverage biometrics, blockchain, and behavioral analytics to fortify its fraud prevention strategies, get in touch with us. Our experts are ready to guide you through the intricacies of these technologies and help you build a robust defense against evolving threats.

The post Banking Fraud Prevention: Best Practices & Success Stories first appeared on Itexus.

• Access to financial services. With BaaS services integration, businesses can provide their customers with access to core financial products without the need to invest in building from scratch and maintaining their own banking infrastructure.
• Faster time to market. BaaS helps fintechs to reduce time to market by utilizing the existing banking infrastructure, allowing them to focus on their own products and services.
• Fostered competition and innovation. Incorporating BaaS can foster competitiveness and drive innovation in the finance sector, as it allows new players to enter the market and offer fresh and innovative products and services.
• Cost-efficiency. Building a banking infrastructure from scratch requires a considerable investment of time, money, and resources. BaaS allows companies to save resources and focus on introducing new services and improving customer experience.
• Compliance and security. Introducing financial services brings a significant amount of regulatory and compliance challenges. Banking-as-a-service providers remove these obstacles and allow companies to focus on their growth.

It is predictable that the demand for BaaS (Backend as a Service) platforms will continue to increase. According to statistics, the global BaaS platform market is expected to expand at a 15.7% CAGR between 2021 and 2031. Therefore, if you’ve been considering developing a banking-as-a-service platform, now is the time. To help you find a reliable partner for custom BaaS platform development or integration with an off-the-shelf solution, we have shortlisted the top 10 banking-as-a-service companies. Check them out!

1. Itexus (US)

• Hourly Price: 25 – 49$/hr
• Rating: Clutch (4.9)
• Employees: 50 – 249
• Founded: 2013
• Min Project: $20,000+

Services provided:

Mobile Banking App Development, Fintech Consulting, eWallet Development, Trading Systems Development, Banking Process Automation, Fintech UX/UI Design, Banking-As-A-Service (BaaS).

About the Company:

Itexus is an accomplished fintech development company with a solid understanding of the ins and outs of the financial services industry. With the best talent on board, the company develops complex software solutions for banks, non-banking financial institutions and startups, from simple personal finance assistants and mobile payments to enterprise financial applications. Itexus’ specialists can either develop a SaaS platform from scratch or integrate your app with any of the existing Banking-as-a-Service providers. The company is known for its customer-centric approach, high work ethic and excellent quality of delivered solutions.

Tech Stack: Python, React, Postgresql, Plaid, Ruby, Node.js and more…

2. Atkom Software & Consulting (Poland)

• Hourly Price: 50 – 99$/hr
• Rating: Clutch (4.9)
• Employees: 50 – 249
• Founded: 2005
• Min Project: $10,000+

Services Provided:

Custom Software Development, Web Development, Mobile Development.

About the Company:

Altkom Software, a Custom Software Development Company, boasts over 20 years of experience. They have successfully worked with numerous Polish and international companies. Firm works with renowned brands, from international corporations to fast-growing companies and start-ups. Altkom stands out with its Software as a Journey framework, ensuring 98% of projects are delivered on time and within budget.

Tech Stack: Java, .NET, C#, Vue, Angular, React, Android, iOS, Docker.

3. Magnise (Netherlands)

• Hourly Price: 50 – 99$/hr
• Rating: Clutch (4.9)
• Employees: 50 – 249
• Founded: 2005
• Min Project: $10,000+

Services Provided:

Custom Software Development, Web Development, Mobile Development, IT Consulting, Quality Assurance, DevOps, UI/UX Design, Cloud Solutions, Data Analytics, IT Support and Maintenance.

About the Company:

Magnise is a mid-sized developing company. Here the team is dedicated to find innovative solutions for customers’ challenges by developing highly effective and tailored software solutions. From the initial stages of prototyping to ongoing production support, their team of developers ensures that the solutions they propose are not only the best fit for the business needs but also delivered on any device or platform, using any language.

Tech Stack: Java, Python, JavaScript (Node.js), React.js, Angular, Swift, Kotlin.

4. Gorilla Logic (US)

• Hourly Price: 50 – 99$/hr
• Rating: Clutch (4.9)
• Employees: 250 – 999
• Founded: 2002
• Min Project: $250,000+

Services Provided:

Custom Software Development, Mobile App Development, Web Development, Quality Assurance and Testing, DevOps Services, UI/UX Design, Cloud Services.

About the Company:

For over 20 years, Gorilla Logic has been a trusted partner for leading enterprises, assisting them in defining, architecting and delivering their most critical digital products and platforms. Their deep technical and domain expertise, coupled with a proven approach, allows clients to innovate, scale and modernize efficiently, resulting in secure products that customers love. Headquartered in the U.S. with nearshore development hubs across Latin America, Gorilla Logic’s highly collaborative Agile teams bring a unique culture of tech-obsession and problem-solving to clients’ projects.

Tech Stack: Java, JavaScript (Node.js), Python, React.js, Angular, Swift, Kotlin, MySQL, PostgreSQL, Amazon Web Services (AWS)

5. Q Agency (Croatia)

• Hourly Price: 50 – 99$/hr
• Rating: Clutch (4.7)
• Employees: 250 – 999
• Founded: 2013
• Min Project: $50,000+

Services Provided:

Digital Strategy, User Experience (UX) Design, Website Development, Mobile App Development, E-commerce Solutions, Digital Marketing, Content Creation, Analytics and Optimization, Branding and Identity, UI Design.

About the Company:

Q Agency takes a holistic approach to meet clients’ needs, offering a comprehensive range of services beyond just development. Their services include business analysis, product strategy, quality assurance, UX/UI design, data services and solution architecture. With over 300 in-house experts and a talent pool of over 2,000 professionals, they help clients ideate, build, manage and scale digital solutions.

Tech Stack: iOS, Android, Hybrid apps (Flutter), PHP (Symfony, Laravel), JavaScript (React, Angular, Vue, Node, Next), Java, .NET, Python (ML/AI), Ruby, DevOps.

6. Mentor Mate (US)

• Hourly Price: 50 – 99$/hr
• Rating: Clutch (4.7), GoodFirms (4.8)
• Employees: 1,000 – 9,999
• Founded: 2001
• Min Project: $50,000+

Services Provided:

Custom Software Development, Mobile App Development, Web Development, Product Strategy and Consulting, UX and UI Design, Quality Assurance and Testing, DevOps and Cloud Services, Data Analytics and Business Intelligence, Digital Transformation Solutions, IT Consulting and Support.

About the Company:

Since 2001, MentorMate has been a leader in blending strategic insights, thoughtful design and engineering to deliver durable technical solutions that drive digital transformation at scale. Known for their commitment to open and transparent communication, MentorMate has earned the trust of hundreds of global companies, guiding their visions, designing innovative products and delivering secure solutions.

Tech Stack: Java, JavaScript, C#, Python, React, Angular, Swift, Kotlin, .NET, AWS.

7. Anadea (Spain)

• Hourly Price: 50 – 99$/hr
• Rating: Clutch (4.9), GoodFirms (5.0)
• Employees: 50 – 249
• Founded: 2000
• Min Project: $10,000+

Services Provided:

Web design, Mobile apps development, UI/UX design, QA and testing, Discovery Phase, Project audit.

About the Company:

Anadea is a software development company dealing in bespoke software solutions. With over 20 years of project experience, Anadea partners with businesses to bring their digital visions to life through the rendering of state-of-the-art and effective software applications. They cooperate with clients from distinguished fields of activity, including Healthcare, Education, Real Estate and e-Commerce, offering tailored-made solutions meeting the requirements of their customers.

Tech Stack: Ruby on Rails, Python, Java, JavaScript, React.

8. LaunchPad Lab (US)

• Hourly Price: 150 – 199$/hr
• Rating: Clutch (4.8)
• Employees: 50 – 249
• Founded: 2012
• Min Project: $10,000+

Services Provided:

Custom Software Development, Web Development, Mobile App Development, Product Strategy, User Experience (UX) Design, User Interface (UI) Design, Quality Assurance and Testing, Salesforce Development, Digital Transformation.

About the Company:

LaunchPad Lab is a digitally transforming products agency that specializes in web, mobile and Salesforce development. Since 2012, LaunchPad Lab has been solving business challenges and boosting growth by shaping, building and optimizing web and mobile applications. Their team partners with clients to deal with problems at their roots and not mere symptoms. This is one of the very broad reasons why more than 90% of their current clients are with them for a long time.

Tech Stack: Ruby, JavaScript, React, Swift (iOS), Kotlin (Android), Ruby on Rails, Node.js, PostgreSQL, AWS, Salesforce.

9. Accedia (Bulgaria)

• Hourly Price: 150 – 199$/hr
• Rating: Clutch (4.8)
• Employees: 250 – 999
• Founded: 2012
• Min Project: $10,000+

Services Provided:

Custom Software Development, Web Development, Mobile App Development, Cloud Solutions, Quality Assurance and Testing, UX/UI Design, IT Consulting.

About the Company:

Accedia, a company headquartered in the EU, specifically in Bulgaria and dealing with IT is the one to be presented. The flourishing company was created in 2012 and it quickly gained dimensional prominence and attracted the attention not only of the clients to its quality of service but also of some of the most demanding parties such as the International Association of Outsourcing Professionals, Deloitte and the Financial Times. AI, ML, application development, data analytics, cloud computing and cybersecurity are among the services that Accedia offers.

Tech Stack: Java, JavaScript, React, Angular, Node.js, Python, AWS (Amazon Web Services), PostgreSQL, Kubernetes, Docker.

10. Quantum Mob (Canada)

• Hourly Price: 100 – 149$/hr
• Rating: Clutch (4.7)
• Employees: 10 – 49
• Founded: 2016
• Min Project: $25,000+

Services Provided:

Custom Software Development, Mobile Application Development, Web Development, eCommerce Platform Development, Building Digital Loyalty Experiences.

About the Company:

Quantum Mob is a Toronto-based end-to-cease virtual innovation firm focusing on constructing stunning and purposeful products that deliver results. They offer custom-tailor-made software answers aimed toward empowering partners to be successful inside the digital landscape. Quantum Mob solves complex employer business issues through digital answers, serving a numerous purchaser base from contemporary early-level startups to elite Fortune 500 organizations. Their world-class team has contributed to merchandise used by thousands and thousands worldwide across over 150 international locations.

Tech Stack: React, React Native, Flutter, Angular, Vue.js, Node.js, PHP, Java, Python, Docker, Kubernetes, Shopify, Amazon Web Services (AWS), TypeScript.

11. Praxent (US)

• Hourly Price: 50 – 99$/hr
• Rating: Clutch (4.8), GoodFirms (5.0)
• Employees: 50 – 249
• Founded: 2000
• Min Project: $25,000+

Services Provided:

UX/UI Design, Usability Testing, Custom Software Development, Mobile App Development, Web App Development, API Integration, Legacy System Modernization, Cloud Solutions DevOps.

About the Company:

Praxent is a financial technology consulting and engineering firm that helps clients achieve growth through digital transformation. With deep industry expertise and a pro-CAN/DO culture, Praxent modernizes legacy systems into custom digital experiences that outperform their competition. Focusing on digital product strategy, UX design and custom software development, the firm guarantees that clients can deliver superior service to their customers.

Tech Stack: .NET Core, Node.js, Java, Python, SQL.

12. Experion Technologies (US)

• Hourly Price: $25 – $49/hr
• Rating: Clutch (4.9), GoodFirms (5.0)
• Employees: 1,000 – 9,999
• Founded: 2006
• Min Project: $10,000+

Services Provided:

Custom Software Development, Web Development, BI & Big Data Consulting & SI, Mobile App Development, Product Engineering, Digital Transformation.

About the Company:

Experion Technologies believes in delivering the best software products and digital services to the clients that cater to their needs. They have undoubtedly made a name in a variety of industries, such as healthcare and finance which enable precise management of projects and complete satisfaction of clients.

Tech Stack: .NET, Java, Python, Angular, React, Node.js, SQL, NoSQL.

13. Cheesecake Labs (US)

• Hourly Price: $50 – $99/hr
• Rating: Clutch (4.9), GoodFirms (5.0)
• Employees: 50 – 249
• Founded: 2013
• Min Project: $50,000+

Services Provided:

Mobile App Development, Custom Software Development, IT Staff Augmentation, Blockchain Development.

About the Company:

Cheesecake Labs is really good at designing digital products and offering services like mobile app development. Through their practice of collaboration and insistence on quality, they have become a favorite choice for businesses that are looking to creatively add or innovate their digital footprint.

Tech Stack: Swift, Kotlin, React Native, Ruby on Rails, Node.js, Python.

14. Digiryte (UK)

• Hourly Price: $50 – $99/hr
• Rating: Clutch (4.9), GoodFirms (5.0)
• Employees: 50 – 249
• Founded: 2015
• Min Project: $25,000+

Services Provided:

Custom Software Development, Mobile App Development, Digital Innovation.

About the Company:

Digiryte has embraced digital technology to earn a comparison with digitalization leaders rather than following the trend. They are seen to be on the same track as such companies as Silicon Valley that accordingly have a very high level of expertise and are able to provide custom software and mobile applications. By having a strong project management process and always maintaining high-quality standards, their main focus is to exceed client expectations.

Tech Stack: Node.js, React, Angular, Ruby on Rails, Python, SQL.

15. Futured (Czech Republic)

• Hourly Price: $50 – $99/hr
• Rating: Clutch (4.9)
• Employees: 50 – 249
• Founded: 2012
• Min Project: $50,000+

Services Provided:
Mobile App Development, Web Development, AI Development, AR/VR Development.

About the Company:

Futured is an authority in mobile development who produces advanced web and AI solutions. Thanks to their know-how in new technologies, they can thus offer unique and functional digital products.

Tech Stack: Swift, Kotlin, React, Vue.js, Node.js, Python.

16. Yalantis (Poland)

• Hourly Price: $25 – $49/hr
• Rating: Clutch (4.8), GoodFirms (4.7)
• Employees: 250 – 999
• Founded: 2008
• Min Project: $25,000+

Services Provided:

Custom Software Development, AI Consulting, Big Data Consulting, IT Staff Augmentation, IoT Development, Mobile App Development.

About the Company:
Yalantis renders IT consulting and software engineering services of a wide scope. One of the most fascinating AI and big data projects is the one that adapts the clients to the use of advanced data analytics and machine learning in their solutions.

Tech Stack: Java, Kotlin, Swift, Python, Angular, React, Node.js, SQL, NoSQL.

17. Jelvix (Estonia)

• Hourly Price: $50 – $99/hr
• Rating: Clutch (4.9), GoodFirms (4.5)
• Employees: 50 – 249
• Founded: 2011
• Min Project: $50,000+

Services Provided:

Custom Software Development, Enterprise App Modernization, IT Staff Augmentation, Mobile App Development.

About the Company:

Jelvix is a technology partner supporting digital transformation in healthcare that designs custom software solutions and rewrites enterprise applications. They are seen as a leader, whose success is based on the ability to provide real-time data, intelligence and predict the future to their clients.

Tech Stack: Java, Python, .NET, Node.js, Angular, React, SQL, NoSQL.

18. EB Pearls (Australia)

• Hourly Price: $25 – $49/hr
• Rating: Clutch (4.9)
• Employees: 250 – 999
• Founded: 2004
• Min Project: $25,000+

Services Provided:

Mobile App Development, Custom Software Development, Blockchain Development.

About the Company:

EB Pearls is the multi-award-winning star of mobile app development. Their professionalism and constant provision of trustworthy and reliable services have made them the go-to company in the market. Firm offers a whole range of services including software development and blockchain integration.

Tech Stack: Swift, Kotlin, React Native, Node.js, Ruby on Rails, Python.

19. Phaedra Solutions (UK)

• Hourly Price: $25 – $49/hr
• Rating: Clutch (4.9), GoodFirms (5.0)
• Employees: 50 – 249
• Founded: 2013
• Min Project: $10,000+

Services Provided:

UX Design, AI Development, Branding, Mobile App Development, Web Development, Demand Generation Marketing.

About the Company:

Phaedra Solutions is often praised for their professionalism and taking the most advanced route. This is particularly apparent in the software development area through their work in UI/UX and overall functionality improvement.

Tech Stack: Ruby, Python, JavaScript, SQL, NoSQL.

20. Blank Space (Canada)

• Hourly Price: $50 – $99/hr
• Rating: Clutch (5.0)
• Employees: 10 – 49
• Founded: 2014
• Min Project: $50,000+

Services Provided:

Custom Software Development, Web Development, AI Development, E-Commerce Marketing.

About the Company:

Blank Space focuses on customer care and project management which are of high quality by delivering appropriate custom software and web solutions. The common working point is that the collaborative approach assures the success of any project.

Tech Stack: Kotlin, Unity, Vuforia, WordPress CMS, React Native, Laravel.

Summary

Whether you are a banking-as-a-service company looking for top talent to reinforce your in-house team, or a fintech startup striving to develop your own platform from scratch to compete with the big banking-as-a-service providers, you’ll find everything you need in our list. When choosing between different vendors, be sure to look at their portfolio of relevant projects, the engagement models available to choose the most beneficial one for you, the terms on which the company offers post-launch support and maintenance services, and the company’s reputation – after all, this will directly affect the reputation of your future BaaS solution.

At Itexus, we’ve accumulated a treasure trove of diverse projects in the financial services industry and look forward to contributing our expertise and developing a digital solution that will create lasting value for your business and delight your customers. Choosing between different Banking-as-a-Service companies and need help? Want to develop a BaaS platform from scratch or integrate an off-the-shelf solution with your software? Itexus’ specialists have got you covered! Contact us and find out how we can help you.

The post Best 20 Banking-as-a-Service Platform Development Companies first appeared on Itexus.

Luckily, there are companies whose fintech recruiters have already rounded up the best tech talents – all you’ve to do is sift through the resumes and select the candidates to join your project.

To save you time and help you fill the knowledge gap in your project with proven industry experts, we’ve listed the top fintech recruiting firms. Check them out to find the right people to reinforce your in-house team.

1. Itexus

Itexus is a trusted full-cycle fintech software development agency providing both dedicated teams and team augmentation services. With a strong team of seasoned engineers, business analysts, DevOps, designers, project managers, and other specialists, the company has the resources to fill your expertise gap and advance your project. Itexus is known for its customer-centric approach, flexible staff augmentation options, and transparent billing and communication processes.

2. Southern Code

Southern Code is a full-cycle custom software development company. With experienced fintech engineers on board and flexible engagement models, the company can provide different sets of skills on favorable terms to scale and reinforce your in-house development team.

3. Magora Systems

In addition to bespoke financial software development, Magora Systems lets you hire fintech developers who seamlessly integrate with your internal staff and bring their expertise to the table. The range of expertise among the company’s engineers is really wide, so chances are you’ll find someone to fill the knowledge gap.

4. Anadea

Anadea’s team of highly skilled, experienced, and seasoned professionals is the right talent pool to hire fintech developers when you need an extra pair of hands for your project. The company is known for its impeccable reputation, well-established communication processes, and high-quality work.

5. Kellton

Along with IT consulting and custom software development, Kellton offers fintech recruiting services. The company has a strong network of mid to senior-level developers, allowing it to offer the needed skills and expertise to add value to almost any project in finance.

6. Digiryte

As part of its team augmentation services, Digiryte provides access to the best talent in fintech engineering. The company offers in-house recruitment and is known for applying industry best practices and standards to help its clients efficiently fill gaps in specialized skills.

7. ITMAGINATION

ITMAGINATION not only develops turnkey software solutions, but also helps its clients assemble interdisciplinary teams to achieve their business goals, shorten time-to-market, and save on in-house hiring. Following the “remote-first” approach, the company’s specialists seamlessly fit into your team and work hand-in-hand to ensure the success of your project.

8. JAFTON

This company works mainly with funded startups, therefore, it might be the best choice if you’re one of them. JAFTON offers flexible outstaffing options, so check them out to find the top developers, designers and other IT professionals for your project – their fintech recruiters will be happy to help you pick up the right candidates.

9. CognitiveClouds

The company designs, architects, and develops elegant web, mobile, and tablet products for startups and established businesses. At CognitiveClouds, you’ll find specialists of every profile to join your internal team – from UI /UX designers and Node.JS, ReactJS, Ruby on Rails, and Python developers to AI, ML, and NLP specialists and experts in VR, Big Data, and Blockchain.

10. One Beyond

Like other fintech recruiting firms, One Beyond offers options for long-term and short-term fintech staff augmentation. Among the company’s specialists, you’ll find the right skills to scale up or down upon your needs.

Why should you hire in fintech recruiting firms?

Your hiring model depends entirely on your business needs, project requirements, budget, and long-term goals. Let’s take a closer look at when hiring in fintech recruiting firms might be the more profitable choice.

• Short-term projects. If you have a project that requires specialized skills for a limited time, hiring through an agency can be a cost-effective solution. This allows you to access the necessary expertise for the required duration without committing to long-term employment.
• Limited resources. Recruiting, onboarding, and managing new employees take time and require internal resources and infrastructure. If your team is not ready for in-house hiring, then outstaffing may be your best option.
• Skill gap. If your internal team lacks certain skills, fintech recruiters can promptly provide experts in those areas. This can assist you in bridging the skill gaps without incurring extensive training costs.

Regardless of the reasons for hiring through outstaff agencies, you can count on the following benefits:

• Cost savings. You pay only for work hours, operating costs are on the employers.
• Flexibility. You can scale your team up and down quickly.
• Talent pool. You have access to qualified professionals with the right skill sets around the world.

Summary

To those looking for a way to supplement the internal staff, team augmentation offers numerous benefits – from lower costs to flexible and transparent processes and closer alignment with the business processes. Whether you need a temporary injection of talent or a longer-term partnership with experienced fintech specialists, Itexus team augmentation services could be the right fit for you. Reach out to advance your in-house team with our tech talents.

The post Top FinTech Recruiting Firms first appeared on Itexus.

According to statistics, the global real estate software market is projected to reach $15.8 billion by 2027. This indicates a growing demand for technology-driven solutions in the industry. From sophisticated customer relationship management (CRM) systems to advanced data analytics tools, these software solutions offer brokers a wide range of benefits, including seamless property management, enhanced client engagement, and improved decision-making.

Software development for real estate brokers

Embracing custom real estate software development is no longer a luxury but a necessity for brokers looking to thrive in the modern real estate landscape. By harnessing the power of custom software solutions, brokers can enhance their efficiency, improve client engagement, and gain a significant advantage over their competitors.

Benefits of real estate broker software

The advantages of using brokerage software are manifold.

• Firstly, these software solutions streamline property management processes, enabling brokers to effortlessly organize and track listings, transactions, and documents. With features like automated notifications and reminders, brokers can stay on top of critical tasks and deadlines, ensuring smooth operations.
• Secondly, software for real estate broker enhances client engagement by providing a seamless and personalized experience. Brokers can leverage CRM systems integrated into the software to efficiently manage client interactions, track preferences, and deliver tailored marketing materials. This personalized approach helps build stronger relationships, fosters trust and ultimately drives higher conversion rates.
• Finally, software development for real estate brokers offers advanced data analytics capabilities. Brokers can gain valuable insights into market trends, property values, and client behavior through data-driven analytics tools. Armed with this knowledge, brokers can make informed decisions, identify investment opportunities, and optimize their strategies for success.

Features of the broker software development process

The broker custom real estate software development process typically involves several key features that ensure a comprehensive and tailored solution. First, it starts with a thorough analysis of the broker’s specific needs and pain points. This discovery phase allows real estate broker developers to gain a deep understanding of the broker’s requirements and design a solution that addresses their unique challenges.

Once the requirements are established, the development team creates a user-friendly interface that simplifies complex tasks and facilitates seamless navigation. This includes features such as intuitive property search options, interactive property listing displays, and customizable client dashboards.

Additionally, robust security measures are implemented to protect sensitive data and maintain confidentiality. Encryption protocols, user access controls, and secure storage systems safeguard the broker’s and clients’ information, instilling trust and confidence.

Regular updates and maintenance are vital components of the custom real estate software development process. As the real estate industry evolves, real estate broker developers ensure that the solution remains up-to-date and adaptable to changing market dynamics. This includes integrating new technologies, addressing user feedback, and providing ongoing technical support.

Key features of real estate broker software

Software for real estate broker should offer a comprehensive suite of features designed to make operations smoother, enhance client management, facilitate effective communication, and provide valuable insights through analytics and reporting.

Let’s explore some essential features of real estate broker software.

Listing Management

Efficient listing management is at the core of brokerage software. It allows brokers to easily create, update, and organize property listings, ensuring accurate and up-to-date information for prospective buyers and sellers. Advanced software solutions offer features such as automated listing syndication, bulk uploads, and customizable property details. For example, a broker can quickly upload property photos, descriptions, and specifications, making it easier for clients to browse and search for their ideal properties.

Client Management

Effective client management is crucial for real estate brokers, and software solutions provide robust tools to streamline the process. Brokers can maintain comprehensive client databases, including contact details, preferences, and transaction history. Some software, like Paperless Pipeline, can complete the entire transaction management process. And with features like CRM integration, brokers can track client interactions, schedule follow-ups, and send personalized communications. For instance, brokers can utilize the software to send automated email newsletters, property updates, and personalized recommendations based on client preferences.

Communication Tools

Software for real estate broker facilitates seamless communication between brokers, clients, and other stakeholders. It offers channels for secure messaging, email integration, and even virtual collaboration. Brokers can engage with clients through in-platform messaging, share documents and contracts securely, and schedule appointments. These tools ensure efficient and transparent communication, fostering trust and satisfaction.

Analytics and Reporting

Data-driven decision-making is a cornerstone of successful real estate brokerage software. Software solutions provide comprehensive analytics and reporting features, enabling brokers to gain valuable insights into market trends, client behavior, and business performance. Brokers can generate customized reports on key metrics such as property views, conversions, and revenue. They can also analyze data to identify emerging market opportunities and optimize their strategies accordingly.

Additional Features

Brokerage software often offers a range of additional features to enhance productivity and efficiency. This may include integration with third-party services like electronic signature platforms for seamless document signing, task management tools for team collaboration, and mobile apps for on-the-go access. These additional features cater to the diverse needs of brokers and provide a comprehensive solution for their day-to-day operations.

Customization and integration of real estate broker software

Customization enables brokers to adjust the software to their company’s specific needs, ensuring optimal efficiency and productivity. This way, they can configure workflows and define automation rules that align with their unique business processes. This level of customization ensures that the software seamlessly integrates into the broker’s existing operations, minimizing disruption and maximizing effectiveness.

Furthermore, software for real estate broker often integrates with other essential tools and services used in the industry. Integration with popular listing platforms, MLS (Multiple Listing Service) databases, and property valuation tools enables brokers to access a wider range of data and polish their property management processes.

Integration with CRM systems, email marketing platforms, and document management tools enhances client management and simplifies communication. These integrations provide brokers with a centralized hub where they can access and manage all their real estate tools, increasing efficiency and reducing manual effort.

4 reasons to develop custom real estate broker software

Developing custom real estate brokerage software brings a multitude of benefits to brokers and their businesses. Here are some key advantages:

• Efficiency and productivity. Real estate broker solution automates time-consuming tasks, allowing brokers to focus on core activities. Automated property listing updates, document management, and communication tools save valuable time and increase productivity. By eliminating manual processes and optimizing workflows, brokers can handle more transactions, expand their client base, and improve overall efficiency.
• Enhanced customer satisfaction. Brokerage software enables personalized client interactions and flawless communication. Brokers can provide a positive experience for their clients with features like CRM integration, automated notifications, and tailored marketing materials. With quick access to property information and efficient communication channels, brokers can deliver superior customer service, build stronger relationships, and ultimately increase client satisfaction, which eventually drives higher conversion rates.
• Data management and security. Brokers software ensures efficient data management and storage. Brokers can securely store and access client information, property data, and transaction records in a centralized platform. Advanced security measures, such as data encryption and user access controls, safeguard sensitive data from unauthorized access. This instills confidence in clients and assures them of their data’s privacy and security.
• Data-driven decision making. Brokers software provides robust analytics and reporting capabilities. Brokers can gain actionable insights into their customers, market trends, and client behavior, as well as generate reports. With data at their fingertips, brokers can make more informed decisions, identify growth opportunities, and optimize their strategies for better results.

Well-known examples of effective real estate broker software

Check out the table showcasing some famous and successful examples of well-done custom tools and solutions in the real estate industry.

All of the above-mentioned real estate broker solutions offer specialized features and benefits that cater specifically to the needs of brokers. Whether it’s streamlining transactions, managing clients effectively, automating property management tasks, or simplifying commission tracking, these tools provide valuable support for brokers in their daily operations.

Summary

The real estate industry is on the cusp of transformation and growth through software development. By adopting software tailored for real estate brokers, brokers can take advantage of advanced tools, customization options, and seamless integration with other real estate platforms. These solutions enhance efficiency, improve client satisfaction, streamline data management, and enable data-driven decision-making.

Looking ahead, the future of the real estate industry will be shaped by further advancements in custom real estate software development, including artificial intelligence, virtual reality, and blockchain technology. Brokers who embrace these innovations will gain a competitive edge, unlock new opportunities, and thrive in the real estate industry.

Are you considering developing custom real estate software? At Itexus, we assist businesses from various industries in their digital transformation. Contact us to learn how you can benefit from our industry knowledge and technical skills.

The post Real Estate Broker Software Development first appeared on Itexus.

Why fintech consulting services are much-in-demand

The key concept in understanding the reasons for fintech consulting companies’ upsurge in the ever-emerging sophisticated technologies that require time and skills for professionals to master. Under this scenario, not to wait until your in-house developers and business analysts acquire the needed technology you could seek a piece of advice from someone who is already experienced enough to consult you. Let’s discover the popular trends covered by financial technology consultants.

1. Security and data protection

 The world of malware keeps testing fintech solutions trying to spot weak sides and cause breaches of sensitive data. A fintech consulting firm aims to employ robust access and identity management, shed some light on the level of personal data privacy protection, and help the company get full control over the data.

2. Cloud computing and automation

Some solutions operating in the fintech sphere are quite outdated. Modern times bring new challenges and these systems have to be upgraded to stay competitive in the field. Financial technology consultants help to get a clear way of how to perform the digital transformation and sometimes could even provide a dedicated team to do it.

3. Financial benefits 

Though professional fintech consultations may not be cheap, old systems that are ill-functioning cost more. Firstly, you still have to pay high salaries for people doing jobs that can be eliminated with a proper level of automation. Secondly, there could be additional expenses to cover the errors made by humans. Thirdly, without modern technologies, one won’t be able to provide instant financial operations, which is quite a trademark of the new banking area.

4. Regulations and legal knowledge

Fintech consulting companies not only help startups and businesses get to the bottom of modern technologies but also assess companies’ compliance with local regulations. Assistance with taxes prevents businesses from having serious issues. Help could be also provided with legal documentation, changes in government regulations, safeguarding, money laundry, etc.

5. Business network

Partnering with a fintech management consulting company means that whatever business contact they have, in case needed would be brought to you. These could be one-time connections that have the potential to end up in lasting and valuable business relations. The support from the consultants (legal, technical, financial) helps you be at the forefront of the market. 

Top fintech consulting companies

It’s crucial to choose the best fintech consulting company that has a deep understanding of your sphere, and the technologies you are adopting or planning to take on. It should be the evangelist of your business concentrated on understanding, educating, and collaborating with you to guarantee your solution rocking the field. Let’s review the best examples of companies providing much assistance to fintech startups.

1. Itexus

Itexus has been in the market since 2013 and gained deep expertise in various fintech fields by running such projects as trading and lending platforms development, banking apps, wealth management, investment solutions development, and insurance software creation. Itexus has provided its consulting services to fintech companies around the world by not only advising on the best regulatory practices, investments, and technology stacks but also being a great partner in mediating between the client company and its users, ensuring growth by asking the right question at the right time. One of the strongest points of the company is that the consulting services provided go hand in hand with a dedicated team capable of developing solutions of any complexity. This means that any advice on MVP creation, architecture design, API and integrations, etc. can be easily put into practice. More importantly, in case of changes and unexpected twists, the consulting team easily finds common ground with the developers to deliver a high-quality product in the shortest possible time.

2. Versett

Versett is a Canadian fintech company helping clients reach their goals by applying top-notch technologies to boost their performance. In addition to providing fintech consulting services on the right business strategies and tech stack, the company has extensive experience with UX and UI design targeting the spheres of what makes their clients successful more than what makes them happy enabling thus the provision of hyper-personalized experience.  

3. Parkside Interactive

Parkside Interactive is an Austrian consulting and development agency that renders its services to many European and American companies. Parkside Interactive is known as professionals in product prototyping, analyses of legacy software and its modernization, automation tests, test management, technology consulting, and coaching. They work hard to keep up with the latest trends in the software development field and wrap them up in MVPs and product prototypes.  

4. Tronvig

Tronvig is a USA-based company with a head office in NYC which is an expert in company brand creation and offering branding strategy services. They have served various clients across the Northern American continent and have proven themselves as extremely valuable partners able to bring maximum value to their clients.

5. Prescient Strategists 

Prescient Strategists is another American-based consulting company with headquarters in Boston. They are best known for advising and consulting in case of complex change management challenges. Prescient Strategists come up with an individual approach to the issues challenging clients’ business and are capable of providing tangible results in quite a short time period. 

6. Beyond Analysis

Beyond Analysis is a UK-based fintech consulting agency actively applying Data Science and data strategies to the consulting services they offer. They help companies to better understand their clients, and drive business improvements and efficiency gains. Beyond Analysis is heavily adopting AI and ML to forecast users’ behavior and create models, which helps to deliver a competitive advantage to their clients worldwide. 

7. SMB Technologies

SMB Technologies is a USA-based IT consulting company with headquarters in Portland, OR. The company has been in the market for around 20 years and managed to grow from a small IT consulting group to a fintech advisory and consultancy agency. The two strongest sides of SMB Technologies are cloud services and cybersecurity. Prioritizing clients’ needs SMB Technologies are monitoring suspicious activity 24/7/365 and always stay relevant regarding innovative technologies and solutions.

8. SMBHD

SMBHD is a consulting company, headquartered in Chicago assisting businesses from the fintech field. They advocate for total business transformation and are ready to serve with best-in-class digital solutions. The specialty of the company is backend architecture development consulting bearing in mind its protection against malware. Also, the agency calls for business intelligence solutions adoption in the fintech sphere. 

9. Trianz

Trianz is an international company helping its clients remain valuable for stakeholders during the turbulent times of technological disruption the fintech field is experiencing nowadays. Trianz has proclaimed itself as a digital evolution adapter and has even come up with Digital Enterprise Evolution Model helping its clients to prioritize correctly and understand which direction they should evolve. Consulting services offered by Trianz are mostly aimed at digital transformation, cloud migration, and system management.  

10. Fresh Squeezed Ideas

Fresh Squeezed Ideas is a Canadian consulting company mixing modern technologies adoption with deep insights into the psychology of human behavior and social anthropology. This blend helps to understand the users and advises on how to build a valuable solution or what digital transformations are required to serve the needs of customers better. 

4 things to look for in a fintech consulting firm

Finding the right partner that would play along acting more like a part of your company rather than a contractor is crucial for the success of your business and its growth in the dynamic and challenging fintech world. Also, the right advice allows avoiding non-working business models, escape from regulatory pitfalls, and as a result, saving your time and money.

Skilled software developers

No one would argue that any solution developed by a true professional has a better chance to fly once it’s deployed. Some of the reasons for that are bug-free, easy-to-understand code, and secured scalable backend architecture. Logically assumed we could say that if the specialist can develop high-quality products, it means that they could advise on how to create one. Look through the team members and test their skills if needed before making up your mind to partner with the company.

Regulation compliance

It’s important to take advantage of open banking and PSD2 as it consolidates the offerings in one location. At the same time, it requires a professional touch to make the fintech product compliant with PSD2 and open banking. Also, some banks might have specific demands concerning data handling or network configurations. Make sure your financial technology consultant is familiar with the field of banking software development.

Company success rate

No matter what is written on the company’s website concerning the completed projects, do your research. Go for reviews of previous clients. If there is some space left for doubts, you can even contact the representatives of these companies to get the information first-hand. Pay extra attention to the complexity level of the transformations completed and the way the company handled the data received. 

  Level of communication

Opt for a company that is close to your mentality and will easily understand your concerns and doubts to be able to address them correctly. Financial consulting service is built on trust and you should be able to open up about your business and your goals which could be quite confidential and not shared with the rest of the world. Quite often help is needed with a license application to be able to function in the fintech field, this means giving the consultant company the authority to represent you.

Fintech consulting process step-by-step

To help you better understand what you can expect from fintech consulting firms, we have outlined the principal steps of the process and highlighted the outcomes you get upon completing each step.

1. Assessing your as-is and to-be

The team will start by having a detailed discussion with you to gather information about your current financial systems, processes, and technologies. This will help them understand your specific needs, challenges, and goals. Once financial technology consultants have a clear picture of your situation, they will conduct a comprehensive gap analysis to identify any shortcomings and inefficiencies in your existing setup. This analysis will help to create a customized plan to address the gaps and align the solutions with your objectives.

2. Developing tailored fintech strategies and solutions

The team creates customized strategies that utilize the latest technology to address your requirements and identified gaps. Next, the consultants evaluate available technologies and platforms to determine the best fit for your specific needs. During this evaluation, factors such as scalability, security, compliance, and integration capabilities are assessed to recommend the most appropriate solutions.

3. Implementation and integration of selected solutions

Fintech consultants often suggest conducting a pilot test to validate the effectiveness of proposed solutions before implementing them fully. The pilot test involves deploying the fintech solutions on a smaller scale to identify any potential issues and fine-tune the implementation strategy. Financial technology consultants collaborate closely with your IT team to ensure seamless integration of new fintech solutions with the existing infrastructure, minimizing disruptions and downtime during the process.

4. Post-implementation support and assistance

Once fintech solutions have been fully deployed, the consultants can continuously monitor their performance, efficiency, and impact on your processes. This data-driven approach helps to identify areas for further improvement and optimization. If required, the fintech consultants can provide training to your staff to ensure they can effectively use the new technologies and tools. The team should also offer ongoing support and assistance with updates, security patches, and adjustments based on changing business requirements to address any issues that may arise post-implementation.

5. Continuous improvement and innovation

If you require additional services, fintech consultants can monitor the ever-changing financial industry and emerging technologies closely. They can offer valuable insights and recommendations on adopting new solutions or upgrading existing ones to help you stay ahead of the game.

Summary

The fintech sphere these days is full of various startups, apps, and other solutions that make our lives easier by facilitating financial operations. But to get there, a company needs to comply with multiple regulations at the national and global levels. Not all companies operating in the fintech field can afford to hire in-house professionals giving sound advice on the company’s path in the fintech field. Moreover, sometimes each separate sphere needs an individual consultant, i.e. insurance consultant, wealth management consultant, TechReg consultant, etc. That’s why partnering with a fintech consulting company is the best choice to save the budget and at the same time get your back covered.

If you need professional advice and help with any of the fintech fields, let us give you a helping hand. Drop us a line about the challenge you are facing right now, and we’ll turn it into an opportunity.

The post Top 10 FinTech Consulting Companies first appeared on Itexus.

• lower processing and transaction costs,
• reduced risk of error and fraud,
• faster payments,
• more efficient payables management,
• automated recordkeeping,
• streamlined disbursement process and reconciliation, and more.

Introducing ACH payments can streamline your payment processes, reduce costs, and improve customer satisfaction, regardless of your company’s size. If you need assistance with ACH payment integration, you can find a reliable tech partner in our comprehensive list of companies with hands-on experience connecting businesses to the ACH network. These companies will assist you with everything from selecting ACH payment companies to post-integration monitoring. Check them out and choose the one that best suits your needs.

1. Itexus

Itexus is a software development agency with a proven track record of delivering various types of systems for businesses of all sizes across industries. They have extensive experience integrating their clients’ systems with third-party service providers, including best ACH processing companies like Stripe, Payoneer, and others. Itexus can assist with specific steps of the integration process or take over the entire project. In either case, you can be confident that you will get the most out of your technological investment. Additionally, Itexus offers consulting services. If you’re unsure which ACH provider to choose, they will analyze your requirements and help you select the most suitable processor.

2. Spiria

In addition to design and development services, Spiria offers assistance with customer experience-related processes such as customer research, acquisition strategy, engagement planning, and mapping customer journeys. If you are in search of an ACH payment processor that will offer the best value to your customers, Spiria’s team can assess their requirements and suggest a provider that will be a perfect fit for them.

3. JH Media Group

JHMG gives great attention to their clients’ business processes and intricacies to offer the best solutions that will fulfill their needs in the most efficient manner. The company specializes in developing SaaS applications. If you have one and need to connect it to the ACH network, they will assist you in selecting a payment processor, integrating it, and maintaining it post-integration.

4. YND

YND is a digital product studio that provides end-to-end development and team extension services. You can choose to hand over the entire project to the YND team or hire an extra pair of hands to reinforce your in-house team working on integration. The company claims to be proficient in solving complex technical challenges, therefore, they may be an ideal partner if you have specific constraints or demands.

5. 6thSolution Technologies

As a consulting and development agency, 6thSolution Technologies knows how to make the most out of the integration of third-parties into existing systems. The company utilizes data and AI to drive businesses forward. If you want to gain actionable insights into your customers while streamlining their payment experiences, 6thSolution Technologies is ready to assist you.

6. Mach One Digital Company

Mach One Digital Company is a comprehensive technology consulting firm that prides itself on helping clients to make technology an asset for their businesses by providing them with the tools they need to succeed in today’s digital age. The firm can provide technology leadership and oversight for implementing ACH integration, helping you stand out from the competition.

7. Softwire

Softwire has years of experience in software consultancy and the development of custom solutions. They seamlessly integrate their clients’ software with third-party providers by carefully analyzing and evaluating unique needs, identifying suitable ACH companies, and implementing robust solutions.

8. Engine Digital

With a diverse team of strategists, designers, and engineers driven by a need to create impactful change in the way businesses operate, this firm can not only build digital products but also help redefine the sales funnel. So, if you need marketing advice in addition to ACH payment integration, Engine Digital may be the right fit for you.

9. Qualex Consulting Services

Qualex Consulting Services is a consulting firm that provides staff augmentation and IT implementation services. They have helped hundreds of businesses across various industries succeed in today’s globalized world. With a wealth of knowledge in ACH integration, the team will do their best to ensure that you get exactly what you need to succeed.

10. AIMDek Technologies

AIMDek offers top-tier IT solutions to businesses worldwide. The firm specializes in innovative, high-quality strategies to tackle complex challenges and digitize businesses and offers end-to-end digitization services to startups, mid-size, and large-scale businesses, including assistance with connecting existing systems to ACH payment processing companies.

Summary

While the main objective of an ACH API is to link a business to the ACH network, processing companies provide additional features, such as various payment options, tokenization, establishment of recurring payments, and more. Similarly, different ACH companies have varying offerings with regards to integration requirements, pricing, post-integration support, and more. As a result, it is easy to become overwhelmed when attempting to sort out all of the details.

Whether you need assistance selecting a suitable payment processing provider or integrating an ACH API with your software, we’ve got you covered. At Itexus, we have been helping companies across industries set up efficient, secure, and convenient payment methods to enhance the purchase experience for customers and reduce operating costs for businesses. Contact us to discuss your needs and discover how we can help.

The post Top 10 ACH Payment Integration Providers first appeared on Itexus.

What are Blockchain, Ethereum, and Binance?

Blockchain is the technology of making blocks and writing there all the transactions taking place. Participants in blockchain activities are auditing transactions and verifying them independently and anonymously. The first ever blockchain is Bitcoin which acts as a distributed ledger for Bitcoin digital currency. Since 2009 when Bitcoin was launched and until the end of 2021, the total value of all bitcoins is estimated to be over $1.03 trillion.

Nevertheless, Bitcoin is not the only blockchain in the Web3 ecosystem, another growing and actively developing blockchain is Ethereum. It was conceived by a Russian-Canadian programmer in 2013. Two years later Ethereum became the first blockchain to unleash the power of smart contracts which triggered the development of various decentralized applications (dApps). Ethereum has a large community of developers, its development languages, and support from companies all around the world.

At the same time, the Ethereum blockchain experiences some issues, mostly this is network congestion and connected slow speed of transactions and huge gas fees irrespective of the sum of transactions. That’s why some Web3 service providers started looking for a more economically sustainable Ethereum alternative, which at the same time could enable dApps creation.

One of the most successful blockchain projects which created its own blockchain for dApps development is Binance, an online cryptocurrency exchange. It is also one of the first exchanges which facilitated blockchain adoption for millions of users by providing cryptowallets to store digital currencies. 

What are Binance Chain and Binance Smart Chain?

Binance exchange introduced the Binance Chain in 2019 with the idea to facilitate reliable, fast, and decentralized transactions. It was mainly developed to reinforce trading, that’s why quite soon its scalability issues became obvious. Moreover, Binance Chain didn’t have the capacity for smart contract development and was not compatible with Ethereum Virtual Machine (EVM), which is a very important part of smart contract creation. EVM is a sandboxed environment for smart contract development and testing. That’s why Binance Smart Chain (BSC) came into existence in 2020 and became the robust platform for DeFi, DAOs, and other dApps development with low transaction fees and only 3 seconds for block development.

The two blockchains: Binance Chain and BSC work in parallel, when BSC is in charge of scalability, while Binance Chain is responsible for high throughput. Such a successful tandem couldn’t help but be noticed by blockchain enthusiasts, which made it one of the most popular mainstream blockchains of Web3. As for the end of 2021, BSC had more than 120 million addresses registered with a volume of transactions of around 14 mln a day.

Why build a DApp on Binance Smart Chain?

Binance application development offers several advantages, including:

• faster transactions,
• lower transaction fees,
• high level of security,
• fast and easy deployment,
• interoperability with other blockchain networks,
• access to a large and growing user base.

One notable feature of Binance Smart Chain is its ability to integrate smoothly with the Ethereum ecosystem. This has resulted in many popular DeFi projects migrating to the Binance platform. DeFi, short for decentralized finance, refers to financial applications that operate on blockchain technology without intermediaries, allowing users to have greater control over their assets. By migrating to the BSC ecosystem, DeFi projects provide their users with access to a broad range of decentralized exchanges (DEXs), yield farming platforms, lending and borrowing protocols, and more.

How to build a DApp on Binance Smart Chain?

Everyone knows that Web2 app development is easier than Web3 or dApp development. The first one has all the needed tools and frameworks settled and ready to use, while the latter due to its nascent nature is still in its infant state. To some degree dApp development still lacks fundamental middleware and tooling. Also, Web3 differs from Web2 in more than one development environment; it means that different blockchains have their characteristics, bringing different development environments. Binance Smart Chain made its tooling compatible with the Ethereum blockchain, which is the leading blockchain enabling dApp development, thus managing to combine the cost-effectiveness of the network with the advanced development capacities.

Similar to traditional apps, dApps are made of three main elements: backend, smart contracts, and user interface (UI). Let’s discuss these main elements of dApp development in detail.

DApp user interface 

Front-end development in Web3 is similar to the one in Web2, analogous tools and programming languages are used. UI for Web2 and Web3 should be clear and user-friendly, and similar guidelines and principles should be followed. The most popular tools for Web3 front-end development are JavaScript, CSS, and HTML. Also, app developers should master Web3.js, a special library that helps to connect the UI of the app and smart contracts enabling dApp functionality.

Binance smart contract development

Smart contracts are the pillars of the financial ecosystem in Web3. Binance Smart Chain development includes smart contract creation for Decentralized Finance, centralized and decentralized cryptocurrency exchanges, Web3 multi-level marketing, and dApps. Smart contract development needs professionals skilled in Solidity and Viper as well as some Python smart contract development frameworks such as Brownie. Also, the project requires a clear understanding of smart contract use cases as well as the company’s business goals. Starting from the idea, the smart contract architecture is created, then the smart contract is built. Later on, during the stage of the audit, it’s crucial to fix errors and optimize Binance smart contracts to ward off vulnerabilities.

DApp back-end development

Building server connections for your dApp is one of the most difficult tasks in Web3 development. This is a time-consuming process, requiring skilled developers and a lot of resources. Moreover, the database connected to Web3 dApp should be scalable and operate cross-chain, which means built in an agnostic fashion. This lets dApps grow and operate on other blockchains welcoming more users from other networks. At the same time, there are some companies, for example, Moralis, specializing in codeless dApp back-end integration.

Basic Binance Smart Chain DApp development tools

To create, deploy, and interact with binance DApps, you will need a few essential tools.

• Binance Smart Chain Wallet. This is a browser extension wallet that connects users to DApps on the Binance Smart Chain. It allows them to manage accounts and sign transactions seamlessly and securely.
• Binance Smart Chain Testnet. Testnet allows developers to test and debug their DApps in a safe environment before deploying to the mainnet, minimizing risks and ensuring stable functionality.
• BSC Studio. It’s a powerful and easy-to-use graphical integrated development environment that allows for developing smart contracts on BSC. BSC Studio runs on both web and desktop environments and supports all major OSs.

Types of Binance-based DApps

Binance Smart Chain development embodies mostly DeFi dApp development enabling such types of apps as staking platform development, DEX and CEX, yield farming, token development, NFT, Binance trading app, and wallet development. Binance chain and BSC allow the following functionality for the dApps:

• BNB Sending and receiving;
• new token issuing;
• token sending, receiving, burning/minting, freezing/unfreezing;
• sending orders to sell or buy assets via on-chain trading pairs creation.

Also, Binance could host gaming platforms, such as BLINK and RocketGame. 

Summary

Binance dApp development is a new trend in the Web3 ecosystem and it has great potential for bringing functionality similar to Ethereum-based dApps. Developers skilled in Ethereum dApp development find no difficulties switching to BSC. Another good point is the low transaction fees on BSC, which are around 20 times less compared to fees on Ethereum. The speed of new block creation, which is only 3 seconds, is also a big advantage that allows fast-paced dApp infrastructure creation. 

If you are interested in Binance application development and would like to discuss it, let us know by sending a line or scheduling a call with our experts. Itexus could be either a valuable consultant partner for your development team or get all the needed work done for you. 

The post Binance DApp Development: How To Build Binance-Based Applications first appeared on Itexus.

Voice recognition technology is gaining traction across industries, with the financial sector being one of the primary beneficiaries of this innovation. As more customers use their devices to access banking services, voice payments are becoming a helpful alternative to tapping on the go, making digital banking more convenient, secure, and accessible to customers.

In this article, we explore the concept of voice banking, look into its use cases, and explain how to integrate voice recognition technologies into existing digital banking infrastructure.

What is voice banking, and how did it start?

Let’s explore the key factors driving the increasing adoption of voice recognition technologies in the financial industry.

Advancements in technology

In recent years, improvements in artificial intelligence and natural language processing have greatly enhanced the precision and dependability of voice recognition systems, making them a more appealing and feasible option for financial institutions.

Awareness of customer experience

In the digital banking era, providing a positive customer experience is essential. Voice recognition technologies play a crucial role in creating smoother and more natural interactions between customers and financial institutions. With the voice banking app, customers can avoid navigating through complex menus or typing commands, making digital transactions more user-friendly and accessible.

Demand for streamlined authentication

Using voice recognition is a convenient and efficient way to authenticate users. With this method, customers can access their accounts, make transactions, and perform various banking tasks by simply speaking, without the need to remember and enter complex passwords.

Cost savings

Incorporating voice banking software can result in cost savings for financial institutions. This technology can decrease the necessity for manual verification processes, paperwork, and call center staff. Automated voice banking software can manage routine customer inquiries and tasks, freeing up human agents to concentrate on more complicated issues.

Widespread adoption of smart devices

The popularity of smart speakers and virtual assistants such as Amazon Echo, Google Home, and Siri has made users comfortable with voice-enabled interactions. Financial institutions have taken advantage of this trend by integrating their services with these devices, providing customers with the ability to access financial information and perform transactions using voice commands.

Voice recognition in banking: use cases

Voice recognition technology has a broad range of uses in the banking industry and is quickly changing how customers engage with their financial institutions.

Voice commands

Customers can use their voice for banks and financial services – for example, to perform actions like checking their account balance, reviewing recent transactions, transferring funds between accounts, paying bills, and more.

Voice authentication

Using voice biometrics as a form of authentication can provide an additional layer of security and convenience for banking transactions. With this method, a customer’s voiceprint serves as a unique identifier, replacing the need for traditional passwords or PINs.

Virtual assistants

Banks and financial institutions may provide virtual assistants that utilize natural language processing (NLP) to comprehend customer inquiries and offer appropriate information or assistance. Voicebot in banking can successfully replace human support agents when it comes to resolving routine queries.

Customer support

Voice banking can be incorporated into customer service systems, which would enable customers to communicate with support representatives using their voice.

Benefits of incorporating voice technology in banking

Voice recognition technologies have found significant adoption in the financial industry due to several factors that offer numerous benefits to both financial institutions and their customers.

• Convenience. Voice recognition tech has revolutionized user-device interaction, allowing for simple and secure voice payments in banking. It can also be customized for security by recognizing unique voice patterns. Use cases like voice-activated shopping and virtual assistants are emerging, indicating the limitless potential for this tech field.
• Faster checkout. Voice-enabled payments are fast, secure, and accessible, eliminating the need for physical cards and making it especially helpful for people with disabilities. As voice recognition technology improves, it becomes more accurate and efficient as a hassle-free payment method.
• Fraud reduction. Each person’s voice is as unique as their fingerprints and has distinct qualities such as timbre, pitch, and tone. Voice recognition authentication has become a highly secure method of verifying an individual’s identity in various contexts, from banking to law enforcement, due to the difficulty of imitating someone else’s voice accurately.
• More accessible mobile banking. Voice banking software promotes inclusive banking for consumers with visual impairment by providing access to mobile banking without the need for a screen or touch.

Technologies behind using voice in the financial sector

In the financial services industry, the use of voices entails utilizing various technologies to enable secure and efficient voice interactions. These technologies may include:

1. Voice recognition technology is at the heart of voice-enabled financial services. This technology uses sophisticated algorithms and machine learning models to transform spoken language into text. It enables financial systems to precisely comprehend and interpret voice commands and queries from customers.
2. Voice biometrics is a specialized area of biometrics that is used to identify and verify individuals based on their unique voice characteristics. This involves creating voiceprints of users and comparing them with stored templates to securely confirm their identity.
3. Artificial Intelligence (AI) and Machine Learning (ML) are essential in voice banking services. They improve the precision of voice recognition, natural language understanding, and user authentication processes by constantly learning from data and improving system performance over time.
4. Natural Language Processing (NLP) is a type of artificial intelligence that allows computers to understand and interpret human language in a way that is more similar to humans. In the financial services industry, NLP is utilized to comprehend the purpose behind customers’ voice commands and extract pertinent information to carry out tasks such as account inquiries, transaction requests, or customer support, among others.
5. Text-to-Speech (TTS) technology is used to create lifelike speech from written text. In financial services, TTS is applied to give spoken responses to customers, making sure that voice interactions are more natural and user-friendly.
6. Speech-to-Text (STT) technology is utilized to convert spoken words into text. This technology is commonly used to transcribe voice commands or queries, making it easier for financial systems to accurately process and comprehend customer instructions.

How to add voice payments to an existing banking solution?

Introducing voice payments in banking can ultimately enhance the user experience and streamline transactions if appropriately implemented. Let’s explore how to accomplish this.

1. To start, you need to evaluate the current architecture and capabilities of the banking solution. This will help you determine if the existing system can handle voice payments, or if you need to make any modifications. You also need to assess different voice recognition and natural language processing (NLP) technologies that are compatible with the banking solution’s needs and can securely handle financial transactions.
2. After selecting suitable voice recognition and NLP technologies, they can be seamlessly integrated into the current banking solution. This includes establishing APIs and SDKs to capture voice input, running it through the voice recognition system, and utilizing NLP to comprehend the user’s intention.
3. To ensure the authenticity of users performing voice payments, secure authentication mechanisms such as voice biometrics or multi-factor authentication should be implemented. Furthermore, the system should integrate the backend logic for processing transactions securely and the essential verification mechanisms.
4. To ensure a smooth banking experience, it is important to validate the accuracy and reliability of the voice payment feature prior to its release. This can be achieved through functional, security, and usability testing to identify and address any potential issues. It is also recommended to gather feedback from a diverse group of users to understand their experience and make necessary improvements.
5. After launching, it’s essential to keep a close eye on the system’s performance and be ready to make changes based on user feedback and new technology.

Summary

Look at the numbers: in 2022, the voice banking market was valued at $1.34 billion and is projected to reach $2.74 billion by 2029. It’s clear that this emerging technology will be with us for a long time, steadily transforming how customers interact with their financial institutions.

If you want to stay ahead of the curve, introducing voice payments into your banking app is something worth considering. At Itexus, we have been helping financial institutions leverage technology to their benefit for over a decade. Our experts can help your organization explore the benefits of voice payments and implement them to meet your specific needs and goals. We can integrate voice technology into your existing app or develop a standalone voice payment app to deliver a tailored solution for your business and customers. Contact us to learn how we can help you adopt voice banking technology.

The post Voice Banking: Benefits, Integration, Use Cases first appeared on Itexus.

In this article, we delve deeper into the power of systems integration in the banking industry. Discover how it empowers institutions to thrive amidst digital disruption, and learn why integrated banking solutions are the key to unlocking unparalleled value for both banks and their customers.

Types of integrated banking system

The banking sector relies on a diverse array of systems, ranging from core banking systems that form the foundation of financial services to customer relationship management (CRM) systems that enhance personalized interactions. The table below provides an overview of the key types of systems in the banking industry, along with their descriptions and key features.

These systems comprise the critical infrastructure that enables banks to operate efficiently, cater to customer needs, and remain competitive in an evolving financial landscape. Integrating these systems can unlock numerous advantages, from improved operational efficiency to enhanced customer experiences and data-driven decision-making.

How systems integration in banking helps to drive efficiency and innovation

Integrating with core banking, customer relationship management (CRM), payment, and other relevant systems can positively impact a bank’s digital transformation in many ways:

• eliminated data silos and optimize operations,
• more personalized customer experiences and tailored marketing strategies enabled by real-time access to accurate customer information,
• streamlined and efficient financial transactions with minimized delays and processing errors,
• more efficient risk assessment and management,
• better decision making achieved through comprehensive insights gained from data and analytics,
• improved customer service and support, faster issue resolution, and higher customer satisfaction scores.

Advantages of systems integration in banking

Systems integration in the banking industry delivers a win-win scenario. For banks, it means improved operational efficiency, enhanced decision-making, and reduced risks. For customers, it translates into seamless transactions, personalized services, and access to innovative solutions that make their banking experiences more convenient and rewarding.

Benefits for banks

• Real-time data availability. With an integrated banking system, banks gain access to up-to-date and accurate information across various departments, enabling better collaboration and informed decision-making. Gone are the days of relying on outdated and disparate data, as fintech integration ensures that the right information is readily available at the right time.
• Reduction of manual errors. When data flows seamlessly between systems, the need for manual data entry diminishes, significantly reducing the risk of human errors. This results in improved data accuracy and reliability, enhancing overall operational efficiency and regulatory compliance.
• Enhanced decision-making capabilities. The consolidated data and comprehensive insights derived from integrated banking solutions provide a holistic view of the institution’s performance and customer behavior. Armed with this knowledge, banks can make data-driven strategic decisions, optimize processes, and adapt to market changes swiftly, giving them a competitive edge in the financial landscape.

Benefits for customers

As financial institutions leverage systems integration in banking, customers are the ones who reap the rewards.

• Seamless transactions. An integrated banking system enables smooth and efficient handling of transactions, making banking experiences quicker and more convenient. Whether it’s transferring funds, making payments, or managing accounts, customers enjoy a frictionless process that saves time and effort.
• Personalization is another significant advantage that systems integration brings to customers. By centralizing customer data from various systems, banks can gain comprehensive insights into their customers’ preferences and behaviors. This valuable information allows banks to tailor their services and marketing efforts, offering personalized solutions and targeted offers that resonate with each individual customer.
• Enhanced customer experiences. Whether it’s mobile banking apps with user-friendly interfaces or real-time transaction notifications, integrated systems enable banks to provide cutting-edge solutions that meet customers’ evolving needs and expectations.

Banking integration techniques and technologies

The adoption of innovative fintech integration techniques and technologies is crucial for staying competitive and agile. Among the prominent integration approaches are Point-to-Point integration, Enterprise Service Bus (ESB), and Application Programming Interfaces (APIs), each serving distinct purposes in streamlining operations and data interactions.

Point-to-Point Integration is a straightforward method where systems are connected directly to one another. While it may suffice for a small number of systems, this approach becomes complex and challenging to maintain as the number of connections increases. As the banking industry evolves, the limitations of point-to-point integration are evident, prompting financial institutions to seek more scalable solutions.

Enterprise Service Bus (ESB) offers a centralized and scalable banking integration platform that acts as an intermediary between systems. ESB enables communication, data transformation, and routing between diverse applications, making it an efficient and manageable approach for larger and more complex financial system integration scenarios. This architecture promotes reusability, reduces dependency on point-to-point connections, and simplifies future integrations.

Application Programming Interfaces (APIs) are the building blocks of modern financial system integration, serving as a bridge that allows different software systems to communicate and interact with one another. Financial APIs enable banks to expose specific functionalities and data to external parties securely. This opens up opportunities for partnerships with third-party fintech companies, enabling banks to offer a broader range of services while maintaining control over their core systems.
APIs play a crucial role in creating an ecosystem of interconnected services, empowering banks to leverage external innovations and stay at the forefront of customer-centric solutions. They enable rapid development and deployment of new features, facilitating an agile approach to innovation. Furthermore, APIs support the development of mobile applications, letting banks provide seamless and convenient experiences for their customers across various devices.

Emerging technologies

As the banking industry embraces digital transformation, emerging technologies like cloud computing and microservices are changing financial system integration.

• Cloud computing provides a flexible and cost-effective solution for housing data and applications, allowing banks to move away from on-premises hardware constraints. Cloud-based integration solutions enable banks to scale their operations efficiently and access resources on demand, enhancing overall agility and resilience.
• Microservices is another brand-new tool in financial system integration. This architectural approach breaks down applications into smaller, independent services, each with specific functions. Microservices enable banks to build and maintain applications more rapidly and efficiently, as each service can be developed, updated, and scaled independently. By adopting microservices, financial institutions achieve a modular and nimble environment, promoting faster innovation and the ability to adapt to changing customer demands.

The combination of cloud computing and microservices unleashes the full potential of financial system integration. Cloud-based microservices offer banks the flexibility to deploy and scale fintech integration in response to dynamic market demands. This amalgamation also fosters better collaboration among teams, accelerates the development cycle, and drives faster time-to-market for new services and applications.

Challenges in financial system integration

Despite the numerous benefits of systems integration in banking, financial institutions face several challenges in implementing and maintaining an ecosystem. Three key challenges include:

1. Legacy systems. Many banks have legacy systems that were developed and implemented in the past. Integrating these older systems with modern applications can be complex and time-consuming, as they may lack the necessary interfaces and compatibility with newer technologies.
2. Data compatibility. Banks accumulate vast amounts of data from various sources, and ensuring compatibility between different data formats and structures can be challenging. Inconsistent data formats may lead to data discrepancies and hinder the flow of information across integrated banking solutions.
3. Security concerns. As financial system integration involves sharing data between systems, security becomes a top priority. Banks must ensure that sensitive customer information remains protected throughout the bank integration process and during ongoing data exchanges.

Strategies and best practices

To overcome the challenges of systems integration in banking, financial institutions can adopt the following strategies and best practices:

1. Comprehensive planning. A well-defined bank integration strategy is essential before embarking on any integrated bank technology project. This involves conducting a thorough assessment of existing systems, identifying bank integration goals, and outlining a step-by-step implementation plan.
2. Adopting modern integration platforms. Implementing modern integration platforms, such as ESB or API management solutions, can simplify the integration process and ensure the scalability and reusability of integrated bank technology.
3. Data governance and quality management. Establishing robust data governance practices and ensuring data quality is crucial for successful bank integration. Implementing data standardization and data cleansing processes can help address data compatibility challenges.
4. Security measures. Banks must implement stringent security measures, such as encryption, authentication, and authorization protocols, to safeguard data during financial system integration. Regular security audits and compliance assessments are also vital to maintain a secure environment.

Integrated banking solutions: success stories

Several banks have successfully implemented financial system integration to enhance their operations and customer experiences. Here are real-world examples.

Nambia’s EBank

Namibia’s EBank achieved a successful digital transformation of its services by leveraging Fiorano Software’s core banking integration. EBank’s business model focused on efficiently integrating with third-party suppliers and vendors to offer a wide range of services, promoting financial inclusion for its clients. Running its core banking system, T24, on a Microsoft Server Environment with VMware hosting databases on SQL, EBank processed about 3,000 transactions daily, necessitating seamless data exchange in multiple formats.

To address these challenges, EBank implemented Fiorano ESB, providing the required flexibility and low resource consumption for seamless financial system integration. The implementation began in June 2016, and within just eight months, EBank went live with all systems in March 2017, enabling efficient collaboration with partners and ensuring cost-effective operations while delivering affordable banking services to its clients.

Bankart

The EU’s Payment Service Providers Directive (PSD2) aimed to drive innovation and competition within the banking industry by introducing the concept of open banking. Bankart, a modern payment instruments processor in Slovenia, embraced this transformative shift by implementing an open banking solution using Fiorano Enterprise Service Bus (ESB). By integrating its core banking system, Temenos T24, with third-party suppliers and channels, Bankart enabled customers to access a wide range of services conveniently.

With the new open banking platform, Bankart enabled third-party providers (TPPs) to deliver supplemental services within strict regulatory limits, enhancing the customer experience. This solution consolidated accounts from multiple banks into a single app, streamlining financial management for customers and promoting financial inclusion.

Bankart collaborated with IBM Business Partner SRC sistemske integracije d.o.o. to launch the open banking platform. Leveraging IBM technology, they built custom API interfaces using IBM API Connect® technology, ensuring compliance with regulations like PSD2 and Berlin Group standards. The platform’s implementation within Bankart’s private cloud environment, with Red Hat® OpenShift® for Kubernetes containerization, facilitated agility and scalability.

The success of Bankart’s open banking solution was evident, with 11 out of 15 banks in Slovenia adopting it. The platform reduced development and deployment timelines and cut costs significantly, enhancing efficiency for the participating banks. Bankart’s collaboration with IBM and SRC ensured a fast and compliant solution, demonstrating the power of innovative partnerships in the open banking era.

Summary

Financial systems integration stands as a pivotal driver of success in the banking industry. By optimizing operations and data flow, it empowers financial institutions to deliver efficient, personalized, and secure services to their customers. Throughout this article, we explored the significance of integrated bank technology, its advantages for both banks and customers, and the challenges it entails.

The future of the banking industry is undoubtedly intertwined with groundbreaking initiatives such as open banking. With open banking, banks can securely share customer data with authorized third-party providers, fostering a collaborative ecosystem that encourages innovation and customer-centric solutions. This increased collaboration will lead to an influx of new services, enabling customers to access a broader range of financial products tailored to their needs.

Moreover, the use of artificial intelligence (AI) and machine learning (ML) technologies will redefine the way banks operate and engage with customers. AI-powered chatbots and virtual assistants are already revolutionizing customer service by offering immediate support and customized recommendations. Machine learning algorithms are transforming fraud detection, risk assessment, and decision-making processes, providing improved security and efficiency for both banks and customers.

If you would like more information about fintech integration in the banking industry or want to explore how it can benefit your financial institution, please contact us. Our team of experts is ready to assist you in navigating the complexities of banking integration and finding tailored solutions that elevate your banking services to the next level.

The post Systems Integration in Banking: Challenges and Best Practices first appeared on Itexus.

However, newcomers entering the financial services sector should be prepared to overcome numerous challenges. Having a great idea is only half the battle. The other half is dealing with data security issues, compliance with a variety of regulations, user experience, and so on, not to mention the solution development itself. Handling all of these issues on your own, at best you’ll delay time to market, and at worst, the project will end in failure. The success of a project is composed of several elements. One of them is hiring qualified fintech developers.

A strong development team facilitates project implementation across all stages, delivers an exceptional product that will take its place in the app stores, and shortens time to market. To help you hire the best specialists and turn your idea into an impactful, user-friendly, and stable product, we have compiled a list of fintech developers to hire. Check it out to find your perfect development partner.

Top 10 FinTech Developers

1. Itexus

Itexus is a fintech development company that has delivered more than 220 advanced solutions to startups, SMEs, and enterprises in the financial industry across the globe. The company develops robust and scalable solutions for digital banking, wealth management, and investment, digital lending and alternative finance, online payments, personal finance management, regtech, insurtech, and other fintech sectors. Itexus offers different engagement models, so you can either outsource the project on a turnkey basis or hire top fintech developers to reinforce your own team. In-depth fintech domain expertise, world-class engineers, and a customer-centric approach make Itexus a top company for custom financial software development.

2. Waverley Software

Waverley is a US-based software engineering company that builds award-winning software products. The company’s philosophy is to develop products that provide real solutions to people’s problems and change the world for the better. Waverley focuses on custom software development for primarily mid-sized businesses and enterprises.

3. GoodCore Software

GoodCore is a UK-based custom software development company that offers different engagement models depending on the specific needs of its clients – engagement, fixed price, time & materials, and dedicated teams on a monthly retainer. The company works with startups and established businesses, providing web and mobile applications development services, integration projects, and more to help its clients leverage digital trends and gain a competitive advantage.

4. Britenet

With over 1000 highly qualified IT specialists on board, Britenet provides custom software development, mobile app development, and UX/UI design services primarily to mid-sized and small businesses. In addition to bespoke software development, Britenet also offers consulting services that allow its clients to benefit from the company’s extensive expertise in business intelligence.

5. Computools

Computools is a US-based agency known for delivering outstanding IT solutions to enterprise, mid-market, and small businesses. The company offers consulting, product design, engineering & reengineering, and support services. Working as a robust and infallible mechanism, Computools’ team employs agile methodologies, appropriate technologies, and frameworks to deliver competitive solutions to its clients.

6. 10Pearls

Being an industry-leading custom software development studio, 10Pearls offers a full range of application and software development services. The company provides mobile and web development, UX/UI, quality assurance, DevOps & SecOps, and other services. By leveraging new technologies such as AI, IoT, AR /VR, voice & language processing, etc., 10Pearl helps businesses achieve desired results with efficiency and creativity.

7. ELEKS

ELEKS is a financial services development company that has over 2000 specialists on board in Europe, the US, and Canada. The company provides custom software and application development, UX/UI design, QA, and consulting services. ELEKS focuses on delivering advanced solutions to enterprises and mid-market businesses, helping its clients to close IT expertise gaps, save operational costs, and adopt digital transformation.

8. Woodridge Software

Woodridge Software specializes in bespoke software development, digital transformations, and complex integrations for enterprises, financial institutions, and startups. Their team of talented and experienced fintech developers, business analysts, and UX designers focuses on security and stability, delivering user-friendly, robust, and scalable solutions.

9. CSHARK

CSHARK is a software development and product design firm operating across the US, UK, Canada, Switzerland, Sweden, Germany, Singapore, and Poland. The company offers a full range of web and mobile application development services, from initial concept to launch. CSHARK works primarily with mid-sized and small organizations, helping clients find the right technology solutions for their business challenges and build digital products that users love.

10. Systango

A specialized UK-based software development studio Systango is known for delivering fast, efficient, attractive, and easy-to-use software solutions. The Systango team’s core competencies include full-cycle custom software and application development, product design and engineering, discovery, CRM and CMS integrations, and more.

How you know you’ve found “the ones”

By now, you may have shortlisted a few development companies. The next step is to contact their representatives and schedule an initial consultation. But how do you know you have found the right ones? Ultimately, it comes down to a set of hard and soft skills. Read on to learn what to look for in fintech developers you are going to hire.

Soft skills

It does not matter how skilled and experienced the team members are if you can not establish proper communication with them. Therefore, your potential hires should have the following set of soft skills:

• Communication skills. Best fintech developers have strong communication skills and a strong work ethic, as this fosters team spirit and reduces the likelihood of conflict.
• Problem-solving skills. Your ideal fintech development team should be able to efficiently solve problems as they arise.
• Adaptability. Every software developer should be adaptable enough to handle unpredictable situations and expectations.
• Proactivity. You do not want to hire fintech developers who need a babysitter. Proactive team members complete tasks faster and avert problems before they arise.

Hard skills

If you have some technical background, you may have already come up with a list of libraries, coding languages, and frameworks that your potential hires should know. To evaluate a candidate’s technical skills, there are several methods available. These include written tests, coding challenges, and technical interviews. Written tests can provide insight into a candidate’s general knowledge of a particular subject, while coding challenges can assess their ability to apply that knowledge in practice. Technical interviews, on the other hand, are particularly useful in evaluating a candidate’s problem-solving skills and their ability to work under pressure.

Portfolio

Additionally, it’s a good idea to review the company’s fintech portfolio, and check reviews on portals like Clutch. Please take a moment to peruse some of the projects featured in Itexus’ fintech portfolio. These projects represent only a fraction of the broad spectrum of complex fintech solutions that Itexus has developed since 2013.

Online Lending Platform

Itexus developed a FinTech solution for a seasoned financial services startup that automates the entire loan lifecycle, from application to bad deal management. The platform includes AI analytics, virtual credit cards, and integration with credit reporting agencies and bank account aggregation.

To learn more about the project, please read the case study.

Mobile Bank Transfer App

Itexus developed a mobile app that allows users to transfer money from U.S. bank cards to Nigerian bank accounts, pay bills in Nigeria, and link multiple U.S. bank cards to a single account. The app has a multilingual interface and integrates with two payment service providers and a KYC verification system for security.

To learn more about the project, please read the case study.

Mobile E-Wallet Application

Our team developed a digital wallet that links cards to wallet accounts through banking partners. This enables asset management bypassing traditional banking. We created Android and iOS mobile apps and a web app for the Admin panel. Our solution includes KYC and 2FA authentication for a streamlined experience, and offers features such as money transfer, account recharge, bill payment, money withdrawal, QR code scanning, virtual card payments, report generation, and currency conversion.

To learn more about the project, please read the case study.

If you’re impressed with the projects in the portfolio, the feedback from previous clients is positive, and you feel like you’re on the same page with the company, then you’ve found a great partner for your fintech journey!

Summary

In the fintech market, the road to success can be a bumpy ride. But a team of reliable, skilled, and experienced fintech developers will turn the emerging challenges into opportunities. At Itexus, we have been helping our clients discover and make the most of new opportunities for years. Drop us a line if you want to hire financial software developers for your project – our specialists are here to make things happen.

The post List of Top FinTech Developers to Hire first appeared on Itexus.

But what is cloud-based digital banking? Using a simple metaphor we can compare it to a baking industry.

Let’s say there is a small bakery that is using secret old recipes passed down for generations. This bakery has a lot of clients and the small size of the kitchen as well as a limited number of employees prevent them from catering to the growing number of customers time-efficiently. We assume that the bakery is a small bank in Nebraska.

Then, one day some other company reaches out to this small bakery and suggests they rent big spaces and distantly employ people who can carefully follow the old recipe and bake the same product line and then send it to the clients for relatively small money. Would the owners of small bakeries agree? You bet!

Of course, there are risks: what if that company steals the recipe and starts catering to your customers on their own, or reveals the addresses of your customers to your competitors? You can inquire and the company management assures you that all is under control and what’s more important, you sign a contract where all your fears are addressed most accurately.

The given example is a rough comparison of banks and their relationships with Cloud Service Providers (CSPs). Although the majority of banks, like small bakeries, are still hesitant, and even if they migrate to the cloud, they take a granular-based approach and move only some of the workload. But the processes have already started, and with the development of new technologies and approaches, they will only continue to grow.

Cloud-based banking: essentials

The term “cloud” was introduced in 2006 by Eric Schmidt, a former CEO of Google, which is one of the leading cloud services worldwide. We upload our photos, documents, calendars, presentations, and other digital assets to the Google Cloud without any idea of where they are physically stored. Considering that Google has several server locations worldwide, our files could be stored in Poland, Japan, India, the USA, or Brazil.

Of course, when we talk about banking and financial services, things become much more complicated. This explains why banks are slow to adopt cloud services. Until now, in North America, the rate of banks that migrated their total workload to the cloud is only 12%. Meanwhile, based on the Accenture report, more than 90% of banking top management executives are considering moving to the cloud for around 50% of business operations in the coming 2-3 years.

Benefits of cloud digital banking solutions

Access to new technologies

Modern CSPs are well-known for adopting various disruptive technologies, such as NLP, machine learning, AI, and Big Data. Banks can easily access these technologies through cloud connections and are charged relatively small amounts of money for them.

Cost efficiency

Migration to the cloud helps banks decrease operational costs. This means that they can now witness bigger business growth. By rough estimations, leveraging the cloud could save up to 10-20% of a company’s operational costs.

Reduced time to market

The adoption of turnkey cloud banking solutions significantly reduces delivery times compared to developing from scratch. This helps banks and other financial institutions to quickly respond to growing customer needs, changing market conditions, and dynamic infrastructure growth.

Enhanced security

One of the regulations for CSPs to enter the market is to undergo an unprecedented level of testing, including rigorous security tests. They must comply with the latest regulations in the banking and financial sectors, in addition to implementing the newest encryption techniques.

Staying competitive

The traditional banking industry is currently being disrupted by multiple fintech startups and neobanks. These companies are agile, cost-effective, offer extensive cloud services, and have the potential to enter the market very quickly. The cloud-based model for banks is a subtle response to their competitors’ aggressive policies.

Risks and security challenges in cloud-based digital banking

Based on the fact that banking and the financial sphere have zero tolerance for regulatory and reputational risks, the majority of banks have major concerns regarding the compliance of CSPs with data security and privacy rules. The ideal solution is to find a company that has previously performed core banking migration to the cloud and has solid expertise in cloud services and security.

Steps to safeguard privacy while migrating to the cloud

1. Assess your institution’s governance model regarding cloud services.
2. Introduce cloud to your playbooks, including disaster recovery, business continuity, and resolution playbooks.
3. Review external operational risks in cloud security management and disruptive technology adoption, such as containerization, microservices, etc.
4. Reach meaningful cooperation between CSPs and third-party IT companies who will be providing cloud migration services.

How to approach banking cloud security and risks challenges?

Developers working with the cloud often face many challenges on the way to embracing multi-cloud environments and seeking ways to embed security regulations into each stage of development.

1. Unification of security practices. Security architecture requirements should be enveloped in a single end-to-end lifecycle.
2. Security Checkups. Several special tools help developers identify misconfigurations that could cause cloud security risks. Also, when choosing a CSP, inquire whether they have any risk-preventive mechanisms embedded into their policy engines.
3. Cloud governance. Make sure that the security tools provided by CSPs are integrated into their cloud governance policy. Hire professionals to implement these practices without hampering the innovative nature of cloud services and their elasticity.

Technological aspects of cloud-based banking solutions

Role of application programming interfaces (APIs)

API is the key element of cloud service communications. It connects on-premises apps with the cloud infrastructure. Additionally, it connects multiple clouds and the software within them. In other words, it’s a gateway or interface that helps to interact with cloud services. Each CSP offers its own APIs, which are used by developers. Some CSPs only provide APIs that are compatible with their platform. At the same time, there are various cross-platform APIs that allow developers to build cross-platform connections.

Cloud-based banking deployment models

There are three main cloud deployment models: migrating the existing core banking infrastructure to public cloud, private cloud, or hybrid cloud. Based on the needs of the bank or any other financial institution, they could choose any of the cloud deployment models.

• Public cloud is the most common option, but any infrastructure deployed there is owned by a CSP, which owns the cloud.
• Private clouds are designed to ideally match the requirements of businesses, and the infrastructure deployed there is owned by the bank.
• A hybrid cloud is an infrastructure made up of two or more clouds. They could be private or public clouds interlinked with each other through APIs.

To minimize the risks and have full ownership of the data, processes, and operations migrated to the cloud, it’s better for the bank to choose the private or hybrid models.

Cloud banking service models

The migration to the cloud offers banks and financial institutions lowered operational costs, flexible operational models, and the intensification of all processes. It’s vital to choose the right cloud service model which meets your business needs and stimulates the growth of your business. There could be software-, business process-, platform-, or infrastructure-as-a-Service. Each of these cloud service models has its strong sides.

• Software-as-a-Service is the type of cloud-based banking service model where banks let CSPs host banking software. Users access the related data on their side. Some examples of such operational processes are CRM, ERP, accounting, HR management, content management, and invoicing.
• Business Process-as-a-Service streamlines standard operations.
• Platform-as-a-Service offers entire platforms for development, application interface, texting, and storage.
• Infrastructure-as-a-Service allows banks to use CSPs’ storage capacities, network equipment, servers, and other resources as an outsourced service.

Successful implementation strategies

At Itexus, we have deep expertise in leveraging cloud services. Typically, the team working on cloud-based banking solutions consists of several positions. A business analyst is responsible for the app’s business logic and interaction with the customer. A project manager organizes the development processes. DevOps specialists are extremely important for cloud migrations and connections. Let’s discuss some of the projects successfully developed by our professionals.

Neobank mobile app

One of the projects is a banking mobile app for migrants. In addition to the front-end development and design, the app infrastructure was moved to the cloud and we had to make sure that our customer passes all the required security audits.

• Our specialists equipped the solution with the best services provided by Azure Cloud: Azure Security Center, Azure Key Vault, Azure SQL Database, and Transport Layer Security 1.2.
• Also, for increased performance, we connected the banking app to the cloud-based banking platform Mbanq.
• Other CSPs such as Alloy for KYC, TransUnion for AML, Vouched as an AI ID verification service, and others (Argyle, Mitek, Twilio, SendGrid, and Uniteller) were connected.

To learn more about the project, please refer to the case study.

White-label mobile banking app

One of our clients is a Silicon Valley resident and they required a solution with the full spectrum of banking services modern neobanks could offer. The solution is deployed in the AWS cloud and additionally connected to the following CSPs:

• Zendesk for customer communication and support;
• Mbanq is a bank-as-a-Service cloud infrastructure that offers ordering virtual and physical cards, providing money transfers, showing transaction history, pushing SMS and email notifications, and other account management functionality;
• Socure for ID verification services.

To learn more about the project, please refer to the case study.

Summary

Cloud-based banking is essential for sustainable and resilient operations performed by banks and other financial institutions to gain a competitive advantage. Ideally, to unleash greater agility and flexibility all banking workload should be migrated to the cloud while banking top management will receive greater resources for innovation.

At the same time, it’s important to choose the right service and deployment cloud models that will suit your business needs. At Itexus, we advocate for either private cloud or hybrid cloud options as these models are more protected against possible breaches, and banks and other financial institutions can fully control the processes.

To learn more about cloud-based banking and our expertise in this field, reach out to us and we will discuss your future strategic decisions regarding cloud navigation.

The post Cloud Banking: All Tech Aspects You Need to Know first appeared on Itexus.

• Build product identity

Product identity is crucial in the market, where competition for new users can be fierce. It not only compels people to try a new product but also influences them to stay loyal to a company longer. As UI design has become more closely linked with product identity, companies are using videos and GIFs to showcase their products’ unique features. So if you’re going to use MOV format make sure that it’s been converted into MP4 or GIF before uploading.

• Introduce simplicity by creating a clear user flow

Finance, in general, and trading, in particular, can be very complex for the average user. However, a well-thought-out UI design can simplify everything and make things as clear as possible for users. This can help them complete their tasks on the go and develop a fondness for your app. Using clear, simple icons to show users what they should do next makes the experience of using your site or application feel seamless and joyful. These icons should be simple and easy to understand so that even first-time users can quickly grasp them.

• Enable users to make better decisions faster

Data-driven decisions lead to better outcomes. By presenting information in an easily understandable format, users are provided with actionable insights about their finances. This enables them to make more rational decisions and achieve their financial goals, ultimately resulting in higher user satisfaction scores.

One of the most widely recognized solutions for superior user experience and excellent UI design is the Robinhood trading app. Robinhood UI design stands out from all other trading apps on the market, with users highlighting its convenience, high usability, and interactivity. In this article, we will explore what makes Robinhood unique among its competitors and identify best practices used in its interface that you can incorporate to create a vibrant and eye-catching UI for your trading app, delighting your users.

Robinhood UI explained: 3 secrets from the app

The central focus of Robinhood’s UI and design approach is to present customers with the most relevant and useful information as clearly as possible. This enables them to make informed decisions about managing their assets. For years, financial service firms, including brokers and digital platforms, have erected barriers for users with cluttered, poorly designed solutions. Robinhood takes a different approach. Their goal is to simplify access to investments for participants in the U.S. financial system. They achieve this with a clean, spotless user interface on their app.

To truly appreciate the app’s design brilliance, let’s examine some of its achievements. In 2015, shortly after its release, the iOS app won the prestigious Apple Design Award for its clean, content-centric design. A year later, in 2016, Robinhood UI won another trophy – the Google Play Award for Best Use of Material Design. It’s rare for fintech apps to receive such broad recognition for their design achievements. That’s why the Robinhood app design deserves special attention. Keep reading to discover more about the Robinhood app UI tricks.

1. Put your users in the center of everything

The customer-centric, design-first approach has made Robinhood a preferred tool for a generation of mobile-first customers eager to invest. Therefore, the first lesson in Robinhood’s UI design is to put your users at the center of everything. To win users’ love, your app needs to be friendly and welcoming, rather than intimidating or condescending. Of course, the text is important, but there’s more to the user experience than just words. Robinhood design plays a critical role in creating an overall experience around the product, so make sure it conveys the intended message effectively.

2. Focus on simplicity

Fintech companies that aim to win user loyalty should prioritize accessible, user-friendly, and informative user interfaces. The days of complicated and confusing interfaces are in the past. While it’s natural to want to introduce new features over time, consistency and a simple design approach are key to ensuring your app remains user-friendly and informative.

3. Communicate clearly

Push notifications are a great tool for increasing user retention and engagement, and boosting conversion rates. However, they can often be annoying and useless. Robinhood’s product designers recognize that notifications meant to drive engagement can create artificial barriers between an app and its users. Instead, they have enabled only informational notifications that keep users up to date on their transactions or inform them of important account activity. Furthermore, the notifications contain all the necessary information, so users do not even have to launch the app to find out more. This is what true concern for users looks like.

Trading app design best practices

Now that the Robinhood UI/UX has been explained and you know what sets it apart from other investment solutions, let’s explore the best practices for trading app design.

Intuitiveness and simplicity

The main idea is to help users complete tasks effortlessly within the app. They should only need to learn how the app works once and be able to apply that knowledge in different contexts, without having to learn new workflows each time. Therefore, the interface should be clutter-free and devoid of any unnecessary information that might distract users from their primary goals. This is referred to as an intuitive UI. An intuitive UI increases adoption rates as users can quickly grasp app functionality without having to go through complicated manuals or instructions.

Gamification

Gamification can increase engagement by introducing an entertaining element and encouraging users to take desired actions. However, it is important to strike a balance and avoid overloading your trading app with gamification features, as financial matters should be taken seriously.

Functional animation

Functional animation refers to subtle animations that are integrated into the user interface as part of its functionality. In user-centered design, where the focus is on people, the UI should be intuitive, responsive, and human. This is where functional animation can be useful. It enhances the design of the user interface, guides users through the app, reduces cognitive load, and prevents users from overlooking changes.

Micro-interactions

Microinteractions have a single purpose: to delight the user and create an engaging, welcoming atmosphere by providing feedback on user actions. Although these design elements are tiny, it’s the attention to detail that distinguishes an ordinary design from an extraordinary one, ultimately making users delighted with your app.

Data and information visualization

The art of visualization is to present data in a way that makes it easy to understand and work with. Data visualization transforms raw numbers into easily digestible information, which brings value to users. When data is presented in the form of charts and graphs, complex information becomes easy to interpret, and users gain more actionable insights into their finances.

Accessibility and inclusivity

Accessibility and inclusivity are essential considerations to ensure that your app is usable by all individuals, including those with disabilities or special needs. By embracing accessibility and inclusivity, you demonstrate your commitment to providing equal opportunities for all users. Additionally, you expand your app’s reach to a more diverse and engaged audience. Take into consideration important aspects such as font size, color contrast, and compatibility with assistive technologies. It is recommended that you use the principles of accessibility standards, such as the Web Content Accessibility Guidelines (WCAG), in your design.

3 reasons to entrust the design of your trading application to Itexus

Design thinking as a strategy for innovation

All of our processes are based on the concept of design thinking. We conduct thorough research on your target audience to understand their needs and pain points. Then, we redefine problems and develop innovative, responsive, and user-friendly solutions that ensure a great user experience.

Years of experience in designing apps for fintechs

Since 2013, we have been developing our skills in designing user interfaces and experiences. We have gained expertise in fintech design and look forward to sharing our knowledge with you. Our team can deliver top-notch design concepts, prototypes, graphics, and visual elements to create engaging, intuitive, and user-friendly apps. Check out our fintech design portfolio to see our work.

Flexible and customer-centric approach

We strive to create and deliver better, unique experiences for our clients, just as we help them do for their users. Our approach places you at the center of everything: we align every step with your needs, goals, and expectations. This leads to smooth interactions and great results.

Summary

When it comes to fintech design, there are multiple nuances to consider if you want your app to resonate with users. It should be simple yet visually appealing, engaging yet balanced, and not overloaded with gamification. A single mistake can ruin the entire project’s success. Therefore, it is advisable to entrust the design of a trading app, a sensitive matter, to experts.

At Itexus, we have developed and designed applications for fintechs of all sizes around the world, accumulating a wealth of knowledge along the way. We are excited to apply this knowledge, along with best practices, to create a consistent and engaging user interface (UI) that will make your trading application stand out and earn the love and loyalty of its users. Contact our design team to learn how Itexus can benefit your project.

The post Robinhood UI Secrets: How to Design a Sky-Rocket Trading App first appeared on Itexus.

But what exactly is Twilio, and how does it help fintech companies overcome challenges and seize new opportunities? Read on to learn about the use cases, benefits, and challenges that come with integrating Twilio.

Benefits of using Twilio integration in fintech

Why use Twilio in the fintech sector? Twilio’s customer stories have provided sufficient evidence of how Twilio’s capabilities deliver the following benefits:

• Enhanced customer experience. Twilio customer stories in fintech report the ultimate in real-time communication, including personalized SMS notifications and interactive voice and video interactions. This allows for timely updates, personalized alerts, and proactive customer support, resulting in enhanced customer satisfaction, trust building, and the fostering of long-term relationships.
• Improved communication and interaction. Integrating Twilio API enables businesses to send and receive messages, make voice and video calls, and even deploy chatbots to refine customer interactions. By integrating Twilio capabilities into communication, fintech companies can ensure reliable and secure channels for financial transactions, verification processes, and customer support. This fosters transparency, reduces friction, and promotes better collaboration between businesses and their customers.
• Efficient business operations. Twilio finance programmable APIs enable companies to automate processes like appointment reminders, transaction notifications, and account verifications, reducing the need for manual intervention and freeing up valuable resources. Additionally, Twilio’s cloud-based infrastructure ensures scalability and reliability, allowing businesses to handle large volumes of communication without compromising on performance or security.
• Scalability and flexibility. Twilio’s cloud-based platform offers the scalability and flexibility required to meet evolving market demands. Whether it’s handling a surge in customer requests or expanding into new markets, Twilio’s infrastructure can seamlessly scale to accommodate growing business needs. This enables companies that use Twilio to stay agile, enter new markets quickly, and scale their operations without expensive infrastructure investments.
• Developer-friendly tools and documentation. The platform provides a comprehensive set of APIs, SDKs, and libraries, which makes integration excellent and straightforward. Additionally, Twilio offers extensive documentation, sample code, and developer resources, enabling fintech teams to learn and implement Twilio use cases quickly. This developer-friendly approach allows businesses to accelerate their time to market, innovate faster, and stay ahead of the competition.

Fintech companies that use Twilio enjoy a broad range of benefits from its integration. Twilio’s communication tools empower these companies to deliver exceptional customer experiences, streamline operations, and enable scalability in a rapidly evolving industry.

Features and Use Cases of Twilio Integration in Fintech

As the fintech industry incorporates Twilio capabilities, it is essential to understand the range of Twilio features and the advantages it offers. The following table provides an overview of various Twilio features, their descriptions, the advantages they bring to fintech businesses, and the Twilio API integration requirements for each feature.

Note: Integration requirements may vary depending on the specific Twilio features being implemented and the platform or application being used for integration.

Twilio features empower fintech companies with use cases to enhance customer communication, strengthen security measures, streamline operations, and deliver exceptional support. With these features, businesses can maximize the potential of the Twilio use cases described below.

SMS and voice notifications for account updates

Twilio’s use cases include delivering crucial account updates to customers via SMS and voice notifications. Whether it’s balance updates, transaction confirmations, or payment reminders, Twilio’s communication tools ensure that customers receive real-time information directly on their mobile devices or through voice calls. This fosters proactive communication, keeps customers informed, and enhances their overall banking experience.

Two-factor authentication for enhanced security

Security is paramount in the fintech industry, and Twilio provides robust two-factor authentication (2FA) capabilities to safeguard customer accounts. By integrating Twilio’s verification APIs, fintech companies can add an extra layer of security to their authentication processes. With 2FA, customers receive a verification code through SMS or voice calls, ensuring that only authorized individuals can access their accounts. This mitigates the risk of unauthorized access and protects sensitive financial information.

Real-time transaction alerts and notifications

Keeping customers informed about their financial transactions is crucial for maintaining trust and transparency. Twilio’s communication tools allow fintech companies to send real-time alerts and notifications to customers about transaction activities. Whether it’s notifying customers about incoming or outgoing payments, card transactions, or suspicious activity, Twilio ensures that customers stay informed and can take immediate action if necessary.

Appointment reminders and scheduling

In the world of financial services, scheduling and managing appointments with clients is a common requirement. Integrating with Twilio allows fintech companies to automate appointment reminders, reducing no-shows and improving operational efficiency. By sending SMS reminders with appointment details and offering options for rescheduling, Twilio helps businesses optimize their appointment management processes and deliver a seamless customer experience.

Customer support and communication

Efficient customer support is a key differentiator for fintech companies. Twilio integration facilitates perfect communication between businesses and their customers, with messaging, voice, and video capabilities. Fintech companies can establish instant support, resolve queries, and offer personalized assistance using Twilio. Whether troubleshooting issues or providing guidance on financial matters, Twilio’s communication tools enhance customer satisfaction and loyalty.

Chatbot integration for automated assistance

Twilio’s integration also enables the deployment of chatbots in fintech applications. Chatbots can handle routine customer inquiries, provide account information, and offer basic financial advice. By integrating Twilio’s messaging APIs, fintech companies can enhance their customer support capabilities, ensure 24/7 availability, and provide immediate responses to customer queries.

Fintech businesses can gain a competitive edge in the dynamic financial technology landscape by implementing Twilio integration. Twilio customer stories share the experiences of prominent companies such as Zendesk, Nivula, Lyft, and more that use Twilio to create an unflawed and secure banking experience.

Compliance and security considerations

The fintech industry operates within a highly regulated environment that imposes stringent compliance requirements. These requirements are designed to protect user data and ensure the integrity of financial transactions. Therefore, when integrating Twilio into fintech applications, businesses must prioritize compliance and security to maintain trust and adhere to regulatory guidelines.

Companies using Twilio must navigate various regulatory frameworks, such as data protection laws (e.g. GDPR, CCPA), financial regulations (e.g. PCI DSS, KYC), and industry-specific guidelines. Businesses must ensure that their use of Twilio’s communication tools aligns with these requirements. This involves implementing proper consent mechanisms, securely handling and transmitting data, and respecting user privacy rights. By working closely with legal and compliance teams, businesses can ensure that Twilio integration remains compliant at all times.

Challenges and solutions of Twillo integration in fintech

Although integrating with Twilio offers significant benefits, it also presents challenges that require careful consideration. We recommend that you review the following table to be fully prepared for the integration process.

By prioritizing compliance with regulatory requirements, implementing robust security measures, and addressing scalability and performance challenges, fintech businesses can successfully navigate the integration process. With a focus on compliance and security, Twilio can be integrated seamlessly, enabling fintech companies to deliver innovative and secure communication solutions that enhance the customer experience while maintaining trust and regulatory compliance.

Summary

The importance of integrating Twilio in the fintech industry cannot be overstated. Exceptional customer experiences, prioritizing security and compliance, and achieving operational efficiency are just a few reasons to use Twilio. By embracing Twilio’s developer-friendly tools and leveraging its extensive documentation, fintech companies can accelerate their time to market, foster innovation, and establish themselves as leaders in the digital financial world.

As the fintech industry continues to evolve, companies that use Twilio can unlock new opportunities and thrive in an increasingly interconnected world. To explore the boundless capabilities of Twilio in your fintech journey, contact us today and embark on a path to redefine customer engagement, bolster security, and drive operational excellence.

The post Twilio Integration Use Cases in Fintech first appeared on Itexus.

The growth in popularity of microfinance can be attributed to its flexibility, speed, and convenience. Borrowers can easily install an MFI app, provide the necessary information, and apply for a loan.

According to KPMG reports, the advent of MFI solutions has given the microfinance market the ability to conduct significantly more transactions at a lower cost, not to mention the other benefits for both lenders and borrowers. Read on to learn how to develop an efficient MFI app to reduce operating costs, automate and streamline business processes, and improve the borrower experience.

Benefits of a microfinance platform

Specialized microfinance software provides maximum value for microcredit businesses through the following benefits.

Reduced operating costs

MFI software can greatly reduce costs for financial institutions by automating the entire loan life cycle, including origination, underwriting, servicing, reporting, collection, and compliance.

Reduced risks

A strong lending platform powered by AI can assist you in managing risk and reducing the costs of cash transit and storage through automated electronic disbursement and payment gateway integration. Specialized MFI solutions provide the highest level of risk management via advanced credit scoring, which can be tailored to your needs in a custom MFI app to minimize risks and accurately distribute loans to appropriate borrowers.

Wider reach of financial products

MFI software enables you to grow your business by broadening your range of services and reaching out to more borrowers through the data collected in your system. User data is an excellent source of insights into your target audience, allowing you to identify opportunities for growth, enhance customer outreach, provide a tailored experience, and streamline customer acquisition.

Simplified compliance

MFI software simplifies compliance with advanced reporting and analytics. You can set up document audits, KYC and AML checks, and other procedures based on the specifics of your business and the legal requirements of your target market.

Enhanced security

Working with sensitive data and processing payments involves several issues such as data privacy and fraud prevention. To enhance security on multiple levels, appropriate MFI solutions implement best practices and integrate leading third-party providers during the development phase. They also eliminate the human factor on the user side by using advanced authorization and verification methods.

Must-have features of MFI lending software

In the following, we address the basic features of an efficient microfinance solution.

Digital loan origination and underwriting

Quick loan origination and underwriting are key features of any MFI platform. Therefore, it’s crucial that borrowers receive their loans in streamlined and convenient ways. Efficiency in loan origination and underwriting provides compelling benefits for your micro-credit business, including reducing error rates and processing times, ensuring process consistency, and increasing the return on investment for each approved application.

Customer analytics

Customer analytics helps improve borrowers’ experience by collecting, categorizing, and analyzing their data. This provides actionable insights into borrower needs, pain points, and expectations, allowing you to customize your offerings and services accordingly. Moreover, user data gives you an overall view of your business processes, enabling you to identify weaknesses and areas for improvement.

Accounting management

To effectively manage your MFI lending software, it’s essential to have an accounting management system in place. This system should be able to handle various accounting tasks, such as managing charts of accounts, automated or manual journal entries, financial activity mapping, tax configurations, fund source allocation, accrual, and other accounting issues. With an accounting management system, you can save time and money, increase financial transparency, eliminate errors, access real-time data, and make informed decisions based on data.

Reporting & dashboards

Comprehensive reporting functionality highlights areas that need immediate attention and enables microcredit institutions to consolidate key performance indicators and accounting in real-time. Visualization makes data easier to digest, simplifies the demanding loan process, and ensures that all borrower information is accurately captured.

Compliance

Like other financial services companies, MFIs are required to comply with regulatory requirements that are relevant to their target market. Typically, borrowers must pass Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. Therefore, your platform needs to be integrated with third-party vendors that can perform the necessary checks and screenings.

Strong cybersecurity strategy

The financial industry places increased demands on software security because it deals with sensitive user data. Therefore, it is important to ensure the highest level of cybersecurity and protect your MFI lending software from potential threats. Common methods for achieving this include encryption, multi-factor authentication, and role-based access control.

Pay-as-you-go model

A fixed interest rate is simple to comprehend and execute, but it does not provide a competitive edge. On the other hand, the pay-as-you-go method involves a flexible interest rate that is contingent upon the level of expenditure. This approach offers a range of advantages – it reduces the expense of acquiring borrowers, permits higher fees to be charged for high consumption, and enables scalability in the long term.

Challenges in micro-finance software development

Technology and infrastructure in the target regions

This includes limited internet connectivity, outdated hardware and devices, and possible power supply issues. Micro-finance institutions often operate in regions with poor internet connectivity, making it a challenge to provide quality services. To address this, optimize your software for low-bandwidth environments, and ensure compatibility with various devices, including older ones with limited processing power and storage. Also, consider creating offline capabilities to ensure uninterrupted functionality during power outages.

Integration with existing systems

Integrating your new micro-finance software with existing systems can be challenging if those systems are outdated. It’s also important to consider interoperability standards carefully, especially when integrating with third-party applications and services such as payment gateways and credit bureaus.

Data security and privacy in vulnerable environments

Ensuring data security and privacy can be challenging in the micro-finance sector due to factors unique to the industry and the environments in which it operates. This includes the abovementioned outdated technology infrastructure, such as unreliable internet connectivity and old hardware, and integration with legacy systems. To safeguard data, the software should integrate the following measures: strong and secure authentication mechanisms, role-based access control, industry-standard encryption protocols like SSL/TLS to protect data during transmission over networks, regular data backups, a fraud detection and prevention strategy, and a comprehensive incident response and disaster recovery plan.

Summary

Microfinance platforms can greatly improve your company’s performance. They offer accurate borrower scoring, customizable parameters, flexibility, enhanced cybersecurity, and a better borrower experience. However, developing MFI lending software requires specific industry knowledge and technical expertise. At Itexus, we have both. Since 2013, we have been helping financial service companies get closer to their customers with robust, secure, and user-friendly software solutions. Have an idea for an MFI solution? Contact us to get started.

The post MFI Software Development first appeared on Itexus.

Smart Banking: What is it?

Smart banking is a modern approach to providing banking services to users through advanced technologies. With a smart banking app, managing money becomes easier and faster for people. Moreover, customers have access to practically all banking services regardless of their physical location. People can conduct all operations using their phones or other devices.

Smartbanking allows people to keep track of their finances and make better-informed choices and decisions. Today a lot of banking institutions all over the globe turn to mobile banking app development services to offer their clients a new way of paying bills, viewing balances, and performing many other money-related tasks.

Advantages of launching a banking app

• Customer service cost reduction. After launching a smart banking app, banks can optimize their workforce at bank branches.
• Paperless workflow. Thanks to mobile banking app development, financial institutions can shift to digital workflow, reduce bureaucracy, and streamline a lot of processes.
• Increased security. With a mobile app, banks can ensure a higher level of user data protection compared to traditional banking approaches. Applications use encryption for protecting sensitive information and offer advanced user authentication methods like biometrics.
• Data analytics. Smart banking apps can become a source of valuable insights into customer needs, preferences, and behavior. Thanks to this information, banks can improve their services by making the right data-driven decisions.
• Additional competitive advantage. The launch of an advanced and feature-rich smart banking solution can help banks to stand out from the row of their competitors.
• Higher customer satisfaction. The easier and faster the interaction with a bank, the happier its customers will be.

Benefits of smart banking apps for users

• 24/7 availability. Users can get access to the services at any time and from anywhere.
• Time efficiency. All the tasks can be performed much faster in comparison to those cases where it is necessary to visit a bank branch.
• Easier fund management. Users can track their expenses, better plan their budgets, and make savings.
• Quick transactions. A lot of modern banking apps allow users to conduct practically instant peer-to-peer money transfers.
• Improved security. Using such an app makes it possible to detect fraud and take measures to protect funds.

Stages of the smart banking app development process

Mobile banking application development includes all the main steps that are typical for the creation of any software product.

• Market research and ideation. First of all, you need to define the exact goals you want to achieve with your solution. Then, you should find and analyze the range of similar products that are already available to users. Try to define their strong and weak sides and detect what features will make your own smart banking app unique.
• Discussion of requirements with your development team. Always provide mobile banking app developers with clear requirements and tasks. It will help you to get a product that will meet your expectations.
• Design and development. At this stage, designers will create interfaces for your app based on its functionality. And programmers will be responsible for building features and conducting the required integrations.
• Solution testing. The development team should find and fix all the bugs before end users can detect them. That’s why modern approaches to banking application development always include several types of manual and automated tests. Some of them should be performed in parallel with development.
• Release. When everything is ready, you can make your smart mobile banking app available for download on the major app marketplaces.
• Post-launch maintenance. We recommend you regularly monitor the performance of your app and analyze users’ feedback. It will help you to eliminate any existing vulnerabilities and introduce improvements that will have a positive impact on user experience.

Key features of smart banking apps

If you want to build a custom banking software solution, you can enhance it with advanced and unique functionality. Skilled mobile banking app developers can help you turn your ideas into real products. However, there are several features that are core to any smart banking app and should not be missed.

Account management

With this feature, users can open, close, and manage their bank accounts as well as add or update their personal details directly via a mobile app.

Budgeting

Such tools will let users monitor their spending and set up budgets to control the allocation of their finances.

Bill payment

Thanks to this feature, customers can track and pay their bills at any convenient moment. A smart mobile banking app can also have functionality for automating this procedure. As a result, users can be sure that all their bills are paid on time.

Transaction history

With a smart banking app, users can view and analyze their expenses as well as track incoming transactions.

Personalized recommendations

Banks can provide financial advice and offer services tailored to the needs of customers, such as loans with lower interest rates or new investment opportunities.

Customer support

Banks can greatly increase the quality of their support services thanks to modern applications. By using data accumulated by a smart banking app, they can provide customers with an accurate and quick response.

Bank branch and ATM locator

This functionality allows users to search for the locations of the nearest bank offices or ATMs. As a rule, the feature also contains basic information about opening hours and the services provided by each branch.

The best smart banking apps

To better understand what new opportunities smart banking apps can offer to users, you can have a look at a couple of real-life examples.

Bank of America

In 2023, the application of Bank of America ranks highest in banking mobile app satisfaction among national banks in the study by J.D. Power.

The app has a range of traditional smartbanking features like account management, money transfers, and bill payment. It also has some advanced tools and functionality like investment management and virtual financial assistant Erika.

The bank pays a lot of attention to the security of customers’ funds. If any suspicious activity is detected, users are notified

Capital One

This app follows Bank of America’s solution on the list composed by J.D. Power based on customer satisfaction. The product is positioned as a key tool for managing money regardless of users’ location. Users can view their balances, export statements, pay bills, send money to their friends and family, and monitor the state of their loans.

The app also has Eno, a virtual assistant that can help users to find answers to their questions. For protecting their money, bank customers can instantly lock their cards from anywhere when there are risks of financial losses.

Mobile banking app development: How to ensure security and privacy

User privacy and data protection should be viewed as top priorities in mobile banking application development. Hacker attacks can not only affect the integrity of sensitive data but also lead to serious losses. Here are a couple of ways to protect your users’ privacy and money:

1. Introduce a two-factor or multi-factor authentication. It will act as an additional layer of app protection against the majority of common cyber threats. You can use biometric authentication as well as authentication with a short code that a user will get via an SMS or a phone call.
2. Set requirements for strong passwords. You can require users to choose complex passwords that will contain characters of different types to properly protect access to the app.
3. Apply data encryption. End-to-end encryption will ensure that nobody except the recipient will be able to decrypt the sent data.
4. Take care of the code quality. Poor coding is a major cause of vulnerabilities, while error-free code significantly contributes to the high security of your mobile banking app. Moreover, developers often use third-party services to accelerate and streamline the process of building a banking app and enable specific features. It is crucial to integrate only reliable third-party services and thoroughly test the integration.
5. Send alerts via email or SMS. It’s advisable to introduce a feature that will let your customers be notified if your system detects potential fraudulent activities on their accounts.

Challenges in mobile banking app development

Any software development process is associated with a row of challenges. And it is always better to be aware of them in advance. It will allow you to be well-prepared for addressing them.

• Security and fraud prevention. You should bear in mind the necessity to ensure the protection of your app already at the stage of its development. But after its launch, we recommend you regularly conduct audits in order to detect potential vulnerabilities and eliminate them.
• Clear navigation. Even if you want your app to offer numerous features, it is necessary to make it easy to interact with them. Use visual elements that will facilitate navigation and keep interfaces simple.
• Regulatory compliance. If you want to launch a smart mobile banking app, it is important to carefully study the rules and regulations in force in your chosen jurisdiction. Your software product must comply with KYC requirements, adhere to all relevant regulations, and have all necessary licenses. The most well-known regulations are the European guidelines for collecting and processing personal information GDPR, and the CCPA, which is the US equivalent of GDPR.
• Compatibility with various devices. Smart banking apps are targeted at a wide audience. It means that developers should make sure that their solutions will be compatible with all smartphone models regardless of the shapes and sizes of their displays, including phones with foldable screens.

Summary

Smartbanking is a concept that brings benefits to both banking organizations and their customers. Given this fact, it is reasonable to expect further growth of this segment in the banking industry.

In 2022, global mobile banking was valued at $772.96 million. It is predicted that by 2030, this figure will hit the mark of $1.8 billion. With the progress made in the AI field, smart banking applications are supposed to become more advanced and offer highly personalized experiences to all users already in the nearest future.

To keep up with the competition, now is the best time to start developing your banking application. If you have any ideas for building a banking app and you are looking for a professional development team, just drop us a line. Let’s schedule a consultation and discuss how we can help you with your project realization.

The post Smart Banking App Development: What You Should Know first appeared on Itexus.

That’s why the global NFT market has been exponentially growing recently. It started from $11.3 bln in 2021 and has reached $32 bln in 2023. The prediction for 2030 is $231 bln.

It’s worthwhile mentioning that a secure, scalable, and future-ready NFT marketplace adds to the successful trade by building trustworthiness between sellers and buyers in addition to keeping up with ever-changing trends and user demands, thus having all the potential to become the talk of the town. The present read aims to discuss the stages of NFT marketplace development, what are the required features, and how much their implementation would cost you.

What is NFT Marketplace Solution?

An NFT marketplace is a web3 online platform enabling people to mint NFTs, offer them for sale, connect crypto wallets to enable funds transfers, browse through available NFTs, place bids, and purchase the desired assets. The interest in NFT marketplaces is fueled by the fact that these types of digital assets come as one-of-a-kind which makes the buyer their unique owner. A non-fungible token could stand for literally anything starting from a piece of art, a celebrity autograph to concert tickets, or in-game achievements.

Based on the business needs, an NFT market development company could provide several main types of NFT platforms: open marketplaces, closed or premium ones, curated or non-curated marketplaces, collectibles NFT platforms, and gaming marketplaces. Let’s delve into what are the main features of an NFT marketplace.

Key Features of NFT Marketplaces

User-friendly interface

It’s not a secret that web3 is far from being convenient for average users, who are not tech-savvy. NFT marketplaces are not an exception. That’s why if you want your NFT marketplace to be future-oriented and embrace flocks of users, it’s crucial to make the user experience as flawless and enjoyable as possible. The platform must feature straightforward logic and sorting options. Having a straightforward and easy-to-navigate interface builds trust and motivates users to return and continue their customer journey.

Crypto wallet integration

Modern crypto wallets are not only payment means, they are taking the functions of digital assets storage and acting as the entry point to web3 that’s why NFT marketplaces require wallet integration to empower users with encrypted safe storage for their assets in addition to seamless buying and selling experiences.

Secure transactions

Payment gateway integration is an essential part of NFT marketplace development. They should be able to support various payment methods, accept payments in fiat and crypto, flexible and scalable. Moreover, the payment gateway should be secure when users’ credentials are well protected. Of course, the more experienced the NFT marketplace development team is, the better cybersecurity mechanisms will be implemented. A must for such solutions should be auth control for APIs, data encryption, AI-based fraud detection mechanisms, etc.

Smart contract integration

Smart contracts are the driving power of blockchain transactions, including NFT trading. They let buyers and sellers automatically execute transactions and no intermediary’s help is needed. Well-programmed smart contracts provide transparency and security in the zero-trust trading environment. They make sure that buyers get the NFT they requested and that sellers receive the payment for it. Any NFT platform development company introduces smart contracts, but their quality depends on the expertise of the company.

Community growth features

The success of NFT trade has been always relying on the social factor. First, the platforms or artists generate a lot of noise around the collection to be released or the platform deployed. Social influencers are writing about it and only then the sale starts. That’s why it could be wise to introduce to the marketplace special engagement features which would increase sales and drive involvement. These could be chat rooms, social media integrations, forums, etc, or anything that facilitate users’ integration. Also, it helps to gain users’ loyalty and create an effective network to drive sales.

NFT Marketplace Development

Define the scope and the requirements

Any new vendor who would like to enter an NFT sector should find their niche by analyzing what the target audience needs, what products competitors are offering, or what the advantages and value your startup could bring. NFT marketplace developers could be assisting and providing you with a business plan and the platform prototype.

Choose the blockchain provider

The right blockchain provider is halfway to your success. There are two main options to choose from: either to use a ready-made NFT marketplace development solution from Ethereum, Cardano, Polygon, Binance, or other blockchain platforms or build a network of your own. Due to the complexity of blockchain technology, building a chain from scratch is not a cheap option, on the other hand, the marketplace integration with any of the existing blockchain solutions would cost around $50K as well. Anyway, it’s highly advised to pay a bit more but make sure that your platform is a multichain solution thus it could reach a much larger audience.

Develop smart contracts

As we have claimed before, smart contract technology is the driving force of an NFT marketplace that’s why smart contract designing and coding is extremely important. Smart contracts help to mint NFTs and perform automatic trading operations once all required conditions are met. Thorough testing of smart contracts before deployment is vital as it eliminates possible vulnerabilities which could be maliciously exploited.

Test and deploy

There is never enough testing. Moreover, it requires even more testing due to the blockchain’s anonymous nature, because it’s decentralized. Whenever any hacks occur, there is not a single chance to find out who is behind and return the stolen funds. That’s why on the stage of testing a NFT marketplace development company should stay focused on any possible vulnerabilities.

Maintain and improve

An NFT marketplace outsourced to the NFT development company comes with a dedicated team to not only take care of all the needed requirements but also keep the maintenance of the marketplace in action, work with tickets coming from users, and improve the platform infrastructure if requested. At this point, it’s better to have a team who has built the NFT marketplace solution from scratch and knows the documentation, as well as the code rather than go with a ready-made integration and then hire a new team to maintain it.

Cost Factors in NFT Marketplace Development

Putting it in a nutshell, an average NFT development project is likely to take up to 6 months based on its complexity and could cost anything from $50,000 to $150,000. If you opt for Ethereum or Binance Smart Chain platforms it’s important to know that integration with their complex blockchain ecosystem only will cost you around $50,000 alone in addition to the main development costs. Let’s dig into what are the main cost factors influencing the development price.

1. Type of NFT Marketplace. The most common option is to build an open NFT marketplace. But if your business requires it, you can build curated, collectible, or games NFT marketplaces. Consequently, the cost of development could grow as high as $250,000.
2. Platform Functionality. Basic NFT marketplace functionality includes registration and authorization, minting NFT and listing, filtering and search options, bidding and trading mechanisms, as well as crypto wallet integrations. Integration with DeFi or making the NFT software development blockchain-agnostic also adds to the costs of the development.
3. UI and UX. As in any other software development, skilled designers are costly but it’s worth paying for their services. As a result, you will get a visually appealing and extremely user-friendly design having high brand recognition potential in addition to optimized user flow.
4. Tech team. NFT marketplace development is not an easy task, that’s why it requires an engagement of a development team including a UI/UX designer, frontend and backend developers, a project manager, and a QA engineer. Based on the team’s geographical location the hourly rates will also differ.
5. Deadline and Complexity. These are the two factors that could increase the cost of NFT marketplace solution development. The tighter the time frame is, the higher the demand for accelerated development, which affects developers’ hourly rate. Also, projects with complex architecture might require more effort from the side of marketplace developers.

Summary

Though NFT marketplace development is a relatively new type of technological solution, it’s growing and gaining popularity. More and more users want to enter web3 and reap the financial benefits it offers. One of the examples could be NFT trading. Partnering with the right development company to develop an NFT marketplace solution could help you reach your business goals and bring the product to the market faster. Also, it’s better to get a team with deep expertise in product discovery phases as it helps you save your budget and time and get a prototype of the solution ideally tuned to your business goals. To get to know more, please, reach out to us and see how long we will walk together.

The post NFT Marketplace Development: Cost and Features first appeared on Itexus.

When borrowers decide to take out a mortgage loan, they typically do a lot of research and deliberation. Additionally, the level of complexity that legacy banking institutions inject into the process makes it long and tiring for all parties involved. Nevertheless, the mortgage market continues to grow: about 70% of all homeowners in the USA have obtained a house through a mortgage loan, resulting in a total residential mortgage debt of $11 trillion for Q1 of 2022.Considering how important it is to have a robust and scalable software solution for mortgage lending, we expect that this sphere of financial operations doesn’t tolerate chancers. Only companies with deep expertise and a proven record of successful projects in FinTech can lead the way and make clients’ journeys to their homes less stressful.

Mortgage Software Benefits

Sales operations streamlined

Sales and management processes in mortgage application software can be extremely complex and multifaceted. Mortgage documentation management involves entire banking departments, and the inflow of clients can cause document turnover to increase exponentially.

Digitizing and automating the mortgage sales process is the key to efficiently processing lending and client-related data. Additionally, streamlining management processes can help to gather all related information from different bank departments in one location, enhancing cooperation between departments and expediting decision-making.

Maximized sales and mortgages

Mortgage lending is a delicate sphere that requires a high level of consideration, particularly with regard to report origination. Mortgage automation software generates reports for different parties in the lending process, including borrowers, investors, and regulatory bodies, in an accurate and technical manner. This optimization helps lending companies to increase sales and mortgages while catering to the needs of a larger number of clients.

Processes facilitation

Mortgage software should address the two most complicated parts of the lending process: loan processing and facilitating property transaction closing times. A platform that allows borrowers, originators, processors, and underwriters to connect in real-time, assisted by automation software, is key to reducing processing time and completing cases faster. Embedded AI-backed software that helps fill out paperwork and identifies requirements also streamlines the process.

Increased revenue and improved efficiency

Mortgage software enables the processing of large numbers of loan applications and the management of more loans, thereby increasing workflow and income. The automation of many mortgage lending processes with the help of AI and Big Data reduces the occurrence of human error, leading to increased company revenue by eliminating the need for more time and effort in correcting mistakes.

Robust mortgage software in the origination stage of mortgage loans can alert borrowers and other entities involved in the lending process of any missing or incorrect data, as well as ensure compliance with recent local regulations. This significantly improves the efficiency of the mortgage lending process.

Better customer experience

According to a press release by the Bank of America, 81% of their clients’ mortgage applications in 2021 were initiated online, which is double the percentage of digital applications they received in 2020. This indicates that mortgage application development is on the rise in the USA, and the digitization of this banking sphere will only continue to grow.

Facilitating mortgage loan origination and shortening closing times can increase customer satisfaction. Additionally, the transparency of the system, which allows borrowers to know exactly which stage their case is in, can make the process less stressful.

Core Features of Custom Mortgage Software

Loan management

Mortgage loan origination automation software keeps the lender updated on the status of the loan, while automated reporting provides information on current installments. Advisory tools can predict the future status of the loan. Scalable, cloud-based mortgage industry software help manage the lifecycle of the loan and can be easily programmed to focus on specific tasks such as repayment tracking or synchronization of Uniform Residential Loan Application (Form 1003) and loan status values. The automation of tedious and repetitive tasks optimizes company resources. Additionally, robotic tools improve data accuracy in loan origination, ensuring a smooth and time-saving process for approvals and cross-verification at various management levels.

Client management

A Mortgage CRM system should address pain points in the mortgage lending process and be scalable enough to adapt to a growing network of clients. Lenders need to keep detailed data of borrowers and maintain timely follow-up with clients, in addition to managing the loan pipeline. Borrowers benefit from Mortgage CRM software as it keeps them up-to-date on important compliances and regulations provided by organizations like the Federal Housing Administration (FHA) and changes in Upfront Mortgage Insurance Rates (UFMIP). It also enables the upload of necessary documents, significantly speeding up the decision-making process. Ideally, the mortgage application software should also provide a support module and a chatbox to facilitate communication with borrowers.

Broker management

Efficient brokers fuel mortgage applications. One feature of mortgage management software is a virtual secretary function that helps organize brokers’ appointments and ensures their schedules do not conflict. Additionally, brokers can receive notifications for regulatory compliance, recent updates on regional mortgage loan policy, and feedback.

Streamlined accounting

A cohesive accounting module is a part of mortgage loan application software that streamlines all business and financial transactions. It allows lenders to track every approved or rejected transaction and offers various automated accounting reports. Mortgage accounting software analyzes overall payments and provides analytical reports for the future. It also provides bank reconciliation, alerts for duplicate payments, recurring bills, and approval processes, among others.

Analytics and reporting

Depending on a company’s specific needs, this may include various functionalities such as data visualization, business intelligence, performance metrics, risk analysis, portfolio analysis, compliance monitoring, predictive analytics, auditing and compliance reports, among others. Integrating analytics and reporting features can improve decision-making and operational efficiency for mortgage lenders and institutions. Such integration can also mitigate risks and provide a better experience for borrowers. By continuously analyzing data, the software can adapt to changing market conditions and customer preferences.

Third-party integrations

To develop successful mortgage management software, it is important to integrate with third-party services to maximize efficiency. These integrations could include KYC/AML providers, various payment gateways, business intelligence tools, accounting systems, cloud services, and legacy ERP systems. Integrating with open banking services can speed up the decision-making process for mortgage loans and reduce closing times by using financial data from the borrower, such as monthly income, taxes, loans, expenses, and bankruptcy filings.

How to Develop a Mortgage Application Software

The mortgage industry has traditionally been a complicated sphere of banking activities, as it involves intense human communication, high levels of stress, and responsibility from all parties involved. However, with the development of state-of-the-art technologies, scalable, resilient, and omnichannel mortgage management platforms are becoming more feasible and increasingly popular.

At Itexus, we advocate for a unique approach to every client, pinpointing their pain points and helping them rise. In this regard, we offer a comprehensive guide on loan software development, including the vital steps to take on the road to your dream solution.

1. Market research

As a player in the mortgage business, lenders have an insider’s understanding of how the system works. Custom mortgage software could solve a wider range of issues and provide helpful guidance to first-time borrowers. It’s a good idea to survey competitors and explore innovative solutions coming out of the mortgage sphere.

2. National regulators

Mortgage compliance is one of the top concerns for banks that provide mortgage loans to borrowers. When developing software, it’s important to ensure compliance with local policies and laws, as well as to keep track of all changes in the regulatory field. In the USA, some of the important regulators aimed at protecting lenders and borrowers are the Home Mortgage Disclosure Act (HMDA), National Credit Union Administration (NCUA), Equal Credit Opportunity Act (ECOA), and others.

3. User experience

Mortgage software should have a mobile-friendly interface that is intuitive and easy to understand. It should also utilize encryption to protect sensitive user data, as well as include other essential functionalities to streamline mortgage loan origination and application tracking.

4. Trusted software vendor

Building mortgage management software is a challenging task and should be handled by professionals skilled in FinTech development. They will help with business analytics and technical specifications for the project, give mortgage application development cost estimation, assist in planning the roadmap of the project, and, what’s more important, help you to deliver and deploy your mortgage servicing solution.

Challenges in Mortgage Software Development

Mortgage software development comes with a set of challenges to navigate. By understanding and addressing these challenges, you can develop robust, compliant, and user-friendly mortgage software. Let’s check them out.

The complexity of mortgage processes

Mortgage lending involves loan origination, underwriting, documentation, and numerous smaller processes. Designing software that seamlessly integrates all of these tasks while ensuring accuracy and efficiency can be challenging. However, an experienced team of designers and developers can assist you with this.

Data security and privacy

Mortgage software deals with financial records, personal data, and other sensitive information. It is essential to implement robust data security measures, encryption protocols, and access controls to protect against data breaches and unauthorized access. For best results, it is recommended to work with trustworthy and knowledgeable experts in data security and privacy.

Integration with third-parties

Mortgage software is supposed to integrate with multiple third-party services – e.g., credit bureaus, payment gateways, document management platforms, etc. Ensuring seamless integration, data consistency, and reliable communication can pose technical challenges.

Legacy system integration

Mortgage institutions often have existing legacy systems in place. Integrating new software with legacy systems can be complex, requiring careful strategy consideration and planning, accurate data migration, compatibility testing, and other steps.

Data integrity and quality

When it comes to finances, any decisions should rely on accurate and reliable data. To ensure this, it is crucial to implement data integrity, data validation, and data quality control measures throughout the system. This can be challenging due to several factors specific to the mortgage lending process, including vast amounts of data, verifying the accuracy and authenticity of data, handling different data structures, avoiding data loss during integration, and others.

Summary

First-class mortgage management software helps professionals streamline multi-channel processes and financial transactions on a transparent, seamless, and easy-to-use loan disbursal platform. Custom mortgage management software development offers unique features tailored to the needs of your business, 24/7 technical support, and unmatched scalability as the solution grows with your client base. It’s also crucial to find a team with international security certifications.

If you’re struggling to find an ideal IT partner for mortgage software development, simply drop us a line. During a call with a specialist, share some details with us, and we’ll provide you with a quote in the shortest time possible.

The post Mortgage Software Development first appeared on Itexus.

Benefits of Modernizing a Legacy Banking System

Upgrading a legacy platform can be a daunting task, but it is necessary for banks and neobanks to stay competitive. Although the high costs of transformation have held back many banking organizations, the benefits of legacy modernization outweigh them:

• Achieving a new level of digital capabilities. Leveraging artificial intelligence, machine learning, data analytics, cloud computing, blockchain, and other technologies requires a platform designed specifically for them; they cannot be effectively utilized on an outdated platform.
• Streamlined business processes. Integrating custom, leading-edge software into legacy systems can sometimes be very time-consuming and labor-intensive, or even impossible. For example, old systems may lack built-in data pipelines that can leverage the latest analytics tools. This substantial drawback slows down the development of new digital products.
• Improved security. Legacy platforms are more vulnerable to data breaches and other malicious attacks. Upgrading allows you to meet today’s security standards and protect your business and customers from current and future risks.
• Reduced regulatory pressure. Financial institutions with a presence in multiple markets must comply with a wide range of regulations. This necessitates robust digital solutions across the financial services enterprise. Developing APIs for legacy financial services software is not as simple as it is for newer technologies.
• Optimized operating expenses. Although modernizing legacy software in the banking sector requires a considerable initial investment, the cost of maintaining the new software is often significantly lower than for a legacy system. In addition to licensing costs, legacy banking apps require an additional software layer to integrate with newer technologies. This layer must be built on top of a core system, which is a substantial investment. Even after its completion, it is not guaranteed to work efficiently.
• Capitalizing on data. Upgraded banking software uses a far more efficient approach to data management, ensuring that no revenue is lost where it can be earned. This way, banks can offer customized products and services based on the analysis of customer data.

How to Approach Legacy System Modernization

If you’ve recognized that legacy systems are hindering your business initiatives and need to be updated, you may be wondering where to start. We recommend following this strategy step by step.

STEP 1: Assess  your legacy banking system

There are six key drivers (issues, concerns, or impediments caused by the legacy application). Three of these drivers are related to business processes, while the other three are related to IT.

• Business drivers: business fit, business value, and agility. If your legacy application does not meet the new demands of digital businesses, it needs to be modernized.
• IT drivers: cost, complexity, and risk. If the total cost of ownership is too high, the technology is too complex, or security, compliance, support, or scalability are being compromised, then it is time to upgrade.

STEP 2: Choose the appropriate modernization approach

There are four options available for updating legacy banking software. Let’s take a closer look at each of them.

Full software replacement

This approach entails entirely replacing the current legacy banking software with a modern solution. Although it may require more time and resources, it provides the benefit of starting anew with the most up-to-date technologies and industry standards. This allows the bank to develop a system that is tailored to its current needs, free from any constraints of outdated software.

Pros:

• access to the latest technologies and frameworks
• eliminated technical debt and legacy constraints
• better alignment with current business processes and requirements

Cons:

• high cost and resource requirements
• potential data migration challenges

Incremental modernization

Incremental modernization refers to the process of gradually updating various components of legacy banking software. This approach helps to minimize the risk of complete system failure and allows the bank to maintain critical functionality while improving other aspects. It is a practical and effective method of modernizing software systems without disrupting the daily operations of the bank.

Pros:

• reduced risks and easier management of change
• flexibility to prioritize updates based on business needs
• quicker introduction of new improvements without requiring the entire system to shut down

Cons:

• possible challenges in ensuring that old and new modules work well together
• it might take more time to have a completely modernized system
• risk of accumulating further technical debt if not properly managed

Service-Oriented Architecture (SOA)

Adopting a service-oriented architecture entails dividing the existing software into smaller, independent services that can be updated or replaced individually. By doing so, each service can perform specific functions and communicate with others through APIs (Application Programming Interfaces).

Pros:

• flexibility in updating individual services
• better integration with third-party services and APIs
• easier maintenance and improved scalability

Cons:

• increased complexity in managing a distributed architecture
• potential performance overhead due to inter-service communication
• requires careful planning to avoid creating tightly coupled components

Cloud migration

Migrating legacy banking software to the cloud can bring about several advantages, such as better scalability, availability, and cost-efficiency. Cloud providers offer a range of services that can boost the software’s capabilities.

Pros:

• scalability to handle variable workloads
• better disaster recovery and data redundancy
• reduced hardware and infrastructure maintenance costs

Cons:

• potential compatibility issues with existing software and integrations

As you decide which legacy software modernization option to adopt, consider your organization’s specific needs, budget, and long-term goals.

You can also take a hybrid approach, combining elements from different strategies to create a customized solution that best fits your banking institution.

STEP 3: Opt for reliable technologies

To witness the positive impact of IT legacy modernization, ensure that your software development team is utilizing a reputable and best-in-class web or mobile technology stack that aligns with the unique features of your product and business goals. It is crucial to collaborate closely with your in-house engineering team or seek guidance from an experienced financial services consulting firm.

STEP 4: Outline a post-modernization strategy

Adopting software engineering best practices across your IT department can help you avoid the same problems that led you to redevelop your existing system. Clean and readable code, along with well-designed component architecture and comprehensive project documentation, will make your software easily testable, maintainable, and scalable in the long run.

Also, consider how your employees will adopt the new system. They may need some time and support to become accustomed to it, so be prepared to invest in workshops to expedite the process and enhance their performance.

4 Priority Areas for Banking System Revamping

From the backend standpoint, legacy banking systems require revamping in four distinct areas.

DevOps/SecOps

This boils down to bridging the gap between development, operations, and quality assurance, aiming to reduce the time to market for new products without compromising their quality.

The key principles of DevOps that you should follow are:

• Introducing more operations and quality assurance in the early stages of the software development lifecycle can help minimize the risk of costly rework later on.
• Automating development and delivering pipelines systematically to prevent bottlenecks and accelerate workflows.
• Closely monitoring core software metrics, including delivery lead time, deployment frequency, mean time to recovery, and change failure rate.
• Collecting feedback, reviewing metrics, and continually investing in additional processes.

SecOps is the next step for banks that aim to meet security standards by promoting automation and platform design that integrates security as a shared responsibility throughout the entire IT lifecycle. By incorporating security testing early in the application development lifecycle, you can significantly minimize the risks of security incidents in deployed products (and avoid costly penalties!).

IT architecture optimization

Sometimes, it may not be feasible for most banks to fully step away from the legacy core because the risks are too high. In such cases, an alternative is to gradually decouple and modularize a banking IT architecture. A strong IT governance process is key to a successful evolution. This involves:

• eliminating redundant and overlapping systems
• creating a strong alignment between technical capabilities and your business objectives
• developing a standardized technology portfolio that’s easier and much cheaper to maintain
• implementing a unified approach to security management, risk, and compliance.

Data governance & management platform

Legacy systems often result in stranded or uncollected data, preventing banks from competing with digital players, deploying innovative analytics-driven solutions, or experimenting with predictive analytics, AI, and ML.

Banks cannot perform real-time business intelligence and advanced Big Data analytics with their legacy systems unless they have a strong data management platform in place.

Shifting to a unified data platform can improve data traceability, accountability, and reporting capabilities, and help banks comply with the latest industry regulations.

Data migration

The most important aspect of updating a legacy system is to ensure the protection of existing data through successful data migration.

Successful data migration includes:

• extracting the existing data,
• transforming the data to match the new formats,
• cleansing the data to address any quality issues,
• validating the data to ensure the migration goes as planned,
• loading the data into the new system.

Add More to Your New Banking System

Adding new technology blocks to your banking app can open up new prospects for revenue growth. Take a look at the features that can help you stay competitive and profitable in this decade.

• Decision analytics engines. They help to power up decision-making and provide personnel with the right insights at the right time. Use cases for AI-driven decision intelligence include alternative data analysis for investment decisions, intelligent client outreach based on recent behavior patterns, real-time access to automated insights about individual customers’ portfolios, improved pricing strategies, and data-driven product marketing.
• ML-based credit scoring algorithm. Credit scoring models based on machine learning outperform traditional models that use both traditional and alternative data in predicting borrowers’ losses and defaults. These models are also more effective at predicting losses and defaults over time after a negative shock to the overall credit supply. Furthermore, their performance improves as new data becomes available.
• Security and fraud detection tools. Thanks to Big Data and predictive modeling for identifying fraud, banks and financial organizations can significantly improve customers’ data security using voice recognition, TAN/PIN systems, strong passwords, and cellular networks.
• Combination of AI and blockchain technologies. Together, these technologies increase security through inherent encryption, provide companies of all sizes access to the same pool of information as tech giants, and optimize energy consumption for data mining, leading to lower prices for mining hardware. Blockchain technology alone offers a secure and cost-effective method of sending payments, reducing the need for third-party verification and outpacing processing times for bank transfers.
• Voice assistance. Some virtual assistants in banks are already voice-activated, providing a faster way to get answers to users’ account-related questions without typing. Furthermore, voice-activated virtual assistants in banking make it easy to transfer money or make payments quickly.

How to Choose a Banking Developer

Finding the right banking software development company can be a difficult and time-consuming task if you don’t know the key criteria to look for. Here are a few important factors you need to consider.

Previous experience

The primary measure of success for the company is the projects it has undertaken. To gauge the team’s expertise, check the company’s fintech project portfolio to see the types of products they have worked on. The more experience they have in a variety of projects, the better. Engineers can also generate new ideas based on what they have learned from previous projects. Additionally, you can ask for references from past clients and consider their feedback.

Technical proficiency

Your IT partner should have a strong team of specialists who are well-versed in all aspects of software development. This includes knowledge of the various programming languages and frameworks used in developing financial solutions. Additionally, your developer should be familiar with the latest trends in the financial industry.

Cybersecurity

Developing fintech software solutions comes with a major concern, as even a small mistake can significantly impact your business. To prevent security breaches and mitigate risks in the core architecture of your product, it is essential to work with a reliable fintech software development company. Make sure the company is well-versed in sensitive data protection best practices and adheres to relevant rules and standards such as PCI DSS (Payment Card Industry Data Security Standard) and OWASP (Open Web Application Security Project) during the development of your product.

Risk management

When selecting a development partner, make sure that the company will create an individual risk mitigation plan for your project. Your tech partner should be able to mitigate common risks in fintech software, such as:

• malware attacks,
• broken authentication,
• cyber breaches,
• server failure,
• buffer overflow,
• broken access control.

Moreover, your fintech outsourcing agency should offer product support services until your team gradually gains full control of the product.

Summary

By maintaining outdated legacy systems, you miss opportunities to invest in projects that could move your business forward. This creates opportunities for your competitors. To capitalize on growth opportunities and receive steady revenue from your bank, it is essential to upgrade your systems timely and in a professional way.

Since 2013, Itexus has been helping businesses maximize their technology investments. With a deep understanding of the financial services industry, strong technical expertise, and hands-on experience updating outdated banking software, we are a reliable partner. Contact us to discuss your needs and find out how we can help you.

The post Revamping Legacy Banking Software: Step-by-Step Guide first appeared on Itexus.

Crowdfunding Software Core Players

As the demand for crowdfunding development is increasing, we decided to discuss the topic in detail – crowdfunding app development, key players, business models, features, as well as the difference between custom fundraising solutions and off-the-shelf ones.

• Kickstarter

Kickstarter was founded in 2009 and has helped 500,000 projects gain funding. It’s geared more toward creative projects like a new album or book and inventions like a personal one-wheeled vehicle. Categories include art, comics & illustration, film, food & crafts, games, music, publishing, and design & tech. The platform isn’t suitable for purchasing equipment or supporting non-profit organizations, and you can only keep your money if you raised the pre-set sum. Otherwise, the funds will go back to donors.

• Indiegogo

This crowdfunding website has helped fund over 800,000 ideas around the world since 2008. Today, more than 15 million people visit the Indiegogo website, where about 19,000 campaigns are launched every month. The platform is great for entrepreneurs and investors, allows integration with other platforms, including Facebook and Google, and is open to worldwide operations. However, there’s a 5% platform fee plus a third-party payment processing fee.

• Mightycause

Founded in 2006, Mightycause is one of the most cost-effective platforms, which makes it a preferred tool for nonprofits. Mightycause has helped more than 150,000 organisations raise the funds they need to achieve their goals.

Mightycause is compatible with CRM systems, has media integrations, and the demo version can be requested for free. However, a number of features (such as CRM integration and event fundraising) are available only in the advanced plan, which is more expensive.

• StartEngine 

Founded in 2011, the platform celebrated 500,000 users in 2021, has helped 375 companies, and has already raised $350 million. StartEngine is a great option for anyone who wants to get funding, invest, and get their share in the companies they like. StartEngine allows ordinary people to invest their money directly in companies and startups they admire, and in return receive an equity stake, starting at just $100, depending on the share value specified for each company.

• SeedInvest Technology

This crowdfunding platform aims to provide investors with the opportunity to support early-stage startups. Since its inception in 2012, the platform has funded more than 500 companies and is a good choice for startups in need of seed capital. The website has a calculator that you can use to estimate how much it might cost you to raise money through the platform. If your fundraising is unsuccessful, you won’t have to pay any fees.

Crowdfunding Company: Business Models

With so many crowdfunding sites using different business models, it’s easy to lose track. We want to help you get things straight. There are four main business models that differ in how they deliver value to customers and monetize that value.

Peer-to-peer (P2P) Lending

When lenders get their money back with interest.

This is the most popular business model because it offers the ability to borrow and lend money without having to turn to traditional banks. Borrowers no longer have to go to a bank to get a loan, nor do they have to go through many financial checks. Lenders, in turn, have more investment options.

The platform typically performs a credit risk assessment, determines creditworthiness, and adds an interest rate to a borrower’s profile. Loans are also repaid through the platform, which can be integrated with a third-party service to process transactions. The borrower pays an upfront origination fee (between 1% and 5%), which is used to process and issue the loan. This is where the P2P lending platform derives its revenue.

Donation-Based

When a campaigner receives donations for no consideration.

This is a growing model, especially among crowdfunding platforms for charity and nonprofit crowdfunding platforms. Donors give because they want to support the person’s idea or cause. Donations work well for startups, small businesses, personal goals, social and educational campaigns. They suit certain industries as well. A real estate crowdfunding business model, for example, is unlikely to be based on donations or rewards.

You could also allow donors to cover the fees you charge the advertiser. However, there are obvious pros and cons.

On the plus side, campaigners no longer have to cover the fees, which will naturally attract more crowdfunding campaigns to your platform. Also, there is usually no set minimum or maximum amount that a donor should put into your project. On the other hand, you run the risk of alienating donors.

Equity-Based

When entrepreneurs are able to raise money for their businesses by selling part of their business to outside investors in exchange for capital.

Companies that are not publicly traded receive money from a number of people who believe in the early idea of a product or service, and those people become shareholders in the company.

This model is especially popular with companies that have been around the corner for some time. They launch a campaign to scale their business and are willing to give away a significant amount of the shares to the public.

Royalty-Based

When funders receive a percentage of the revenue generated by the project or venture they support, it incentivizes them to continue providing capital.

For instance, funders may provide support for an app even before its full development and later share in the generated revenue once the app is launched.

However, this does not make the backers shareholders in the project. They are simply participants in the funding process and are entitled only to the royalties they receive from sales.

Reward-Based

A funder donates to a project or business with the expectation of receiving a non-financial reward in return.

In this type of business model, funders who support the project or idea receive various types of rewards, such as goods or services, as tokens of appreciation.

A typical scenario for an entrepreneur would be to develop a minimum viable product and offer it to certain types of crowdfunding investors (also called supporters ) to test and see if a full-fledged offering would be useful in the long run.

Custom-Made vs. Off-the-Shelf Crowdfunding Software

Off-the-shelf solutions are widely available on the market. However, many companies choose to develop their own crowdfunding apps. Here’s why:

• A custom crowdfunding website enables a hybrid model where users can choose the type of engagement. Most ready-made platforms restrict users to a specific business model.
• The platform includes all the necessary features and can be customized to meet your needs. In contrast, off-the-shelf solutions have a limited number of features.
• When it comes to upgrades, custom solutions are easier to manage. It is important to consider flexibility in potential integrations with your existing programs and databases. With off-the-shelf solutions, this can be challenging due to the lack of necessary features.
• As the owner of the software, you have the independence to make changes without relying on third-party decisions. However, if you use a pre-made platform, be aware that you may need to pay extra for subscriptions or additional features.

Must-Have Features for Crowdfunding Software

We have rendered our expertise in crowdfunding platform development & crowdfunding website development to select the most essential features that every platform should have.

Smooth Onboarding & Application Processes

The entire interaction takes place on the website, so providing a seamless user experience right from the sign-up and sign-in steps will give you a competitive edge. Your clients, whether fundraisers or investors, should not be confused when they visit your platform for the first time.

KYC Verification

A crowdfunding platform should provide reliable and effective means to verify the identities of potential donors, while remaining KYC compliant. This ensures that documents can be matched to the individual, reducing the risk of money laundering and identity theft. Learn more about financial crime prevention and AML software for financial institutions here.

There are numerous scalable identity verification solutions available on the market to prevent money laundering attempts. These safeguards are essential for detecting potential fraud and terrorist financing that these platforms may be vulnerable to.

Data Security

Developing an online platform that involves personal and financial information is challenging in many ways. While customer interaction with the platform must be flawless, their private information must also remain secure. Therefore, crowdfunding platforms should take additional security measures to protect their customers.

• Employ viable security technologies (AI/ML, cryptography, etc.).
• Comply with data privacy regulations (such as GDPR and CCPA).
• Partner with vetted third-party vendors.
• Invest in security issue detection (advanced identity, automated policy management, access management).

Intuitive Design

A good crowdfunding platform should have a clean and unique design, intuitive navigation, and transparency. These are the most important aspects that ensure a lasting relationship with the audience. Additionally, we believe that providing crowdfunding tips for campaigners and investors and explaining the application process and funding will be a valued feature of the website.

Effective Account Management

Account management should be simple and easy to understand, so that neither party has to worry about what’s happening with the campaign, who donated, or how much money was raised. The account management area should include an investment chart, progress bar, transaction records, top-ups, withdrawals, reports, and dashboards.

As a platform for showcasing startup ideas, your crowdfunding app will have to handle dozens of inputs from individuals and organizations. That’s why it’s important to equip it with numerous features to meet these business needs.

Transactions Management

Your crowdfunding website should enable centralized management of all payments. Users should be able to receive and secure funds from many countries and automatically reconcile their payment flows.

As crowdfunding relies heavily on payments and donations, it is crucial to provide a well-established payment gateway suitable for your business model.

Additionally, it is important to configure your crowdfunding software to accept multiple currencies, as this can give you a competitive advantage over projects that do not. By accepting a wide range of currencies, you can also attract more people willing to donate.

Tax Reporting

Investors participating in a crowdfunding campaign, especially in the United States, are likely to be required to pay sales and income tax. To help investors save time and ensure accurate and timely reporting of their income, platforms can report investment income to the relevant tax authorities.

Support and FAQ

Understanding all of a crowdfunding platform’s capabilities at once can be difficult. That’s why a professionally designed and managed knowledge base can help users comprehend the platform’s features.

Key technical considerations

If you want your platform to be high-performing and trouble-free, consider the following technical caveats.

Scalability and performance optimization

As the user base and traffic increase, your platform should efficiently handle the load. Incorporating the following scalability and performance optimization methods will help your crowdfunding platform deal with increased load and remain performant and reliable even during peak periods.

Load balancing and horizontal scaling

It’s advisable to apply load balancing methods to distribute incoming requests across multiple servers, preventing overloading a single server. Balancing the load can be achieved through round-robin, least-connection, weighted least connection, or other algorithms.

Caching and Content Delivery Networks (CDNs)

You can improve response times and reduces infrastructure load with caching mechanisms. In-memory caching systems can store frequently accessed data, while Content Delivery Networks (CDNs) can cache and deliver static assets.

Asynchronous processing

Implement asynchronous processing for time-consuming or non-blocking tasks to improve system responsiveness and enhance scalability. For example, when processing a large number of transactions, use message queue systems to enqueue tasks and process them in the background.

Secure payment processing

By establishing secure payment processing in your crowdfunding platform, you can instill confidence in your users, protect sensitive financial information, and maintain the integrity of your crowdfunding platform. Here’s how you can do it.

SSL/TLS encryption

To establish secure communication between the user’s browser and the server, implement SSL/TLS encryption. This encryption ensures that sensitive payment information, such as credit card details, is transmitted securely over the network, protecting it from unauthorized access.

Tokenization

Use tokenization to make payment more secure. Tokenization replaces sensitive payment data with a unique identifier (token). This identifier is stored and used for future transactions. This reduces the risk of sensitive information being exposed, as the token is meaningless outside of the secure environment.

Compliance with Payment Card Industry Data Security Standard (PCI DSS)

Follow the rules for keeping credit card information safe, known as PCI DSS requirements. Make sure that how you handle payments meets all the rules, such as keeping payment information safe during storage and transmission, and processing payments securely.

With the measures mentioned above implemented, you can be confident in the high performance, security, and trouble-free operation of your crowdfunding platform.

Summary

Crowdfunding platform development can give you a competitive edge over other platforms by offering a unique set of features that solve your or your users’ problems in the best possible way. If you need a reliable tech partner with hands-on experience in crowdfunding development, contact us to discuss your idea and find out how Itexus can help you achieve your business goals.

The post Crowdfunding Software Development: Core Players, Features, Business Model first appeared on Itexus.

Marqeta is a cloud-based open platform API that is revolutionizing the transaction procession and card issuing processes. The technology behind it allows Marqeta to provide its customers with payment card products, omitting interactions with traditional banks and other financial institutions.

How Does Marqeta Work?

Marqeta helps businesses issue, create, and deploy physical and virtual payment cards. The company runs a usage-based model when they earn money by charging customers a 0.2% fee for any transaction, which is less than Visa which is taking 0.24%, or Square charging its customers 0.80%. The shift to online payments and the rapid growth of e-commerce we are witnessing right now contribute to the growth of such companies as Marqeta.

Over the last decade banking payment acceptance rate increased and was subjected to several innovations while the issuing card processes remained mostly unchanged. Let’s take the USA as an example, it has around 300 acquiring financial institutions, which could accept payments while there are approximately 200 issuer processors globally only. That’s why when digital finances started taking over, non-financial institutions offering instant transactions and online payment operations found it hard to rely on legacy card-issuing infrastructure providing limited card functionality. This is how Marqeta API integration became the middleman between fintechs and traditional banking. The back-end technology they provide fuels financial operations while the company works with banks to process payment transactions.

What Is Modern Card Issuing?

The legacy traditional card issuing systems have been around since the 1960s and proclaimed themselves to be reliable and well-protected institutions but the world of technologies is rapidly changing. What once was cutting-edge, has become outmoded and clunky. These outdated issuer processors lack the growth space and resources to satisfy the requirements of nowadays customers, which are the need for real-time payments, enhanced fraud and security management, new payment option integrations, reduced time to market, and support innovations. Modern card issuing providers offer fintech businesses the required tooling to eliminate the aforementioned limitations.

Benefits Marqeta Brings to Fintech Solutions

• Personalization. Marqeta card issuing platform comes in the form of flexible APIs manageable enough to offer space for innovation and customization. Some reports claim that companies could reach up to 15% of revenue through increased personalization.
• Facilitated Wallet Integration. Marqeta technology enables instant issuing for both physical and virtual cards. The cloud platform provides fintech startups and organizations with the options of seamless card integration into digital wallets as well as enhanced scalability.
• Authorization. Marqeta’s open API integration technology helps to authorize all payment transactions against the set criteria and customize the card spending based on profile risks, location, and currencies used.
• Fraud and Security Management. Marqeta found a way to enhance the security of fintech products and increased end-users’ data protection. It provides dynamic spend controls, enables single-use card issuing, and uses tokenization to replace the card’s sensitive data (CVV, PAN, date of expiry) with the surrogate data.
• Time to Market Reduction. Marqeta integration significantly cuts time to market. It provides much space for rapid prototyping and easy application of large-scale changes if needed. Processes that used to take a year could be performed nów within a few weeks.

Leading Use Cases

On-Demand Services

The lockdown of 2020 brought to the market numerous on-demand delivery companies. Mostly they are connected to food delivery: grocery doorstep drop-off, cafe delivery services, etc. One of the examples is Instacard which is an app intermediary between drivers who get to the shop, make grocery shopping, and deliver it and people and the ones who płace delivery orders. Once a person who is ordering confirms the payment, the other person who will be delivering receives a confirmation, and a real-life notification, and Marqeta issues a virtual card enabling instant payment. With Marqeta API integration in-demand providers can verify the data of the transaction: purchased amount, time of order, restaurant/shop name, etc. Modern card issuing helps on-demand services create a solid payment experience and trust in their products.

Buy Now, Pay Later

The buy Now, Pay Later option is getting very popular and lets you buy things you like without affecting your credit card history. One example of a Buy Now, Pay Later company is Klarna. Having adopted Marqeta API and modern card issuing technology they let clients visit the online shop or make in-store payments given that they could pay over time. Klarna suggests several payment options: pay in 4 payments, pay in 30 days, and monthly financing. Marqeta helps such companies seamlessly onboard new clients and enable their payments through one-time used virtual cards. When the purchase is initiated, a card is instantly created and a standard point-of-sale system accepts it. After a quick check of the transaction data, the program confirms a successful purchase, and then the other part of the financing is authorized.

Expense Management

Corporate expense management has never been an easy task for businesses, not to mention the duration of time for new employee banking cards being issued. Marqeta managed to disrupt this old, stodgy system which historically has been a pain point for businesses. Marqeta not only offers virtual cards that onboard employees immediately and let them start spending while waiting for a physical card in the envelope but also provide a robust and flexible platform for spend control and transaction approval with several roles of access. One of Marqeta’s clients is JPMorgan, which managed to add Marqeta virtual cards to employees’ mobile wallets and activate them through Samsung Pay or Apple Pay. Marqeta platform provides a high level of customization and lets its customers set limits on employees’ cards. For example a limit of $1500 for airlines and $300 for cafes and restaurants per month.

Financial Services and Digital Banking

Modern financial operations are expected to be digital-led and seamless. Personal banking is nowadays predominantly done online or via mobile apps. Marqeta provides financial institutions with an open API to build debit and credit cards and create unique payment experiences through unprecedented flexibility and custom controls. Thus, gig workers may be immediately paid, loans disbursed, card reward structure adjusted based on monthly spending habits, and the APR instantly lowered, etc. One of Marqeta’s clients’ is Branch, a challenger bank partnering with employers. Square, a mobile payment app and card reader provider is another partner, processing up to 60% of Marqeta transactions.

E-marketplaces

When we talk about modern e-marketplaces it’s worth realizing that such e-marketplace empires like Expedia or Wayfair are just an interface for multiple smaller suppliers and this is where traditional payment and banking experience could be complicated. Modern card issuing helps to make payment transfers through one-time virtual cards and seller cards, depending on the size of the e-marketplace platform. Smaller places benefit from seller cards issued by Marqeta which are available within seconds. Bigger marketplaces operating online and through point-of-sale systems fuel customers’ payment transactions through virtual cards enabling instant payment. Also, Marqeta injects metadata into payment transactions which help marketplaces to reconcile them with order numbers and suppliers.

Hiring Developers for Marqeta Integration

Though Marqeta’s open API helps to connect financial solutions to the global payment systems through their pre-built cloud platform it needs a skilled team for the required adjustments and integrations. Moreover, Marqeta never comes alone, it acts as a middleman provider among other middlemen, and based on the needs of your business you might need more than Marqeta API integration only. Let’s focus on who could be the best match for your company in terms of Marqeta integration.

Itexus

Itexus is a well-established fintech software development company delivering to its customers best-in-class payment solutions, B2B transaction platforms, and digital wallets as well as providing the required integrations and the deployment of these solutions to the cloud infrastructure. The company is endorsed for robust development, flexibility, and compliance with industry standards as well as high safety levels, cybersecurity, and users’ sensitive data protection. Itexus advocates for a customer-centric approach and provides the best-in-class specialists for your projects, who could provide all-inclusive Marqeta integration consulting. Any idea brought to the company is wrapped and delivered to the potential customer in the form of an MVP and a detailed explanation of how to bring your product to the markets faster and more cost-efficiently.

Diceus

Diceus is a fintech software development company that specializes in the development of feature-rich, scalable, and secure solutions for financial and non-financial institutions of all sizes. The company is known for the delivery of successful and engaging customer experiences. Also, they put extra attention to software security, ensuring the application of encryption and cryptography in addition to various fraud prevention mechanisms. Diceus is particularly praised for its strong UI/UX testing team and its high standard of quality assurance.

Apadmi

Apadmi is a full-service fintech agency committed to the production of digital solutions which are capable of enriching end-users financial experience. The company promotes a transparent and communicative approach to its customers throughout the whole cycle of product development. Its development team is highly skilled in modern technologies including AI, crypto encryption, serverless architecture, and native cybersecurity. Apadmi offers their customers reasonable payment solution development costs and walks together with the customer through all development stages: starting from ideation and finishing with the product launch.

Summary

There is no doubt that modern card issuing platforms are extremely valuable assets for the digital finance sector. Based on the recent study from Juniper Research, a payment market expert, the annual number of cards issued digitally will surpass 1.3 billion by 2027, which reflects a strong interest in the new way customers access and replace payment cards. If you need Marqeta for banking or Marqeta integration consultation, because this modern card issuing platform comes along with a bunch of other payment infrastructure key players, you need to partner with a skilled fintech development agency to make sure that the Marqeta integration into your production infrastructure is completely frictionless.

If you have an idea for a project, want to test our Marqeta developers’ skills, or discuss any other fintech software integration, let us know.

The post Marqeta Integration: Use Cases and Developers first appeared on Itexus.

The same applies to KYC. In addition to a one-time integration payment, you may have to pay regular subscription fees or charges per user verified. This adds up to a financial burden, as your customer base grows. Have you considered custom KYC development? In this article, we will explain the distinction between KYC and AML, explore how KYC impacts data protection, discuss the main sectors of implementation, and provide a comprehensive guide on building your own KYC verification system from scratch.

What is KYC verification?

Let’s start with the basics. KYC verification is imperative for organizations that are subject to legal requirements. It allows for the prevention of fraudulent activities and mitigating connected risks by determining and verifying customers’ identities. KYC is compulsory for most companies, especially those serving heavily regulated industries like finance. The KYC process usually involves gathering and verifying customer information, such as personal information, identification documents, proof of address, and financial records.

By carrying out a compelling KYC verification procedure, businesses can shield themselves and their customers from such risks as:

• identity theft and fraud
• money laundering
• terrorist financing
• regulatory non-compliance
• reputation and reputational risk
• counterparty risk

KYC vs AML

KYC (Know Your Customer) and AML (Anti-Money Laundering) are interconnected, but still distinct procedures in the realm of financial laws.

• KYC is the procedure that organizations handle to prove the identity of their customers and establish the legitimacy of their activities. KYC is one tool used within an AML program to eliminate the possibility of a financial crime.

• AML is a broad concept that comprises laws, regulations, measures, and procedures followed by businesses and organizations to fight money laundering and illegitimate earning that could be used for illicit activities. AML involves the following elements:

1. Transaction monitoring. Financial institutions oversee transactions for dubious or suspicious activities by identifying and analyzing patterns and interconnections. If any unexpected or risky transactions are found, they set off further inspection.
2. Enhanced Due Diligence (EDD). EDD is a more in-depth examination applied to higher-risk customers. It required collecting more information and handling detailed research to grasp the customer’s background, business activities, and risk factors. EDD may hold proving the source of funds, checking politically exposed persons (PEPs), or conducting site visits.
3. Compliance education and internal supervision. Organizations educate personnel systematically to ensure they are aware of AML laws, regulations, and red flags for suspicious activities. They also set up strong internal supervision and control, guidelines, and procedures to prevent money laundering and comply with relevant regulations.
4. Risk-based approach. AML practices evaluate risk factors such as customer profiles, products, locations, etc. Institutions adapt their AML methods to the degree of risk – the procedure is more stringent when it comes to higher-risk customers, high-value transactions, or specific jurisdictions.
5. International cooperation. AML’s strategy requires international joint effort and information sharing between organizations, law enforcement institutions, and regulatory authorities to identify and prevent cross-border money laundering and maintain global AML measures.

While KYC software focuses on customer-facing procedures, AML concentrates on the organization itself and the actions it must take to resist financial crime and prevent money laundering. Both KYC and AML are fundamental for organizations to maintain the integrity of the financial system and prevent bankrolling illegal activities.

KYC integrations and data protection

Establishing a KYC integration enables companies to verify their customers’ identities and ensure the security of their personal information through diverse methods and measures:

1. Secure data transmission. KYC software integrations often employ secure channels for data transmission: encryption protocols such as HTTPS or secure API connections.
2. Data minimization. KYC integrations aim to collect and retain only the necessary data required for the verification procedure.
3. Access control and authorization. Only authorized personnel with specific roles and responsibilities should have access to customer information. Access allowance should be allocated based on the principle of least privilege (POLP).
4. Data encryption and storage. Customer data is typically hoarded using robust encryption methods. Encryption ensures that even if illegitimate access takes place, the data remains unreadable and unusable without the decryption keys.
5. Compliance with data protection laws. KYC integrations should adhere to relevant data protection laws, such as the General Data Protection Regulation (GDPR) in the European Union or the California Consumer Privacy Act (CCPA) in the United States.
6. Consistent security audits and assessments. KYC integrations should undergo regular security audits and assessments. It can carry out penetration testing, vulnerability scanning, code reviews, and internal and external audits to maintain the integrity and security of customer data.
7. Data retention and destruction. Customer data must be retained only for as long as necessary to fulfill regulatory requirements. Once the retention period expires, proper data destruction methods should be applied to permanently erase information.
8. Vendor due diligence. If utilizing a third-party KYC software solution or integration, handling accurate vendor due diligence is important.

How does KYC verification work?

Let’s explore the KYC verification process step-by-step:

1. Customer onboarding. Customers must provide the required and relevant information, such as proof of address, occupation, and source of funds.
2. Document submission. Customers must submit the required documents.
3. Initial audit. Submitted documents are checked to ensure they are complete and valid. This includes checking if the documents are up to date and if the data provided meets the requirements.
4. Backend identity verification. The documents are reviewed and cross-checked against authorized databases and external sources.
5. Risk assessment. Customer reliability is assessed by checking their background, country of residence, occupation, source of funds, and the nature of the banking relationship.
6. Enhanced Due Diligence (EDD). High-risk customers may require more thorough background checks, including the collection of additional information.
7. Decision making. Once the KYC review is completed, a final decision is made.

KYC solutions and processes may vary between companies depending on their size, customer base, and technological capabilities, and may involve a combination of methods.

The Sectors Subject to KYC Laws

When it comes to KYC, fintech, banking, and similar industries come to mind first. However, what about other sectors?

Insurance

KYC is widely used in insurance to authorize and verify the identity of policyholders, as well as to determine their risk profiles. In addition, KYC procedures enable insurance companies to detect and prevent fraud, which is a dominant issue in the industry.

Securities and investments

Brokerages, investment advisors, mutual funds, and other organizations in the securities and investments sector also perform KYC procedures. This helps identify and verify investors, understand their investment objectives, confront money laundering, and conduct decent due diligence.

Gaming and online gambling

Online gambling platforms are obliged to handle KYC procedures to verify the identity and age of players and comply with corresponding gambling regulations.

Real estate

In some regions, real estate transactions are subject to KYC regulations. Developers, agents, and brokers may need to enforce KYC procedures to verify the identities of buyers and sellers participating in high-value property transactions.

KYC in crypto

In the crypto sphere, KYC is widely used to fight money laundering, terrorist financing, and other illicit activities. However, KYC can be more intricate in the crypto sphere than in other fields due to the global reach of cryptocurrency transactions, parties’ anonymity, and the difficulty of establishing the true owner of a crypto wallet. To deal with these hurdles, some companies are considering the use of blockchain technology to enhance KYC procedures. Let’s further explore this topic.

Key problem areas of KYC in crypto

As mentioned previously, KYC requirements in the crypto industry can be more challenging than in traditional banking systems. Below, we explore the major complications.

Anonymity and pseudonymity

Cryptocurrencies were designed to offer users high levels of anonymity and pseudonymity for transactions to be made without revealing parties’ real-world identities. However, this feature poses challenges for KYC procedures as it can be difficult-to-impossible to link a user’s crypto wallet or address to their real-world identity. Therefore, alternative and efficient KYC procedures are needed to enable accurate user identification without compromising their privacy.

Decentralization and lack of central authority

Cryptocurrencies operate on decentralized networks that are not controlled by a central authority. This makes crypto more private and secure. However, it also complicates the process of setting up a clear way to conduct KYC and ensure consistent compliance across various crypto platforms and exchanges.

Cross-border transactions

Cryptocurrencies have brought accessibility and safety to international transactions. However, due to varying regulations across countries and the potential for cryptocurrencies to evade traditional identification methods, it can be challenging to carry out decent KYC checks. Addressing this issue requires a more advanced KYC approach.

Lack of standardization

Compliance with regulations can be complicated due to varying requirements and verification procedures. Inconsistencies and potential security gaps can compromise user information and assets. Standardization of KYC procedures can promote consistency, create a more secure environment, and foster trust in the industry.

Regulatory landscape

Cryptocurrency regulations are constantly evolving, and companies must keep up with changes and understand each jurisdiction they operate in. This requires thorough research and analysis, as well as the ability to adapt quickly.

Blockchain technology for KYC

Blockchain technology allows for enhanced KYC verification due to its ability to securely store customer data in a decentralized manner. Cryptography adds an extra layer of protection, reduces redundancy, and increases security. It also enables customers to reuse their verified information across different entities, reducing repetitive verification. Blockchain-based KYC also provides a transparent and auditable trail of customer onboarding and verification activities, making compliance easier for businesses and regulatory authorities.

Let’s explore the key benefits that implementing KYC processes using blockchain technology can offer.

• Enhanced security. Blockchain technology protects sensitive customer data by decentralizing the storage across multiple nodes and using cryptography to add an extra layer of protection.
• Data integrity and transparency. Blockchain allows for transparent and unalterable record-keeping, ensuring data integrity and reliability. Transparency promotes trust between businesses and their customers, as they can verify the accuracy and maintenance of their information on the blockchain.
• Cross-platform and interoperability. Traditional KYC requires customers to submit the same information to different entities. Blockchain-based KYC eliminates this repetitive process, as it securely stores data and shares it with authorized parties on demand. This enables interoperability among organizations and platforms, so customers can reuse their verified information with other participating entities, which eliminates the need for repetitive verification.
• Better CX. KYC processes designed with customers in mind create a streamlined, more convenient customer journey without the hassle of submitting physical documents, filling out forms, or undergoing extensive verification processes.
• Enhanced privacy control. Blockchain-based KYC grants customers more control over their data. They can provide access to specific details of their information while maintaining privacy and control.
• Compliance and auditability. Blockchain-based KYC systems simplify regulatory compliance by providing a transparent and auditable trail of customer onboarding and verification activities, making the audit process easier for regulatory authorities and businesses to demonstrate their compliance more efficiently.

Building your own KYC from scratch

Now that you are aware of all the essential details that may come in handy, it is time to explore the step-by-step guide on custom KYC development.

1. Identify legal and regulatory requirements. Understanding your legal and regulatory obligations is crucial. This includes knowing the laws and governing bodies in your industry and jurisdiction, as well as any updates or changes that relate to and may affect your business. Staying up-to-date will help you avoid legal issues and penalties.
2. Define objectives and requirements. The clearer the vision is at this stage, the better the outcome will be. Define the customer information you need to collect. Will it be basic or detailed? Will it include financial history and source of funds? You should also define verification level and risk assessment criteria to manage risks effectively. A basic scoring system can be implemented by assigning scores to specific criteria, such as age. For example, applicants who are under 21 or over 60 can receive a middle score, while those between the ages of 21 and 60 can receive the highest score.
3. Gather documentation and information. Identify the required documents and information you need to collect from customers to verify their identity and assess the associated risks. This may include government-issued identification documents, proof of address, financial statements, business registration documents, and more.
4. Establish verification processes. Define the methods that you will use to make sure the provided documents are real. This may involve manual checks or using automated document verification tools, third-party data providers, or identity verification services.
5. Risk assessment and scoring. Develop a risk assessment framework to evaluate the risk associated with each customer. Define risk factors such as customer type, transaction volume, geographic location, and source of funds. Assign risk scores to customers based on these factors.
6. Implement technology infrastructure. Set up the necessary technological infrastructure to support your KYC system. This may include database management systems, secure storage for customer information, encryption mechanisms, and access control measures to protect sensitive data.
7. Data privacy and security. Establish robust data privacy and safety measures, such as encryption, access controls, audit logs, and regular security assessments.
8. Develop KYC policies and procedures. Document the KYC policies and procedures that outline the step-by-step processes for customer onboarding, verification, risk assessment, ongoing monitoring, and reporting suspicious activities. Ensure these policies are aligned with legal and regulatory requirements.
9. Personnel training. Train your employees on the KYC policies, procedures, and legal requirements. Educate them on recognizing red flags, conducting due diligence, and reporting suspicious activities. Regularly update their knowledge to stay abreast of evolving AML and KYC requirements.
10. Ongoing monitoring and compliance. Implement mechanisms for ongoing monitoring of customer activities to identify any changes in risk profiles or suspicious behaviors. Establish processes for periodic reviews and updates of customer information, as well as compliance with regulatory reporting requirements.

Summary

Building your own KYC system has multiple benefits and is worthwhile if you expect your customer base to grow. However, it is a rigorous task that requires impeccable technical skills, deep industry knowledge, and relevant experience. In addition, it is important to keep in mind that building your own KYC system requires ongoing maintenance and updates to ensure compliance with evolving regulations and to address new risks. Therefore, it may be advisable to outsource KYC software development to an experienced team.

Itexus has been helping businesses leverage technology to solve challenges and reach goals since 2013. We have extensive hands-on experience in building software solutions across industries, including KYC for financial services. If you have a concept for a KYC solution or require guidance, we are here to assist you. Contact us to find out how we can help.

The post How to Build Your Own KYC from Scratch first appeared on Itexus.

In this article, we’ll take a closer look at white-label digital banking solutions – how they work and why they can be a great alternative to custom development. We’ll also discuss the benefits of using this type of software, and explore some of the essential features to look for when selecting a white-label digital banking solution.

Factors driving the need for white label banking

In today’s dynamic environment, businesses must be agile and responsive to market demands to succeed. Time-to-market is often a crucial factor that affects the product’s success. White-label solutions can help businesses accelerate their time-to-market by offering a pre-built platform that can be quickly customized and launched under their brand. This frees up resources that would otherwise be spent on developing a solution from scratch, allowing businesses to focus on marketing and customer acquisition.

Another factor driving the demand for white-label solutions is feasibility. Developing a custom app from scratch to test a niche and validate hypotheses increases the cost of errors or failure. White-label apps provide an affordable way to test and validate ideas, gather client feedback, and identify areas for further product development.

There is also a scenario where a company creates an app for its specific needs and then sells its source code to other organizations. This allows the company to partially or completely recover development costs and even earn additional revenue.

How does white-label banking work?

In a nutshell, the process of setting up a white label mobile banking app for use under a company’s brand involves purchasing software, customizing it, and presenting it to clients. Here’s how it works in the banking industry:

• a company develops a white-label digital banking app and offers it on the market (or develops an app for its own needs and then sells its source code);
• a bank purchases the software and rebrands it to fit its own identity and brand guidelines. Depending on the app, the buyer can customize visual elements or add advanced features upon request;
• the bank introduces the app to its client under its own brand.

The buyer can either pay a one-time fee for the source code and use the app for its lifetime with no additional costs, or opt for a subscription model and pay a certain amount each month/year – it depends on the conditions offered by the app provider.

Advantages of white label banking solutions

The growing interest in such products is explained by the benefits that all market participants can leverage. By choosing white label banking software, companies can enjoy:

• reduced costs;
• faster time to market;
• customized products that can be offered under their own branding;
• scalability and flexibility;
• access to industry and technical expertise;
• actionable insights into the customers based on data gathered and processed in the app.

As for users, they get access to financial services, personalized banking experience and tailored offers, a convenient way to manage their finances, and other benefits of digital banking.

White-label banking development process

If a bank opts for using white-label banking instead of custom software development, the setup process will be as follows:

• Customization. The chosen white-label banking platform will be customized and branded to maintain visual consistency and convey the brand’s message.
• Integration: Developers can integrate the app with various third-party tools and services based on specific business needs. Note that this will incur additional costs.
• Testing. The solution will be thoroughly tested to detect and fix any bugs before the product launch.
• Launch. Next, the app will be launched – now you can market it to your target audience.
• Support and maintenance. After launching the platform, it is necessary to monitor its performance, eliminate any possible technical issues, and promptly update the white-label banking app. This task can be delegated either to the vendor or to the bank’s in-house tech team if one exists.

Key features to look for in white-label digital banking software

The functionality of the app depends entirely on a company’s business needs and goals. However, there are some common features to look for when choosing a white label fintech solution:

• Security. When building white-label banking software or any digital product for the finance market, it’s important to prioritize security. If you’re choosing a white-label banking app, ensure that strong security measures are implemented, such as two-factor authentication (2FA), SSL encryption, data encryption, secure storage and transmission of user credentials, regular security audits and testing, fraud detection and prevention systems, session management and timeout controls, regular software updates and patches to address security vulnerabilities, etc.
• Scalability. A white label banking platform should be able to grow together with the business, as well as to support additional services and products when it is required. One way to ensure that a solution can handle large traffic is to opt for an application built using a microservices architecture. In this architecture, the application is broken down into smaller services that can be developed and deployed independently of one another.
• Compliance. In order to comply with Anti-Money Laundering regulations, the app must have a robust Know Your Customer (KYC) process.
• Branding and Customization. Last but not least, explore the app’s customization options. The wider the range of options available, the more opportunities banks have to provide tailored and consistent brand experiences for their customers.

Benefits of using custom solutions

While there are multiple benefits that go along with a white-label app, there are cases where it may not be an option. In these instances, choosing custom development provides the following benefits:

• A more tailored solution to meet the unique needs of a specific organization;
• Advanced features and functionality that are not available in white-label software;
• Greater control over security and data privacy;
• Seamless integration with existing systems and infrastructure.

This list could be extended further, but to maximize the benefits of custom banking software development, it is important to work with fintech specialists who have an impeccable reputation, deep knowledge of the financial industry, and strong technical skills.

Examples of successful white-label banking apps

If you’re considering developing your own white-label banking app, take a look at some successful examples of white-label digital banking solutions to get inspiration for your project.

• Crasulla. This white label banking solution covers the needs of any business planning to launch an e-wallet, neobank, or fintech solution. It offers key features such as online payment processing tools, reporting tools, and security features. It also provides functionality for card issuing and management.
• Solaris Bank. This banking as a service white label product is provided by a tech firm with a German banking license. All banking services offered can be directly integrated into users’ platforms. The vendor promises a high level of flexibility in building digital banking products and fast time-to-market.
• RapidPay. This is a white label mobile wallet payment software that can be branded and customized based on business needs. It has received high praise for its KYC/AML compliance, instant peer-to-peer transactions, multi-currency support, and cross-border payment tools.
• Rehive. This provider offers customizable digital wallets and payment solutions. Their mobile and web wallets can support both fiat and crypto assets. The target audience for this white-label software includes fintech startups, small businesses, and marketplaces.

Future of white label banking

White labeling is becoming increasingly popular as businesses seek to expand their reach without the expense and time commitment of building their own apps. This trend is expected to continue, with more fintech startups and traditional financial institutions turning to white-label solutions to offer a range of financial products and services to their customers.

The white-label banking apps industry is expected to increasingly adopt AI and machine learning algorithms. This will enable banking processes automation and a more data-driven decision-making process for businesses and provide personalized and efficient services for customers.

Summary

White-label solutions are a cost-effective alternative to custom software development. They let businesses offer their products and services under their own brand names while taking advantage of scalability, flexibility, and industry expertise. By using white-label banking software, companies can quickly adapt to changing customer needs and focus on marketing and customer acquisition. White-label banking solutions offer a competitive edge by providing a pre-built platform that can be quickly customized and launched under their brand.

At Itexus, we have deep financial domain knowledge, sharp technical skills, and solid experience in building software for banks and non-banking financial organizations. Whether you want to build a custom banking app from scratch, develop your own white-label solution, or need help with adopting an existing one, we’ve got you covered. Drop us a line to find out how we can help.

The post What is White-Label Banking and How Can You Benefit From It? first appeared on Itexus.

• Different thinking patterns of investors 
• Huge amount of data
• Analytics and big data
• Rising costs of risk and heavier regulatory burden
• Wealth management automation and personalization
• Cybersecurity
• Focus on home-office models
• Focus on technology

The inability to catch up with these disruptive trends automatically means the death of your business. In this article, we’ll talk about how to drive outperformance for the years ahead and remain competitive in the market.

Competition in Wealth Management Business

As an advisory service, wealth management consulting firms are not new to competition. According to Oliver Wyman’s report on global wealth management, fees and commissions have been significantly pressured in the past years due to greater transparency requirements and increasing competition. 

Wealth management businesses are constantly engaged in rivalry to get clients, and a fair share of them lose the battle because of the following factors:

• Changing Behaviour and New Clients’ Expectations

There is a difference between millennials and the previous generation’s buying behavior. The wealth manager’s traditional client base was far more orientated toward personal dealings, millennials expect from their advisors more dynamic solutions. For example, a client portal,  online interaction, and the ability to make online transactions.

• Lack of Trust

Clients want to be treated as people, not just as portfolios. That’s why they want a solution tailored specifically to their problem. Very often, conversations with customers are not centered on their needs, goals, and feelings about risk, and advisors just try to offer a standard one-size-fits-all product or a solution. Another reason for the lack of trust is the inability to deliver on your promises. A wealth management advisor may not be able to guarantee an ROI, but certain aspects, such as client contact and meetings, are within their control. 

According to Business Wire, brands that have developed high-trust relationships with clients will not only be able to maintain higher loyalty through more difficult times (like another pandemic, for example) but will also be less likely to see customers decrease investment as a result of disappointing performance.

• Little Flexibility

The EY global research on wealth management clients demonstrates that one-third of customers have switched providers, and another third are planning to do so in the upcoming years. This tendency is prominent across different wealth levels and demographic profiles. Mike Lee, EY Global Wealth and Asset Management Leader explain: “Wealth managers need to be agents of change – they need to have the emotional intelligence to understand how life changes are affecting their clients and offer their best ideas for dealing with these changes”. 

Flexibility in wealth management means:

• Adapting to the new normal by offering new advice delivery models and fostering digital use cases
• Finding improved approaches to cost
• Consolidating share and driving growth through differentiated product offerings and inorganic opportunities

• No Technological Advancement

The pressure to adopt new tech is becoming more acute. The old-school phone calls have largely been replaced first by text messages and then by WhatsApp, Facebook, Twitter, and other social media. In no time, new communication channels will emerge, and the way wealth management clients access data and communicate with their relationship managers will also change. Regulators are pushing for more control, transparency, control and much higher standards of proven conduct. These requirements involve the use of advanced tools and modern, well-designed IT infrastructures.

Investing in wealth management technology can improve the firms’ efficiency and client experience. Automated investment solutions streamline investment management, allowing advisors to focus on providing personalized advice. Data analytics help wealth management consulting firms understand clients’ needs and preferences, improving services and satisfaction.

Ways the Wealth Management Firms Can Grow

We’ve already talked about the factors that make your wealth management consulting firm lag behind. In this section, we’ve compiled software components for wealth managers that will come in handy if you’re starting a wealth management firm or modernizing an existing one. All the components mentioned below can be developed as one wealth management system for effective use.

• Improve Your DMS

Businesses in the wealth management market need to continually evolve to meet not only the expectations of tech-savvy clients but also the current situation in the world arena. Today a lot of employees are working remotely, and practically all the documents are managed online. That is why having a comprehensive DMS (document management system) gives your company a competitive edge. Take a look at the benefits of having an up-to-date DMS:

Centralized auditability

Managing a massive amount of information can be a challenging task while your business grows because practically every activity needs to be audited. A DMS guarantees a unified repository for all your documents, with enhanced data auditability. Such wealth management solution offers comprehensive dashboards to get an overview of data reports, as well as time-stamped information on each file and employee activity.

Increased document reachability

You will be able to locate files by searching for text or file images, author names, and even objects within images. Everything in your document is indexed and easily searchable.

Enhanced collaboration

It will be easy for wealth management advisors to share files like purchase orders, invoices, receipts, or credit card statements, with their clients and collaborate with them regardless of their location. Files can be shared with specific users, which will considerably reduce the risk of data theft. A DMS usually provides document embedding allowing wealth management advisors to embed customer support elements such as guidelines in their customer documents and emails.

Improved mobility

A DMS provides 24/7 remote access to crucial finance documents, which reduces workplace pressure. Digital wealth management ыщдгешщт powered by an appropriate DMS allows support centers to feed updated information to their clients on the go.

• Enhance Customer Satisfaction

According to ThinkAdvisor, advisor contact through apps is low across the wealth management industry — only 35% of profiled wealth apps offer chat functionality, and 41% support secure messaging. These are the features clients expect most of all. The pandemic shifted all the communication between wealth management advisors and their customers to the online domain. It entailed the necessity to increase clients’ trust due to the increased risk of personal data theft. Here’s what will help to increase customer satisfaction:

Robo-advisor

This is a digital platform offering investment opportunities to customers based on their investment goals and risk profile. Robo-advisors outperform the best human advisors because they can process large volumes of structured and unstructured data 24/7, translate client data into investment logic, propose investment opportunities, and create portfolios based on individual preferences.  Automated advisors take off the load from the human ones and give them more time to provide personalized advice. This, in turn, increases customer satisfaction.

Mobile apps

Mobile usage continues to increase, and the wealth management industry is not immune to the consumer shift toward apps. Providing your client with the possibility to communicate with you via an app is an opportunity to increase engagement by meeting investors where they are. Wealth management companies need to make sure that this channel is addressing all customer needs, is easy to navigate, and is integrated into all facets of their business.

Customer service automation

It minimizes human error and allows your business to innovate and grow in size. Take a look at the statistics for implementing customer service automation:

• The decrease in error rates from 29.7% to 2.0%
• A twofold increase in the number of accounts processed
• Reduced processing times by 78%

• Build a Strong Online Presence

In the digital era, a strong digital brand is crucial for a wealth management consulting firm. It communicates the company’s message, differentiates it from competitors, and helps establish trust with clients. Your digital brand should be consistent across all channels, from website design to social media profiles.

Website

A well-designed website is essential, as it provides clients with an easy-to-use platform to access information about the firm and its services. It should be optimized for search engines, making it easy for potential clients to find the firm online.

Social media

Social media is also an important component of building an online presence, as it provides a platform for engaging with clients and building relationships. Wealth management firms should consider creating profiles on popular social media platforms like LinkedIn and Twitter, and should regularly post informative content that is relevant to their clients’ interests and needs.

• Onboard New Clients Faster

Client onboarding is a vital part of nurturing your agency/customer relationship and making sure you’re both on the same page. According to a Wyzowl poll, 63% of customers say that onboarding is an important consideration in whether they will choose the services of a particular company. This process is about helping you get to grips with the project and the client’s communication style. Digital onboarding offers a lot of benefits, including lower costs, better compliance, reduced touchpoints, lowered frustration levels, and increased onboarding speed.

 Here’s what you can implement in your onboarding process to make it more efficient.

AI chatbots and assistants

Though AI can’t automate customer service, it can handle routine operations and offer a compelling, personalized onboarding experience. Conversational bots (chatbots) conduct chat conversations via text, while AI assistants can communicate via voice messages. Both of them deepen relationships with customers without losing the personal touch that makes a financial advisor so valuable.

Video onboarding

It prevents an uncompelling, confusing, or inadequate onboarding experience. If you want your customers to sit back and listen to you explaining the howtos of the product or service in an engaging manner, consider using Wistia and Vimeo. These platforms help you to create, record, edit and distribute videos that can be customized with your CTA and brand identity.

Email onboarding

It helps you to interact with customers when they are off-product. If you reach out the right way, you can encourage customers to take the actions you’d like. We recommend the following tools that will automate your onboarding:

Intercom allows you to set custom messages that will be sent to custom audiences and triggered by custom events.

Drip is used for automating personalized communication via multiple channels.

User feedback gathering/ surveys

Try to pay extra attention to the “real user”. Keep optimizing your onboarding based on the behavior of real customers, which brings us to user behavior tools:

• Mixpanel — for tracking user interaction, conducting A/B tests, and gathering feedback.
• Hotjar — for understanding how users respond to certain elements they see on their screens.

• Improve Processes with Automation

Enhancing customer satisfaction is all about automating processes and integration with third-party systems to make the customer experience seamless. This way, wealth management advisors could apply a more personalized approach to their clients. 

Automated performance reports

You can no longer send out generic reports, but you need to improve your customers’ experience with tailored reporting to present the most relevant information to them. To do this efficiently, you need a system that is founded on automation, allows scalability to support a global operating model, and is capable of supporting high volumes of data. Such reporting systems offer you customizable report templates and remind you about reporting deadlines. Your team can spend less time on reporting and more time on pursuing more strategic opportunities.

Integration between systems

These integrations are a must for a more efficient workflow. And one more main point is that the developed wealth management system should be able to integrate with other key systems:

Automated AML, KYC, and due diligence solutions

Non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) processes incur financial penalties. That’s why wealth management companies need to ensure their processes are as secure as possible.
AML systems with real-time registry and adverse media connections allow you to keep regulators happy and improve the customer experience.
KYC allows you to assemble everything you need to know about your customers and counterparties.
Due diligent solutions capture only the relevant information, significantly removing the noise of false positives.

CRM and document management

We’ve already talked about the importance of automated document management to maintain files and notes pertinent to a client relationship for quick retrieval. A DMS is often included in a CRM (customer management system) that has the capacity to track all activities and results on both a micro and macro level by customer CRM analytics provides measurements against targets and gives insight into future actions needed. The best CRMs for wealth management advisors include Salesforce, Redtail, Wealthbox, and Junxure. 

Cloud services

Services like Amazon Web Services, Microsoft Azure, and Oracle allow for increased data security, cost reduction, scalability, and business continuity. Cloud usage caters to the more mobile customer and advisor and allows onboarding processes to be smooth and frictionless.

Data Analytics systems

Advanced Analytics systems, such as UIPath and Microsoft Azure, equip the wealth manager with tools for reliable portfolio management. The accessibility to data analytics allows for predictive models that benefit managers in decision-making.

Summary

According to Oliver Wyman’s report, after the storm of 2020, the sun will shine again, and the global wealth of high-network individuals will grow by around 30% by 2024. 

It means they are going to resort to wealth management services more willingly. However, intense competition on the market of service providers allows them to choose “crème de la crème” of wealth managers. It means tech-savvy WM businesses that offer a personalised approach to customers’ requirements will win more clients and grow. Itexus has vast expertise in developing wealth management systems that will help your business beat the competitors and automate many flows, and as a result, save money on extra human resources and expand your clientele base.

Reach out if you are ready to upgrade your wealth management services to meet your client’s expectations.

The post Wealth Management Firms: How to Grow in Clients & Revenue first appeared on Itexus.

In this article, we will explore game-changing technologies that have reshaped the crowdfunding landscape. Additionally, for those considering custom platform development, we have compiled a list of the top 10 crowdfunding developers. Check them out if you’re searching for a reliable tech partner to bring your idea to life.

Trends in Crowdfunding Software Development

Below, we explore the latest trends shaping the evolution of crowdfunding software. From the integration of blockchain technology to the utilization of artificial intelligence and machine learning, along with the seamless integration with social media platforms, these trends define the way creators and backers engage in the crowdfunding ecosystem. By leveraging these trends, developers build crowdfunding software that empowers users and promotes successful campaigns.

Blockchain technology

In recent years, blockchain technology has emerged as a game-changer in the world of crowdfunding development. By leveraging blockchain’s transparency, security, and decentralization features, crowdfunding software can offer enhanced trust and reliability to backers and creators.

Blockchain-powered crowdfunding solutions enable seamless and secure transactions, eliminating the need for intermediaries and reducing costs. This technology changes the way funds are raised, tracked, and distributed, providing a new level of transparency and accountability in the crowdfunding ecosystem.

Artificial Intelligence and Machine Learning

The integration of artificial intelligence (AI) and machine learning (ML) into crowdfunding software development opens up exciting possibilities. AI-powered algorithms can analyze vast amounts of data, including backer preferences and campaign performance, to provide valuable insights and predictive analytics. This enables creators to optimize their crowdfunding campaigns, enhance targeting strategies, and improve overall success rates. Additionally, AI-powered chatbots and virtual assistants can improve user experiences by providing personalized support, answering queries, and guiding users through the crowdfunding process.

Integration with Social Media Platforms

The impact of social media in driving crowdfunding success cannot be underestimated. Crowdfunding software developers are increasingly integrating their platforms with popular social media platforms like Facebook, Twitter, and Instagram. Seamless integration allows creators to leverage their social media presence to promote campaigns, engage with their audience, and generate buzz. With built-in sharing functionalities and social media analytics, crowdfunding software enables creators to tap into the vast reach and viral potential of social media networks, amplifying their fundraising efforts.

If you want to create your own crowdfunding website, keeping up with these trends can help you build a dynamic and successful crowdfunding platform that meets the evolving needs of the crowdfunding community. Check out our guide on how to start a crowdfunding platform from scratch to gain actionable insights.

List of Top 10 Crowdfunding Software Developers

Let’s explore a list of top crowdfunding software developers who can bring your boldest ideas to life.

1. Itexus

Itexus is a custom software development firm that specializes in building digital solutions for the financial services industry. With over 300 successfully completed projects for clients around the globe, Itexus has experience developing mobile banking applications, trading platforms, digital lending platforms, e-commerce solutions, and more. The company’s specialists combine their deep financial knowledge with technical proficiency to deliver quality, secure, and user-friendly software. Itexus offers both outsourcing for entire development projects and additional specialists to reinforce your in-house team. It’s a reliable and trusted tech partner, known for high-quality software, flexibility, transparency, and a client-centered approach.

2. Ingeno

Ingeno is a team of crowdfunding software developers committed to building comprehensive solutions that cater to your unique business needs. They ensure timely and cost-effective delivery of all their services, which cover all aspects of the crowdfunding journey. This includes building turnkey web or mobile applications, accelerating growth, transforming your crowdfunding strategy, and providing expert advice.

3. Comarch

Comarch is a pioneer in the industry, excelling in crowdfunding platform software, white-label crowdfunding software, and crowdfunding blockchain integration. With extensive experience working with market leaders, the team can equip your company with the desired crowdfunding solution. Comarch prides itself on offering flexible cooperation and ensuring an individual approach that aligns with specific project requirements.

4. 20tab

20tab has a unique approach to crowdfunding development that draws upon best practices and methodologies from several disciplines, including lean agile, DevOps, design thinking, growth, and modern product management. By combining these approaches, they ensure that their crowdfunding app development and white-label crowdfunding platform solutions are efficient, innovative, and aligned with business goals.

5. Spiria

Partner with Spiria to shape the future of crowdfunding development. They can guide you in building a remarkable crowdfunding website or creating a cutting-edge crowdfunding platform that captivates your audience and drives results. Together, you can unlock the full potential of your crowdfunding initiatives and create digital products that make a lasting impact. Spiria prioritizes smart customer experiences and offers customer journey mapping services to gain a deep understanding of your customers’ needs and interactions with your brand.

6. Baufest

At Baufest, professionals believe in the power of collaboration and shared interests. They approach every crowdfunding development project with a Y-shaped mindset, in which their interests align with the customers’ interests to achieve the best results. The letter Y symbolizes the joining of paths, and at Baufest, it represents their commitment to evolving together with their clients.

7. Nextide

Nextide’s core strengths lie in designing and building creative websites and web-based business applications that align with the way people think and work. They have the capability to custom-create any business function and create the ideal work environment for optimal performance. With a team of experienced software developers on board, Nextide is an excellent choice for companies looking to develop their own crowdfunding platforms.

8. Transputec Ltd

Transputec Ltd is a well-known software development company that specializes in creating award-winning bespoke software solutions. Their expertise lies in delivering reliable, flexible, and well-supported crowdfunding software that drives business growth from concept to delivery. Transputec offers a range of services tailored to meet your crowdfunding needs, including software development, mobile app development, database management, and application modernization.

9. Optimum7

What sets Optimum7 apart from other companies on this list is their in-house team of copywriters, videographers, and graphic designers. This team can create high-quality, on-brand content tailored to enhance the effectiveness of your crowdfunding campaign. Therefore, if you need assistance with processes beyond crowdfunding software development, Optimum7 can become your preferred partner.

10. ARCH

ARCH has a proven track record of developing engaging and user-friendly applications across multiple industries, including crowdfunding. Their development and design teams have a wealth of experience in creating successful applications for both iOS and Android platforms. ARCH’s expertise in the field allows them to provide a comprehensive range of services, from conceptualization to post-release maintenance and support. With a commitment to quality and innovation, ARCH can help turn even the most complex ideas into reality, delivering outstanding solutions that meet the needs of its clients.

Summary

If you’re looking to build a successful crowdfunding platform that stands out from the crowd, the top 10 crowdfunding developers from our list can bring their expertise to turn your ideas into reality. With a proven track record of creating innovative and reliable solutions for businesses like yours, each of these companies can become your trusted and reliable technology partner.

From concept to execution, they will work closely with you to understand your unique requirements and deliver a custom solution that aligns with your goals. Contact the crowdfunding developers to build a crowdfunding website from scratch.

The post Top 10 Crowdfunding Developers first appeared on Itexus.

The numbers speak for themselves. According to statistics, the global digital lending platform market will continue to expand at a compound annual growth rate (CAGR) of 24% from 2021 to 2028. To keep up with this industry’s growth, transferring your services to digital is essential. A mobile application for your lending service shouldn’t be an add-on; it’s a requirement. It’s high time to start developing it. Read on to learn about the latest trends in lending software development that you should consider to stay ahead of the competition.

Digital Lending Industry Trends

The Increased Use of ML and AI

For example, Machine Learning can be efficient in the following areas.

• Sales and Marketing. As a business, we understand the importance of acquiring new customers. However, it’s also important to make the most of your existing customer base. Many lenders fail to realize the value of their existing customer data. ML can assist in analyzing these data sets and identifying who among them has a greater interest in taking out new loans. It can also help determine the best locations to expand your services.
• Risk Management. The same analytics can also identify existing risks to assist with risk management. In addition, machine learning can improve the customer verification process and prevent fraud.
• Back-Office Operations. Additionally, it can automate routine processes, which will increase your staff’s productivity.

Meanwhile, Artificial Intelligence can help support the following business functions:

• Customer Acquisition. By leveraging ML and AI, you can generate more leads and create personalized, targeted marketing campaigns.
• Credit Scoring. Lastly, these technologies can also reduce the resources needed to check customer eligibility by half. They can quickly gain access to and retrieve information from the necessary channels, allowing your customers to access your services whenever and wherever they want.

It is no wonder that ML and AI are the leading digital lending trends.

However, you need to be careful when using lending devices or applications that leverage the power of machine learning and artificial intelligence. This is because no matter how well-designed your lending applications or smart your lending devices are, things can go wrong. This is one of the reasons that makes the convergence of observability and AIOps important.

This convergence provides lending businesses with a way to remain on top of their devices and applications and monitor their health as well as performance. In case of an error or something that might affect performance, you can detect them in good time. You can also fix them before they bring down your lending software.

Automation

We have mentioned one of the most important keywords in lending app development trends recently: automation. Think of your entire loan process. How many of those tasks are routine and repetitive? Is it necessary for your personnel to handle all of them?

Credit analysis, loan program selection, decision-making, approval, and risk management are all processes that can be automated with the right technology. You might be surprised by how much of your process can be streamlined.

Going to Cloud

For any lending organization, two of the biggest challenges are data and accessibility. This is especially true for online lending companies and brick-and-mortar lenders that have had to accommodate remote employees due to the global health crisis.

Fortunately, there is a way to manage vast amounts of data and make it accessible to anyone within your organization. This is the main benefit of cloud-based technology. It can also reduce capital, streamline your workflows, and provide room to scale up on demand.

The Use of APIs

After transitioning to a cloud-based system and integrating ML and AI, the next step is to consider how these programs will communicate and transact with each other. This will enable a faster and more streamlined process.

The key to exchanging information between applications lies in the application programming interface (API). In short, an API is a technology that enables two applications to communicate and share information with each other.

Recent trends in the digital lending industry suggest these fintech APIs are a must-have for any lending app:

• Onboarding APIs. These APIs are specifically designed to handle onboarding information, such as the amount of loan required, the expected (or preferred) duration range, and the type of loan.
• Credit Underwriting APIs. These are APIs created to gather data from different sources and deliver it to lenders. These APIs eliminate the need to distribute data across multiple systems as they handle that task as well.
• Loan Fulfillment APIs. This type of API delivers information from the lending program to the customer. One of the benefits of using APIs is the added cybersecurity it provides to protect your company and customers’ financial information. You can learn more about what banking institutions do to keep their customers secure here.

Predictive Analytics

By leveraging data and machine learning algorithms, lenders can make more precise predictions about borrowers’ creditworthiness. Predictive analytics reduces risk and enables data-driven decisions, thereby enhancing lending operations. Furthermore, predictive analytics can greatly improve security by detecting fraud.

Open Banking

The increasing adoption of open banking is another trend that has implications for the future of digital lending. Open banking is sharing financial data between different financial institutions through standardized APIs. This provides lenders with access to a wide range of data about potential borrowers, resulting in more precise credit scoring and lending decisions, as well as a more personalized experience for borrowers.

Robotic Process Automation (RPA)

Software robots are commonly used to automate and streamline repetitive tasks, such as data entry and document processing. Automation helps lenders save a significant amount of time and costs when processing loan applications. Additionally, it improves accuracy and eliminates manual errors, resulting in a more efficient process overall.

Chatbots and Virtual Assistants

Using chatbots and virtual assistants provide borrowers with quick and easy assistance on loan applications and questions, thereby improving customer service. Additionally, these tools automate time-consuming tasks like answering FAQs and providing loan updates. This allows customer service representatives to focus on more complex inquiries and provide better service to borrowers.

Summary

To summarize the article quickly, here are the key trends that experts predict will redefine the future of lending:

• Machine Learning and Artificial Intelligence. These technologies can help sort and manage the ever-expanding amounts of data from both new and existing clients.
• Automation. Save time processing requirements and getting loans out to borrowers by automating routines, tasks, and report-making. Doing so will also free up personnel and make them more productive.
• Going Cloud-Based. Keeping everything in print exposes your important documents to significant risk. Digitizing them is not enough, as it still limits access, especially for remote customers and staff. Going cloud-based offers a more secure and convenient solution for everyone involved.
• Application Programming Interface. Finally, you need to tie together all the involved platforms by using a secure API. There are different types of APIs that you can integrate with your business processes, such as onboarding, credit underwriting, and loan fulfillment.
• Predictive Analytics. Using machine learning algorithms and data can lead to more accurate predictions about borrowers’ creditworthiness.
• Robots and bots. Robotic process automation, along with the use of chatbots and virtual assistants, allows for the streamlining of time-consuming work, freeing up resources for other tasks.

Remember that these are not the only technologies that will make an impact in the coming years. We’ve identified these as the most promising and therefore the most important to integrate into your current digital lending software development efforts.

Itexus develops digital solutions for non-bank digital lenders and traditional financial institutions. From online loan applications to entirely automated platforms with a full suite of services, we deliver flexible, reliable, and secure financing and lending solutions that help businesses manage regulatory compliance requirements, shorten financial cycles, and increase revenue. Contact us to learn how you can benefit from our expertise and discuss possible collaboration.

The post Lending Software Development Trends in 2023 first appeared on Itexus.

If you’re interested in developing native mobile banking apps for both iOS and Android, we’ve compiled a list of accomplished mobile banking application development companies. All of them offer flexible engagement models, so you can choose the most suitable option. Whether you want to outsource the entire development process or just need extra help to fill in skill and expertise gaps, our list of top mobile banking app development companies has what you need. But before we get into that, let’s dot the i’s and clarify why to choose native app development over a cross-platform or hybrid solution.

4 reasons to opt for native mobile banking app development

1. Security

In finance, everything boils down to trust between customers and service providers. An app’s security is the foundation for building this trust. Native apps provide enhanced security due to their tight integration with the platform they are built for. This allows developers to leverage platform-specific security features, making native apps less vulnerable than hybrid apps.

2. Performance

Being designed specifically for a particular platform, native apps can make the most out of the user device’s hardware and software capabilities. This ensures the application runs as efficiently and effectively as possible and opens up many options for new functionalities.

3. Better user experience

Each platform has its own design guidelines, and developers should follow them. Adhering to the UI/UX standards specific to the selected platform results in a consistent, intuitive, and interactive user experience. This, in turn, leads to greater loyalty, higher customer satisfaction scores, and even customer acquisition, as satisfied users are more likely to share their positive experiences with others.

4. Improved scalability

As the number of users grows, the last thing you want for your app is for it to crash due to increased traffic. The architecture of native applications allows for supporting a higher load compared to hybrid and cross-platform apps. Therefore, a native app can handle more users without compromising performance. This provides opportunities for scalability and the product’s future growth.

Now that you have a clear understanding of the benefits of native banking apps, let’s explore companies with a proven track record in the fintech industry that can help you develop your banking app.

Top 10 mobile banking app iOS developers

1. Itexus

Itexus is a custom software development company with an impressive track record of building digital solutions for financial service providers, including banks, wealth management companies, fintech startups, and others. They have successfully completed over 300 projects for clients worldwide. Combining deep financial industry knowledge and extensive tech proficiency, Itexus strives to deliver products that help clients’ businesses grow.

The company offers flexible engagement models. They can either take over the entire project and develop native apps from scratch according to your requirements, or provide you with experienced iOS and Android mobile banking app developers to reinforce your in-house team and fill in skill gaps.

2. Robosoft Technologies

Robosoft is a digital transformation company that has gained a reputation for delivering delightful, intuitive digital products to a wide range of clients across various domains, including banking and financial services, e-commerce, and retail. With a strong focus on quality, Robosoft has earned recognition as one of the leading mobile banking application development companies. Their expertise in banking mobile app development is not limited to a particular operating system – they offer both iOS and Android mobile app development services.

3. Shockoe

Shockoe is a mobile app development company that is dedicated to creating innovative, high-quality applications. These applications are not only visually stunning but also highly functional and user-friendly. With a team of experienced developers, Shockoe will transform your ideas into a high-quality mobile application that exceeds your expectations. The company’s clients highlight transparency throughout all processes, a collaborative atmosphere, and a strong work ethic.

4. Josh Software

As a trusted technology advisory and software development company, Josh Software has successfully helped its clients modernize their technological foundations and create innovative digital products. Josh is committed to delivering top-quality digital solutions and services that are comprehensive and tailored to meet each client’s unique needs. In addition to custom software development, the company also provides team extension services, allowing you to hire mobile banking app developers with the necessary skill set and experience.

5. Finnocunsult GmbH

Finnoconsult is a consulting and development boutique that specializes in building digital products for banks and insurance companies. The company’s team of seasoned professionals is well-versed in developing a mobile banking application. They combine their deep expertise in UX with a background in fintech and insurtech to deliver cutting-edge solutions and expert insights to clients around the world. Whether you need to develop a banking app from scratch or fill a skills or knowledge gap, Finnoconsult is well-equipped to help.

6. Despark

Despark designs, builds, and launches custom digital products for startups, SMBs, and enterprises. The company values collaboration and transparency as the foundation of all its processes, so Despark’s specialists will work closely with you to ensure that you receive precisely what you want and expect. With its innovative approach to mobile banking app design and development, the company is a trusted partner for financial service providers looking to stay ahead of the curve in today’s digital landscape.

7. Shout Digital

Shout Digital is a full-cycle digital transformation agency that helps its clients unlock value and deliver impact through strategy, design, engineering, and ongoing partnership. In addition to team extension service, the company’s offering expands from web platforms to mobile apps and complex integration projects. The team’s commitment to quality extends beyond the launch of the product – they provide ongoing support and maintenance services to ensure that the delivered product remains reliable and up-to-date.

8. Geeks Ltd

Geeks is a financial app development company that strives to revolutionize software development by making it faster, easier, more reliable, smarter, and more enjoyable. They work closely with clients, leveraging the team’s expertise and skills to bring awesome software ideas to life. The company has a proven track record in mobile app development and can provide experienced developers to augment your team with the necessary skill set.

9. Flint Hills Group

Flint Hills Group is a team of experienced financial app developers specializing in creating mobile applications, working on AI and blockchain projects, building complex cloud-hosted systems, and more. No matter what your current state is, our team can help you achieve your desired outcome. They can handle the development process from start to finish, offer additional tech support for your in-house team, or take over a project from another team.

10. Alpha Bravo Development

Alpha Bravo Development is a software development agency that helps small and medium businesses save money and grow with custom-made software. Their expert team builds custom solutions that are effective, easy to use, and implemented to meet each business’s unique needs. In addition to custom software development, Alpha Bravo Development also offers team extension services, as well as technology consulting to help businesses determine the best software solutions for their needs.

Summary

When launching a successful digital product, the skills and expertise of the development team are crucial. By working with any of the mobile banking application development companies from our list, you can be confident that your app will meet the highest standards of the industry in terms of user experience, security, and performance. Do you have an idea for a banking app? Contact us to learn how you can benefit from our experience and discuss possible collaboration options.

The post List of Mobile Banking App Developers for iOS and Android first appeared on Itexus.

What is Mortgage CRM Software

CRM for mortgage brokers addresses the pain points of mortgage lending. It is designed to help loan officers be more effective, respond faster to requests, keep all necessary data in one place, and turn casual inquirers into happy customers.

In addition to standard customer service functionality, mortgage CRM solutions also help borrowers apply online and upload any needed documents required by banks or other financial institutions, which speeds up the decision-making process tenfold. Mortgage CRM platforms should also help lenders and borrowers stay up-to-date concerning various regulations and compliances coming from institutions like FHA (Federal Housing Administration), or keep track of changes in UFMIR (Upfront Mortgage Insurance Rates).

It’s critical to discuss the important features mortgage CRM software should have as it helps companies make the right decision toward the developer or the solution provider. Let’s give this topic more consideration.

Key Features of Mortgage CRM Software

1. Integration Capacities

CRM software for mortgage brokers should offer several key integrations, including Loan Origination System (LOS), accounting, and Enterprise Resource Planning (ERP) systems. Many of these systems are outdated, requiring multiple installations and setups. Without these essential integrations, your mortgage CRM solution will be unable to unite disparate systems, which will negatively impact your customer relationship goals.

2. Compliances and Regulations

Any business sphere that deals with people’s money is highly regulated, and the mortgage industry is no exception. Moreover, the crisis of the early 2000s reshaped the industry, leading to the creation of more regulations. These regulations are constantly being updated to scrutinize the lending and loaning processes and to reduce risks for both borrowers and lenders. That’s why a mortgage CRM should be flexible enough to embrace changing protocols and help mortgage industry players stay ahead of their competitors.

3. Loan Management

Loan management integration connects mortgage CRM with the Loan Origination Software (LOS) which enables report views, loan tracking, and also the synchronization of the Uniform Residential Loan application (Form 1003). Loan management inclusion is vital for next-generation CRM for mortgage lenders, as it revolutionizes the mortgage industry, making it transparent and accessible for any legal party in real-time.

4. Mobile and Web Functionality

Having a mobile mortgage CRM app is not only convenient but also very efficient. Any requests that are time sensitive could be addressed on time. In addition, a mobile CRM mortgage app enables brokers to access customer details, appointments, and tasks anytime and anywhere. A cloud-based web portal adds to total mobility. Moreover, a web portal helps borrowers fill in the loan application and retrieve it. Make sure that your mobile and web UI and UX are responsive and engaging attesting to low customer dissatisfaction and high employee retention.

5. Secretary Functionality

The virtual secretary functionality embedded in mortgage CRM enables brokers to function more effectively. Personalized dashboards help to sync brokers’ schedules and provide important alerts and reminders. This helps brokers concentrate on acquiring new clients, rather than struggling to keep track of disorganized notes scattered across several means of communication.

6. Social Media Integration

In today’s world, where most people get their news and information from social networks, it is crucial for mortgage CRM software to have an embedded social media tool. This tool enables lenders to monitor feedback and reviews, as well as provide timely updates. A positive presence on social media is beneficial for any company and helps to run successful CRM campaigns.

7. Marketing Campaign Component

Drip marketing campaigns help to cultivate customer loyalty and could be a very valuable integration to a CRM solution for mortgage lenders. Targeted messages facilitate customer-broker interaction and let the mortgage business stay relevant by getting in touch with the customers on a regular basis. Neatly organized, automatically dispatched emails direct customers to make an inquiry call or visit a homepage.

8. Scalable Infrastructure

When finding a software development company to build your mortgage CRM make sure that their specialists are experts in solution architecture. The back end of your software should be scalable and grow together with your business. It should be malleable, enabling the handling of data and the users’ number coming in spikes. Make sure your software has the needed processing powers and powerful cloud infrastructure.

Off-the-Shelf VS Custom Mortgage CRM Solution 

There are multiple CRM systems on the market that are white-label or stand-alone software. Some of them are quite successful and may become ideal solutions for mortgage companies that only start making their first steps in the field. Such solutions might have vital CRM functionality and some of the above-mentioned features implemented but they will still miss a thing or two when your business starts growing and molding itself. Anyway, let’s discuss the benefits of existing mortgage CRM software alongside the benefits and challenges of mortgage CRM solutions built from scratch.

3 Case Studies of Successful Mortgage CRM Software

Shape

Shape is a marketing automation tool offering CRM mortgage services in addition to catering to many other industries. It’s ideal for brokers as the platform has an in-built phone unit with the ability to track calls, record voicemails, manage caller IDs, etc. The tool has unmatched marketing functionality in addition to loan update management, referral partner tracking, and employee productivity monitoring. Many agree that detailed reporting provided by Shape is very convenient as it helps you to highlight the metrics you are interested in. Last but not least, the platform is integrated with Zapier helping customers to connect it with LOS systems.

Whiteboard

Whiteboard is another mortgage-dedicated CRM system helping its customer cover all vital operational aspects including text marketing campaigns, lead generation, loan processing, and generation. One of the strongest sides of the platform is its intuitive user interface and powerful virtual secretary functionality. Whiteboard has various pre-built reporting templates helping to visualize not only monthly leads who have converted into customers but also receive a wholesome picture of loans funded and their value in national currencies. Many brokers praise the tool for automatic updates on the loan status.

BNTouch

BNTouch is a mortgage CRM software emphasizing marketing multi-channel practices. It means that apart from the specific mortgage marketing pathways BNTouch provides brokers with other marketing tools powerful enough to run full-scale campaigns through emails, landing pages, social media, blogs, texts, etc.

5 Benefits of Custom Mortgage CRM Software Development

1. Essential Features Implementation

When you buy the license and your employees start using a ready-made mortgage CRM solution, you might find out that some of the features are unnecessary and some are lacking. For such implementations, you’ll have to onboard a group of certified developers to fulfill the needed high-scale integrations, which would cost money. The tailored solution will match your business goals ideally and there will be no need for any additional third-party integrations.

2. Your Very Own 24/7 Support Team

White labels or ready-made solutions don’t come with a support team. Meanwhile, in case of any alterations which your business might need, you have to make sure that all of them are working seamlessly and are load resistant. Crafted software comes with system maintenance and bug fixing by default.

3. Solid Protection Against Breaches

Any business operating with customer personal data sets the priority on safety and security. This is the way to gain trust and build long-lasting relations. Custom development helps to introduce any additional protection layers or update the existing ones to ever-emerging online safety regulations.

4. Maximum Flexibility and Scalability

Based on the goals of your business you might need specific features or new cloud integrations which would become noticeable on the stage of user usability testing. You will be able to address such callings knowing that a team of professionals is covering your back rather than staying on your own with a fresh license for an off-the-shelf solution in your pocket.

5. Top-Notch Technologies Adaptation

FinTech development is a massively growing industry open for any new undertakings powerful enough to revolutionize the industry. Some of them are AI, blockchain technology, and encryption. Many businesses are looking in that direction. Tailored mortgage CRM developed according to the highest industry standards could embrace any emerging technology upon your request.

Summary

Understanding your customers’ behavior is a paramount peak of a business’s growth. Being able to address customer issues and respond to their pains helps to structure the voice of your business and makes it thrive. If the business allocates the funds correctly and invests in the custom development of a CRM solution that suits its business goals, then the huge amount of customer communication is properly tackled and the power unleashed puts the business ahead of competitors.

Finding a trustworthy skilled company to build your solution could be not easy but doable. Drop us a line, and open up on the issues you want to cover: whether it’s a new solution or a surge of upgrading an existing one, we are here for you.

The post Mortgage CRM Software Development first appeared on Itexus.

Within the complex landscape of supply chains, where operational costs account for a staggering 60-70% of a company’s expenses, cash flow constraints and operational bottlenecks are a common challenge. However, supply chain finance provides a transformative solution by bridging the gap between payables and receivables. By extending payment terms to suppliers and offering early payment options, companies can leverage their balance sheets to secure favorable financing rates, while suppliers gain access to more affordable working capital to fuel growth and innovation.

Real-life examples further highlight the power of supply chain financing platforms. Small-scale manufacturers facing cash flow difficulties due to extended payment terms imposed by larger customers can utilize supply chain finance solutions to unlock trapped cash. By selling their receivables to financial institutions at discounted rates, these manufacturers can effectively turn their invoices into cash, enabling them to keep supply chain finance funds for ongoing operations, invest in new equipment, and seize previously unattainable growth opportunities.

Let’s take a deep dive into the realm of supply chain finance software development.

The Need for Supply Chain Finance Software

In the dynamic landscape of global supply chains, the absence of a supply chain financing program can pose significant challenges for businesses. Without streamlined processes and efficient tools, companies often face cash flow constraints, operational inefficiencies, and limited visibility into their financial ecosystem.

Traditionally, supply chain finance has been a manual and labor-intensive process, prone to errors and delays. The absence of software means that businesses have to navigate complex payment terms, reconcile invoices manually, and manage multiple financing agreements with limited visibility into their cash flows. This lack of automation and visibility not only hampers operational efficiency but also leads to increased costs and missed growth opportunities.

The supply chain financing platform addresses these challenges head-on by streamlining processes and improving efficiency.

With the power of automation and real-time data analytics, businesses can gain complete visibility into their cash flows, payment cycles, and financial obligations across the supply chain. By integrating with existing enterprise resource planning (ERP) systems, the supply chain financing program enables seamless invoice reconciliation, automates payment processes, and provides comprehensive reports on working capital optimization.

Moreover, a supply chain financing program facilitates collaboration and transparency among supply chain partners. It allows for efficient communication, sharing of financial information, and streamlined negotiations on payment terms. By bringing all stakeholders onto a unified platform, businesses can foster trust and build stronger relationships, driving mutual growth and innovation.

Key Features of Supply Chain Finance Platform

Supply chain finance solutions offer a range of key features that address the specific needs of businesses operating within complex supply chain ecosystems. These features include invoice management, payment processing, risk assessment, and more. Each feature plays a crucial role in streamlining operations, optimizing working capital, and mitigating financial risks.

• Invoice management is a central component of the supply chain financing platform. It automates the invoice lifecycle, from creation to reconciliation, reducing manual errors and ensuring accuracy. By digitizing and centralizing invoice data, businesses can improve efficiency, reduce processing times, and eliminate discrepancies, leading to faster payment cycles and improved cash flow.
• Payment processing capabilities within the supply chain financing program simplify and expedite the payment process. The software integrates with various payment channels and financial institutions, facilitating seamless and secure transactions. With automated payment processing, businesses can optimize their working capital by extending payment terms while ensuring timely and accurate payments to suppliers, enhancing relationships, and strengthening the supply chain ecosystem.
• Risk assessment is another critical feature of the supply chain finance platform. It enables businesses to evaluate the creditworthiness and financial stability of suppliers and buyers. By leveraging data analytics and algorithms, the software assesses risks associated with payment delays, defaults, and supply chain disruptions. This proactive risk assessment empowers businesses to make informed decisions, minimize financial risks, and protect their bottom line.

Overall, the key features of the supply chain finance platform significantly benefit businesses by improving operational efficiency, optimizing working capital, and mitigating financial risks. These features enhance visibility, automate processes, and foster collaboration, enabling businesses to navigate the complexities of global supply chains with confidence and agility.

Trends in Supply Chain Finance Software Development

Supply chain finance platform development continues to evolve, leveraging emerging technologies to unlock new possibilities and deliver even greater value to businesses. Two notable trends shaping the landscape are blockchain technology and AI-powered analytics.

Blockchain technology

Blockchain holds immense potential in revolutionizing supply chain finance solutions. Its decentralized and immutable nature offers increased transparency, security, and trust within financial transactions. By leveraging blockchain, a supply chain finance program can provide end-to-end visibility of transactions, ensuring authenticity and reducing the risk of fraud. Smart contracts based on blockchain enable automated payment settlements, eliminating intermediaries and reducing costs.

AI-powered analytics

It is another transformative trend in supplier chain financing software development. By harnessing the power of artificial intelligence, the software can analyze vast amounts of data, identify patterns, and provide actionable insights. AI algorithms can predict cash flow trends, optimize working capital, and identify potential risks or bottlenecks within the supply chain. This data-driven decision-making empowers businesses to make strategic choices, improve efficiency, and drive profitability.

As supply chain financing platform development progresses, the integration of blockchain technology and AI-powered analytics will continue to reshape the industry. Businesses that embrace these trends can unlock new levels of efficiency, transparency, and financial intelligence, positioning themselves for success in the rapidly evolving global marketplace.

Supply Chain Finance Software Development in Detail

Supply chain software development brings a range of expected advantages that drive efficiency, reduce risk, and optimize cash flow, empowering businesses to thrive in the global marketplace.

Advantages of Supply Chain Finance Software

• Increased visibility is a key advantage of supply chain software. By providing real-time data analytics and comprehensive insights, businesses gain visibility into their entire supply chain, from procurement to delivery. This enhanced visibility enables proactive decision-making, efficient inventory management, and streamlined logistics, resulting in improved operational efficiency and customer satisfaction.
• Reduced risk is another significant benefit of supply chain software. The software incorporates robust risk assessment mechanisms, allowing businesses to identify and mitigate potential risks proactively. By assessing factors such as creditworthiness, supply chain disruptions, and market volatility, companies can make informed decisions, minimize financial risks, and protect their bottom line.
• Improved cash flow optimization is a critical advantage offered by supply chain software. By automating processes such as invoice management, payment processing, and working capital optimization, businesses can streamline cash flow, reduce payment cycles, and maximize the utilization of working capital. This enables companies to unlock trapped cash, improve liquidity, and invest in growth opportunities.

Supply Chain Finance Software Challenges and Their Anticipation

While supply chain software brings numerous benefits, it also poses challenges that need to be addressed for successful implementation.

• Integration with existing systems is a common challenge. Supply chain software needs to seamlessly integrate with various ERP systems, financial platforms, and other enterprise systems to ensure smooth data exchange and synchronization. This challenge can be overcome by leveraging APIs, standard data formats, and robust integration frameworks to enable flawless connectivity and data flow.
• Data security is another crucial challenge in supply chain software development. Supply chain data contains sensitive information such as financial transactions, customer data, and supplier details. Implementing robust security measures, including encryption, access controls, and regular vulnerability assessments, is essential to protect against cyber threats and ensure data integrity.

Famous Examples of Supply Chain Finance Software

Several companies have successfully implemented supply chain finance program, reaping the benefits it offers. For instance, IBM has utilized supply chain software to optimize its cash flow by extending payment terms to suppliers and providing them with early payment options. This strategy enabled IBM to enhance working capital efficiency while supporting its supplier ecosystem.

Another notable example is Unilever, which leveraged supply chain software to improve visibility and collaboration within its global supply chain network. By integrating supply chain finance solutions with its ERP system, Unilever achieved real-time visibility into cash flows, smooth invoice reconciliation, and optimized working capital management.

Here’s a table highlighting famous examples of supplier chain financing software, along with their descriptions, key features, and advantages.

These examples demonstrate how different supply chain financing solutions offer unique features and advantages, enabling businesses to optimize cash flow, strengthen supplier relationships, and mitigate financial risks.

How to Choose a Financial Software Development Team?

When it comes to the supply chain finance model, choosing the right development team is crucial for success. The supply chain development team you select will play a significant role in shaping the functionality, usability, and security of your financial software.

Here are some key factors to consider when choosing a supply chain development team:

1. Expertise and Experience. Look for a team with a proven track record in financial software development. Consider their experience in building similar supply chain financing solutions and their understanding of the specific needs and challenges of the finance industry. A team with expertise in areas such as supply chain finance solutions, payment processing, and risk assessment will bring valuable insights to your project.
2. Technical Skills. Assess the team’s technical skills and capabilities. They should be proficient in relevant programming languages, frameworks, and technologies required for financial software development. Consider their experience in building scalable, secure, and high-performance applications to ensure your software meets industry standards.
3. Domain Knowledge. Financial software development requires a deep understanding of finance and related regulations. Choose a team that has domain knowledge in areas such as accounting, banking, or value chain financing. This knowledge will enable them to develop software that aligns with industry standards and compliance requirements.
4. Security and Data Protection. Financial software deals with sensitive financial information. Ensure the supply chain financing companies have a strong focus on security and data protection. Inquire about their approach to secure coding practices, encryption, access controls, and compliance with data privacy regulations.
5. Communication and Collaboration. Effective communication and collaboration are vital for successful software development. Choose supply chain financing companies that value open communication, actively involve stakeholders in the development process, and provide regular updates on project progress. Look for a team that understands your requirements, listens to your feedback, and offers transparent supply chain finance management practices.
6. Support and Maintenance. Software development is an ongoing process, and post-launch support and maintenance are essential. Inquire about the supply chain financing companies’ approach to support and maintenance, including bug fixes, updates, and scalability. A reliable team will provide prompt and responsive support to ensure the long-term success and smooth functioning of your financial software.
7. Client References and Portfolio. Request client references and review the team’s portfolio of past projects. Reach out to their previous clients to gather insights into their experience working with the team. A strong portfolio and positive client references demonstrate the team’s capability to deliver quality supply chain financing solutions.

Choosing the right supply chain finance company is a critical decision that can significantly impact the success of your project. By considering factors such as expertise, technical skills, domain knowledge, security measures, communication, and support, you can ensure that you partner with a supply chain finance company that can deliver a robust and reliable financial software solution.

Summary

With the right software, businesses can streamline invoice management, automate payment processes, assess and mitigate financial risks, and enhance overall cash flow optimization. These capabilities not only improve operational efficiency but also enable businesses to make data-driven decisions, strengthen relationships with suppliers, and drive growth.

If you’re looking to enhance your value chain financing management, it’s essential to partner with a reliable and experienced software development team. They will understand your unique requirements, bring expertise in finance and technology, and deliver a customized solution that aligns with your business goals.

Don’t miss out on the transformative benefits of the supply chain finance platform. Contact us today to discuss your needs and find out how our experienced team can help you optimize your supply chain financing program for sustained success.

The post Supply Chain Finance Software Development first appeared on Itexus.

In this article, we’ll talk about the benefits of financial APIs, their use cases, and things to consider before choosing ones.

How Do FinTech APIs Work?

Basically, APIs act as building blocks for new solutions. Fintech API (application programming interfaces) serves as intermediary between different software components so they can communicate with each other. APIs enable the secure exchange of data between parties involved in financial transactions, including banks, third-party vendors, websites, and customers. They also contain a set of functions that can be tailored for any purpose.

How APIs Benefit Fintechs

API allows fintech applications to communicate with each other and a bank’s server. Some examples of fintech API include allowing users to access their account information when they log in to use a banking app or allowing a person to make purchases via payment processors like PayPal.

API benefits for fintech include:

• Increase in cost-effectiveness. Although it’s beneficial for a user to have numerous banking services, it is cost-prohibitive for banking institutions. Gen Z and its successors have high expectations of their online experiences. However, a financial institution can’t afford to develop one-off APIs for each new function. Thanks to the use of APIs, users can now enjoy a variety of services via different app integrations.
• Regulatory compliance. Financial institutions in the EU are facing the regulatory requirements of the European Banking Authority’s Payments Services Directive (PSD2). It requires financial institutions and those that receive electronic payments to open customer information up to third-party providers. To adhere to the regulations, financial institutions will need to find a way to provide customer data to the outside world while keeping data secure. Open APIs become the ideal solution.
• Focus on core functions. APIs provide the means to work with software companies that focus their innovations on the financial space. You can find a list of banking software developers here. With the help of APIs, banks and fintech companies can create new product lines to meet the needs of a much wider range of customers while at the same time opening themselves up to new markets.
• Great customer experience. Customers expect seamless integration between their phones, computers, and IoT devices. With APIs, fintech companies have the ability to create an omnichannel experience.

Fintech APIs Use Cases

Let’s take a look at some typical use cases where fintech APIs can deliver the most value.

Payment processing

Fintech APIs like Stripe and PayPal are used to process payments securely and efficiently from sources like credit and debit cards, bank transfers, and digital wallets. Businesses can customize the checkout experience with branding and tailor payment processing APIs to suit their needs.

Investment management

Fintech APIs are transforming investment management, making it easier for businesses to offer investment services. APIs like Robinhood and Betterment allow customers to invest in stocks, bonds, and ETFs and can be tailored to provide a personalized experience. Companies also offer specialized financial data APIs that can empower fintech firms to access real-time market data, historical stock prices, and other financial information, enhancing their investment management capabilities.

Personal finance management

Fintech APIs such as Plaid and Yodlee provide businesses with access to their customers’ financial information to develop new financial products. They also aid customers in managing money, monitoring expenses, and setting targets, as well as providing customized recommendations based on their patterns.

Best FinTech APIs to Use while Developing Your Brand-New Financial App

Financial institutions need API integration solutions in different areas. In this section, we will give some examples of the APIs we use: payment providers, bank information aggregators, and KYC providers. 

Payment Providers

Stripe

Stripe allows users to process and manage online payments. It is used not only by financial apps but also by SaaS and custom commerce. We use Stripe for its secure transactions, easy-to-use reporting features, consistent service, and democratic fees.

Pricing (*at the time of publication): Stripe charges 2.9% plus $0.30 per successful card charge online. It costs the same no matter what type of card you process. For in-person card processing, Stripe charges 2.7% plus $0.05 per successful credit card transaction. You can get more detailed information about the fees on the company website or per request.

Marqeta

This open API platform allows consumers to instantly issue and process card payments. Marqeta is designed to create a tailored payment experience by:

• Crafting new card products. You can use open APIs to create new payment products and streamline supplier and workforce payments.
• Accelerating time to market. You can leverage existing relationships with issuing banks, networks, and card fulfillment providers to go live in days instead of months.
• Scaling globally. It’s easy to expand across the United States, Europe, and Asia.

Pricing (*at the time of publication): The fees are available per request.

MangoPay

MangoPay allows you to pay in multiple currencies and with various payment methods. All payment flows and commissions are automated with one single contract. MangoPay is designed for developers, so you can integrate the payment solution on your platform quickly thanks to our open-source SDKs. This payment provider keeps your payments and transactions safe thanks to multiple money laundering and anti-fraud prevention tools.

Pricing (*at the time of publication):

• Pay-in (per transaction excl. VAT) — 1.8% + 0.18€ (price for Visa and Mastercard)
• Pay-out (per transaction) — free (within the SEPA zone)

You can get more detailed information about the fees on the company website or per request.

Bank Information Aggregators

Plaid

At the start of their journey, Plaid was a fintech API company that developed financial service APIs and helps customers share their banking and other financial information more easily. But in 2018, it expanded its financial API offerings to a wider class of financial assets. We use Plaid as a bank information aggregator, for example, to provide transaction statistics on different bank cards.

Here are major Plaid benefits: reduced fraud, streamlined bank accounts authentication, comprehensive transaction history, user income validation, transaction geological tracking, and custom integrations.

Pricing (*at the time of publication): Plaid has two publicly disclosed paid API integration solutions – Launch and Scale. The Launch means “Pay as you go” and Scale is “$500+/month”. You can get more detailed information about the fees on the company website or per request.

Yodlee

Yodlee provides financial data aggregation services across institutions encompassing banking, retail, wealth, lending, and FinTech through APIs for financial wellness and insights. The service provides a seamless way to verify a customer’s funding source using an open API architecture. This enables them to quickly find out if the account is valid instead of waiting 1-3 business days for challenge deposit verification.

Pricing (*at the time of publication): The price of Youdlee’s integration services is available per request. 

KYC Providers

ShuftiPro

It is a priority for financial services to first confirm the identity of the user every time. This is what KYC (know your customer) APIs do. ShuftyPro is an AI-based Identity Verification SaaS designed to eliminate risks of financial crimes, cyber fraud, and identity theft. Its main benefits are quick and accurate verification process, comprehensive global coverage, and two-fold technology.

Pricing (*at the time of publication): ShuftyPro pricing is available in the following plans:

• Free trial
• Start-up — $1,250
• Enterprise — $4,500
• Premium — you should contact the vendor to find out the exact price.

You can get more detailed information about the fees on the company website or per request.

Alloy

You can integrate Alloy anywhere you open accounts to unify and future-proof customer decisioning. The service makes it easy for financial service companies to safely and quickly onboard and manage more customers by automating the vast majority of decisions, mitigating fraud and high-cost financial risk, as well as reducing the burden on the back office and manual review queues.

Pricing (*at the time of publication): The cost of Alloy’s API integration is available per request.

Brokers

InteractiveBrokers

InteractiveBrokers provides customers around the globe with the ability to invest in stocks, options, futures, currencies, bonds, and funds from a single integrated account. Its suite of technology helps to optimize their clients’ trading speed and efficiency and perform sophisticated portfolio analysis. The platform boasts free trading tools, 100+ order types, and comprehensive reporting.

Pricing (*at the time of publication): The price depends on the type and version (Pro/ Lite) of the account. Visit the website for more information.

Apex

Apex offers a robust suite of APIs (with an enhanced developer portal) to facilitate the complete trading and investing lifecycle starting from account opening through regulatory support and everything in between. Apex APIs enable you to execute across major asset classes, including fractional order, book-keeping and stock locate support.

Pricing (*at the time of publication): The fees are available per request. 

Financial Data Provider

Thomson Reuters

The service provider delivers critical information to leading decision-makers in the legal, media, tax, and accounting markets, powered by the world’s most trusted news organization. Tax and accounting APIs include:

• ONESOURCE — tax technology that helps companies stay compliant.
• Checkpoint — an online research suite of source materials, tools, and news.
• Onvio — cloud-based software that gives real-time access to documents, billing, projects, and more.

Pricing (*at the time of publication): The fees are available per request.

Communication services

Twilio

Twilio allows you to connect with customers through any means. You can make use of Twilio SendGrid Email API to send, receive, and manage emails or Twilio API for WhatsApp.

Twilio SendGrid Email API:

• Quick integration via API or SMTP
• Tools to optimize deliverability
• Real-time data and analytics

Twilio API for WhatsApp:

• Developer sandbox for application testing
• Managed WhatsApp container infrastructure
• API-powered text and template messaging

Pricing (*at the time of publication):

• Twilio SendGrid Email API — Starting at $14.95/month for up to 100k emails. Up to 40k emails free for 30 days.
• Twilio API for WhatsApp — Starting at $0.0042 to send a WhatsApp Template message and $0.005 for WhatsApp Session messages.

You can get more detailed information about the fees on the company website or per request.

Plivo

Plivo is ranked № 1 for customer satisfaction in the G2’s Cloud Communications category, with over 98% of clients rating Plivo at 4.5 or 5 stars.

It offers:

• SMS API platform allowing to send and receive text messages in over 190 countries globally.
• Voice API platform enabling clients to integrate voice calling functionality within their apps programmatically.
• MMS API platform allows clients to send and receive pictures and videos across phone numbers in the US and Canada.

Pricing (*at the time of publication): Detailed fees for every region are available on the company website or per request.

How to Choose the API Covering Your Needs

Here’s a step-by-step plan for choosing API for fintech:

• Define the features this API should cover.
  For example, be able to retrieve and aggregate unique data, possess functions that are costly, require additional licensing, or are easier to integrate than develop from scratch.
• Understand the project specifics.
  You need to analyze your target market, legal restrictions, and competitors. You’ll also need to clarify the customer’s requirements and offer additional features that your competitors provide.
• Make a list of API providers to research.

Other factors to consider before choosing an API:

• Your target audience location
• Cost
• Technical support
• Reputation

Considering all the factors listed above it will be easier for you to find the most suitable API option for your project. However, we recommend seeking professional advice on this matter from software development companies like Itexus. This will save you time and money. Itexus has been working in FinTech for years and can easily advise an API provider that suits an individual project best.

Once you have researched and compared different providers and selected the one that best meets your needs, it is time to integrate it with your financial software. Here’s what you need to do next:

1. Test the APIs. Before integrating any APIs, it is important to thoroughly test them. This helps point out any potential issues before they become serious problems.
2. Integrate the APIs. Financial API integration involves working closely with the API provider to ensure seamless integration and correct work of the API.
3. Monitor and maintain the APIs. After integrating the APIs, you need to monitor and maintain them regularly to ensure proper functioning and timely updates.

Summary

Why reinvent the wheel if you can use a quality API to enrich your application with new functions? Fintech APIs help to mainstream a Financial app development process without sacrificing the quality of the final product. The challenge is to find the right financial API integration. Itexus experts are ready to lift this burden off your shoulders and consult on the best financial API for your next project. Just leave your request and we’ll contact you back.

The post Best FinTech APIs to Use in Your Finance Software: Benefits, Cost, and Use Cases first appeared on Itexus.

Retail banking software can make accessing such offers easy and seamless. Other benefits of retail finance software include:

• Availability of banking tools and services 24/7;
• Simultaneous access to multiple banking products;
• Increased operational efficiency;
• Improved quality of provided services;
• Reliable customer support;
• Enhanced security of data and assets.

With the development of banking tech, the popularity of digital banking is growing. While in 2021, in the United States, there were around 197 million users of digital banking solutions, it is expected that this figure will beat the level of 217 million by 2025. It means according to statistics, over 60% of Americans use digital banking solutions.

However, at present, the traditional retail banking market is significantly larger than the digital banking industry. The worldwide net interest income of traditional retail banks is projected to be almost $2.3 trillion in 2023. In contrast, the same figure for the digital banking market will be around $650 billion.

Types of retail banking software

The niche of retail software development is quite broad, encompassing various types of solutions designed to solve different tasks and streamline multiple processes. Let us focus on just a couple of them that boast the highest demand and adoption these days.

Financial operation management software

Solutions in this category are designed for bank employees and administrators, and help them better organize their finance-related processes. Typically, they offer a range of features for budgeting, accounting, and working with financial documents. By automating reporting systems and speeding up workflows, these apps help reduce the time needed for carrying out various internal procedures.

Administrative management software

The main goal of launching this type of retail banking solution is to facilitate various administrative tasks. These management systems typically cover processes and responsibilities such as creating schedules for bank employees, assigning tasks, checking staff attendance, and others.

Customer service solutions

This is the largest category of retail bank software. It covers core banking solutions that enable customers to access services in physical branches and via ATMs. These core services include, but are not limited to, mobile payments, online financial transactions, debit and credit card issuance, as well as loan management. All bank equipment is connected to a single server, allowing transactions to be processed in real time.

The second set of solutions in this category is CRM platforms. This software enables the accumulation of various data about customers and facilitates interaction with them according to their needs and demands.

Steps involved in retail banking software development

The development of any retail banking solution includes several key stages. Although these stages may vary depending on the approaches chosen by a development team, at Itexus we typically follow the steps outlined below.

Ideation and analysis

First, determine the goals you want to achieve by launching your solution. What existing industry issues do you want to address? What functions will your app fulfill?

Once you have an idea, research the market to find out if similar solutions already exist. If they do, analyze what they offer to users. You can also explore ways to increase profits with your software product and estimate the feasibility of your project. At this stage, it’s a good practice to define the current (as-is) state and the desired (to-be) state of things. This will help you track the success of the initiative.

Search for a reliable tech partner

If you do not have an in-house development team or if your resources are not sufficient for a project, it is time to start looking for a retail software development company.

What factors should you consider when selecting an IT partner?

There are several points that you need to keep in mind at the stage of choosing a software development team.

• The company’s industry expertise;
• Portfolio and specificity of successfully completed projects;
• Cooperation models that are offered to customers;
• Reviews from clients who have already worked with the company.

It’s important to assess the company’s technical proficiency and expertise. Make sure to pay attention and check if they are skilled in the technologies commonly used for building retail banking platforms.

• Frontend development (CSS, Vue, React, Angular, HTML5);
• Backend development (Java, PHP, Django, Ruby in Rails);
• Mobile app development (Swift, Kotlin, Java, Objective C, React Native, Xamarin, Flutter);
• Databases (MongoDB, MySQL, PostgreSQL);
• Cloud computing (AWS, Microsoft Azure, IBM Cloud, Google Cloud);
• AI and ML development (Apache Spark, Apache Hadoop, IBM Watson, Keras, Cortana, Salesforce Einstein).

Scope definition and roadmap creation

During the project’s initial stage, you will work closely with the development team to discuss project requirements and tasks. Choosing the appropriate development methodology is also important at this stage to ensure efficiency and effectiveness. Establish project timelines by breaking down tasks into manageable chunks and assigning deadlines. 

Design & development

With all the preparatory work done, designers and software developers take center stage. They’ll create a functional and user-friendly app, with designers ensuring it’s visually appealing, intuitive, and easy to navigate, while developers guarantee smooth operation, integration, and data management. This collaboration is critical to meet the needs of the client and end user.

Testing & deployment

Testing helps detect and fix bugs before end-users interact with the solution. Typically, tests are performed during the development process. However, it’s also crucial to test the solution after everything is ready to ensure that it functions correctly. Once the environment is well-prepared and all business processes are adjusted to new conditions, the solution can be deployed.

Support & maintenance

Launching a solution is not the end of the work. First and foremost, it is necessary to continuously monitor its performance to eliminate any possible technical issues. Additionally, you should regularly analyze the needs of users to successfully enrich your software with new features.

Challenges of retail banking software development

The process of retail bank software development and implementation is often accompanied by some pitfalls. Banking software typically deals with huge volumes of sensitive data and is expected to instantaneously process huge amounts of operations. Below are some of the most common challenges that retail software developers may face.

Regulatory compliance

All financial and banking solutions should comply with the regulations in force in the relevant jurisdiction. These may include rules introduced by the US Securities and Exchange Commission or the European Central Bank, as well as national rules implemented by local authorities. To ensure compliance, a retail software development company should introduce an additional layer of testing and validation.

Traceability

All changes made to bank software must be managed and operated in accordance with established procedures and regulations. Developers should consider this during the planning stage to ensure the necessary traceability and visibility of all updates.

Security and privacy

Security and privacy should be top priorities for any banking software. Even the smallest vulnerabilities can pose a serious threat, not only to customers’ funds but also to the bank’s reputation and future. To avoid such risks, development teams must choose appropriate tools for monitoring security and testing all of their app’s features.

Transaction processing

Processing transactions in retail finance software can be challenging due to high volumes, scalability requirements, performance expectations, security concerns, integration complexities, regulatory compliance, and effective error management. Overcoming these challenges requires a well-designed and robust software architecture, efficient infrastructure, and continuous monitoring and improvement processes.

Complex algorithms

Banking software heavily relies on various algorithms to handle different tasks and processes. These include fraud detection, risk assessment, credit scoring, and others. These algorithms are complex and have specific requirements for scalability, accuracy, compliance, and other factors. Developing, testing, and maintaining these algorithms in banking software requires a combination of domain expertise, advanced mathematical and statistical knowledge, computational power, and ongoing research and development efforts.

Data interoperability

The data processed and generated by your retail bank software should also be used by other systems and platforms, such as document management apps or billing systems. One of the easiest ways to ensure this is to build APIs for your software and use them for data integration.

Future of Retail Banking Software Development

The industry is expected to undergo major changes in the near future. Here they are:

• Advancements in technology. Progress is moving forward and enabling retail software developers to deliver more feature-rich, effective, and secure solutions. In the banking industry, we can see the growing role of cloud platforms, blockchain, VR/AR, and AI tools.
• Increased demand for digital banking solutions. People are becoming accustomed to performing multiple everyday tasks with the help of web and mobile apps. This is especially true when it comes to banking services. Retail banks that want to stay afloat amid growing competition need to find ways to deliver their services in a format that is optimal for their customers.
• Focus on personalization and customization. Clients are becoming more demanding, and banks need to create more personalized experiences to attract their attention. By incorporating AI and ML-powered tools into retail banking software, banks can provide customers with services and recommendations that precisely address their needs. You can read more about personalized banking solutions in one of our blog posts.

Summary

Retail banking software has become a standard for the industry. Implementing such solutions benefits both bank employees and their clients. Banking organizations can optimize their processes and increase profits, while customers receive higher-quality services.

At Itexus, we have gained extensive knowledge and experience in building financial apps and retail banking software over the course of several years of dedicated work. Our team of experts has a deep understanding of the latest technologies and trends in the financial industry, which enables us to provide custom solutions that meet the specific needs of our clients. If you already have an idea or you are just exploring the space, do not hesitate to contact us. Our specialists will attentively analyze your case and do their best to help you.

The post Retail Banking Software Development first appeared on Itexus.

AI-Based Software Benefits for Insurance

Streamlined Processes = Time and Cost Reductions

Insurance processes involve a lot of data and have a high potential for errors. Insurance automation is an efficient way to collate and process all that data, and can eliminate repetitive tasks like manually inputting customers’ information into different systems and performing manual calculations. Using AI insurance software for such routine tasks guarantees accurate results in significantly less time than it would take an employee. This means that you need to hire fewer employees to perform these activities.

Improved Customer Experience

AI in insurance is widely used in conversational bots, or chatbots, that can already understand customers better than humans. This software automates the most popular customer service interactions, helping businesses provide better service and support. The market is full of different chatbots, but it is essential to choose or create one that is insurance-focused. This will create more value for both customers and insurance business owners.

High Performance

High performance is a direct result of increased quality and speed of Insurance claims processing and reduced fraudulent claims because it’s tracked and alerted by the AI-based claims management system. And again as one more result here we get cost and time-saving for the Insurance businesses — automating menial tasks, claims processing, and fraud detection.

Secure Business Management

Developing an insurance agency management system is essential for those Insurance companies that have big plans. All insurance businesses deal with high security and accurate data that is the cornerstone of the whole industry. Ready-made and custom insurance management agency platforms are able to cover essential security and data accuracy needs.

AI Implementation Use Cases in Insurance

AI Models for Insurance

Usually, AI-based software can be trained from scratch using a Machine Learning framework or purchased as a pre-trained model. Pre-trained models are typically specialized in certain areas, such as voice or image recognition, text analytics, biometrics, sentiment detection, decision management, or document processing.

Recommendation Engine

The system analyses the records and results and then suggests the appropriate options. For example, we have developed a recommender engine that assessed clients’ information and suggested the best-fitting insurance plan.

Text Analytics and NLP

Text analytics techniques allow analyzing the text of insurance claims, settlement notes, etc. NLP can be of help in detecting claims that are potentially liable to subrogation, social media analysis in order to get early insights on claims from the company’s portfolio (especially useful for corporate insurance and private health insurance), and many other tasks involving various forms of text as an object of analysis.

Pattern/Anomaly Detection

Machine learning can help classify data points as either normal or anomalous. For instance, common patterns may be detected in claims from multiple accidents, which could indicate organized fraud.

Automated Decision Management

Real-time automated decision-making is now a reality due to advances in artificial intelligence and machine learning. Consumer demand for instant services has also played a role in this development. This means that insurers have no choice but to use automated means to rapidly process information for decision-making.

Natural Language Generation (NLG)

Natural Language Generation (NLG) has great potential for automating the generation of reports and contracts in the insurance field. The use of AI-based software for these tasks offers great scaling potential and enables the maintenance of consistently high quality.

Intelligent Document Processing (IDP)

Insurance companies can greatly benefit from document automation. Intelligent document processing can help efficiently handle the repositories of day-to-day paperwork and the unstructured data they contain, as well as validate the received data.

Biometrics

Insurance companies can now obtain a more accurate picture of their clients’ risk profiles, thanks to the vast amount of data collected from smart devices such as phones, fitness trackers, and GPS systems in cars. This leads to more precise insurance premiums.

To Sum It Up

AI in the insurance industry improves customer service and performance, reduces operational costs, enhances employee performance, and speeds up processes, ultimately helping insurers attract more clients. As technology continues to advance, particularly in the field of artificial intelligence, the landscape of the insurance industry will continue to evolve. Consider selecting the right technology partner, such as Itexus, to incorporate AI process automation into your insurance business.

The post Insurance Automation: AI Implementation Use Cases first appeared on Itexus.

• Safety. Kotlin’s strong type system and null safety feature reduce the risk of programming errors that could cause financial losses. The type system also provides more robust type inference, which helps the compiler catch errors earlier. Together with its clean syntax, Kotlin is a great choice for developers who prioritize safety and reliability.
• Expressiveness. Kotlin’s type inference and higher-order functions allow developers to express complex financial algorithms and business logic that are easy to read and maintain. This is especially helpful for complex financial systems.
• Conciseness and reduced code. Kotlin’s concise syntax, extension functions, and lambdas reduce the code needed to perform complex operations, making it easier to maintain and debug.
• Interoperability. Financial legacy systems built using Java are challenging and expensive to replace them. As an alternative, organizations choose to update and modernize these systems to integrate with new ones. Kotlin allows for modernizing legacy systems without starting over because it can easily integrate with existing Java codebases.

Considering all of the above, Kotlin is an excellent choice for building fintech applications, particularly when in the hands of experienced specialists. Hence, it’s no wonder that when it comes to fintech development Kotlin is one of the most sought-after programming languages. This can make it difficult to find suitable engineers. To help you find the perfect tech partner for your project, we have compiled a list of the top 10 fintech development companies offering developers on various terms – go check them out.

Top fintech Kotlin developers

1. Itexus

Itexus is a trusted fintech development agency that helps businesses worldwide leverage the opportunities offered by technology. There are over 300 successfully completed projects under their belt, including online banking and digital lending solutions, stock market trading and analytics tools, wealth management and investment platforms, and more. With their deep knowledge of the financial industry and sharp technical skills, Itexus is a perfect technology partner that can reinforce your in-house team or manage the entire project development. Itexus offers highly proficient Kotlin developers as an extension of your team on various engagement models, so you can choose the most suitable option. The company gained its reputation through the delivery of high-quality solutions, a strong work ethic, flexibility, and well-established processes.

2. Northell

Northell is a design and development company that presents itself as a friendly team of experienced and talented professionals who know how to transform ideas into scalable solutions. The company specializes in edtech, fintech, proptech, and healthcare domains. In addition to developers, designers, business analysts, and QA specialists, Northell offers fintech developers proficient in Kotlin through IT staff augmentation services, ensuring that each client can access qualified specialists with the right skill sets, knowledge, and cultural fit.

3. VentureDive

VentureDive is a digital development company with a mission to improve lives globally through the development of cutting-edge technology solutions. Its team of experts is dedicated to designing, building, and maintaining software solutions that meet the needs of clients in various industries, including financial services, healthcare, logistics, and others. The company has considerable experience in building finance software using Kotlin and can provide you with competent specialists to fill any skill gaps in your in-house team.

4. Doalboot Partners

Dualboot is a software development company that offers on-demand strategy, design, and engineering services in both tech and non-tech sectors. The company leverages its expertise in technology to help clients achieve their business goals. This can be done by developing new software solutions, improving existing ones, or optimizing business processes. Dualboot also offers staff augmentation services to help clients enhance their teams with the necessary skill sets.

5. Osedea

Osedea is a software company that combines creativity, technical skills, and care to help founders achieve their desired futures for their companies. With over a decade of experience in the industry, Osedea has established itself as a trusted partner for businesses of all sizes, from small startups to large enterprises. From software development to design and user experience, Osedea offers a comprehensive range of services, including staff augmentation.

6. YND

YND is a technology company that offers a wide range of services to meet your business needs. They specialize in everything from basic MVP building and mobile app creation to complex system integrations and web applications for enterprise-grade businesses. With YND, you’ll have access to a world-class engineering team that can be available on demand, so you can scale your project up or down as needed. This team is made up of experts in their fields, all of whom are dedicated to providing you with the highest quality service possible.

7. mTraction Enterprise

mTraction Enterprise is a technology company providing top-notch mobile app development and digital transformation services worldwide. The company boasts extensive experience in designing, developing, and deploying customized applications for various sectors, making them one of the top-notch organizations in the tech industry. If you hire fintech Kotlin developers from this company, you can rest assured that you are getting access to some of the most talented and seasoned professionals in the industry.

8. Dirox

Dirox is an international agency that creates software, web apps, games, and mobile apps and offers consulting services to help businesses stay ahead of the competition. They offer end-to-end development services, from ideation to launch, and provide ongoing maintenance and support for their products. Their team has in-depth knowledge and hands-on experience in Kotlin and technologies, which makes them a top choice for businesses looking for a reliable tech partner.

9. Eleviant Tech

Eleviant Tech is a technology organization with expertise in various fields such as mobile, cloud, web, IoT, and AR. They cater to industries such as finance, retail, healthcare, and others. Their expertise extends to all levels of the tech stack, from front-end to back-end development. They have a proven track record of delivering projects successfully on time and within budget. Businesses of all sizes and industries can trust them when looking to hire the best Kotlin developers.

10. NIX

NIX stays up-to-date with the latest trends and best practices in the tech field. In addition to its technical expertise, the company also prides itself on providing exceptional customer service and an individual approach. Prioritize transparency and openness as essential components of successful collaboration, NIX keeps their clients informed about project progress and is readily available to address any questions or concerns. If you need more than just skilled Kotlin developers, NIX can become your provider of choice.

Summary

Kotlin is an excellent choice for fintech development that allows building robust, performant, and secure fintech apps that can be deployed on a wide range of Android devices. If you are looking to build a fintech application and need experienced Kotlin developers, the companies listed above can provide you with the right specialists to fill any skill gaps in your in-house team. With their deep knowledge of the financial industry and sharp technical skills, these companies can either reinforce your team or manage the entire project development.

Are you in need of skilled and experienced Kotlin developers for your fintech project? Look no further than Itexus. Contact us today to learn how we can assist you.

The post List of Fintech Kotlin Developers first appeared on Itexus.

Boring banking apps with complicated interfaces are not what millennials and Gen Z expect. This is where gamification in banking & financials comes into play. Banks are seeking new ways to attract potential customers by creating game-like environments with challenges, learning-related tasks, and rewards. In this article, we take a closer look at how gamification is changing the world of finance and banking.

What is gamification?

When you hear the word “gamification,” you might assume that it is related to games. And you wouldn’t be wrong. This concept involves using various game-like elements in non-gaming contexts. Gamification can make different types of solutions more engaging and entertaining, even for serious business tasks. When users are interested in what they are doing, their activities become more effective and productive.

The effectiveness of gamification is evident in the fact that 70% of Global 2000 companies apply this concept in some way to their business processes.

Main principles of gamification in digital banking

Below are the core principles of gamification to keep in mind when creating a banking or finance software product.

• Add more fun to boring activities. Filling in personal account information and uploading required documents can be tedious. However, a progress bar or virtual animated assistant can make the process more interesting.
• Help to develop new skills. For instance, you can provide a range of educational materials, such as quizzes, cartoons, and short videos that explain how to save money or earn on deposits. According to a study, gamification can help improve skill and information retention.
• Find tools to motivate users. Badges or stickers for achievements are a very widely spread practice. But if you establish cooperation with any external services, like streaming platforms or e-book libraries, you also can offer more valuable prizes, including free music or access to chosen books.
• Set Clear Goals. Users should understand what they need to do and what they will get in return. The better the task is clarified, the more engagement and interest it will generate.
• Don’t overgamify your app. Applying the principles of gamification in finance doesn’t mean you should turn your application into a game. Instead, you should add new elements and activities to your app that enhance the user experience and change the way users interact with your solution.

Gamification in Banking and Financial Space

Implementing gamification in banking apps can be a win-win situation for both institutions and their clients. This concept can bring new opportunities to the industry from both perspectives. Let’s analyze these opportunities in more detail.

Advantages of gamification for banks and financial organizations

• Increased customer engagement. When your app is interesting to interact with, people are more likely to spend more time using it and utilizing the services it offers.
• Attracting new clients. The competition among banking apps is increasing. However, if you can provide something unique, users are more likely to pay attention to your solution.
• Enhanced customer loyalty. A well-designed and smoothly functioning app is a great tool for ensuring higher customer satisfaction and loyalty.
• Improving Promotion of Your Products and Services. Straightforward ads in applications may not be very efficient and can even be annoying. However, gamification in finance and banking solutions can be an excellent method for informing people about the newest services and other important updates.
• User data analytics. Quizzes and mini-games can provide valuable insights into the ongoing needs and demands of customers, as well as general trends in their behavior, for banking and financial organizations. The information gathered can be used to adjust business strategy and make important decisions about further development.
• Digital transformation. Gamification in finance and banking can serve as a booster for overall digital transformation of business processes, including but not limited to customer onboarding and data analytics.

New opportunities for customers

• Easier interaction with banking services. Game elements can greatly simplify many tasks for users, making interaction with banking services much easier. Traditional banking apps are often seen as too complicated to use.
• Financial literacy. Financial organizations use gamification in investment banking to increase awareness about different finance-related topics. By gaining this knowledge, people can make better-informed decisions on budget management and investments.
• Achievement of personal financial goals. Gamification makes it easier and more engaging to reach various finance-related goals, such as savings.

Gamification features for digital banking

Financial gamification features do not differ significantly from the game elements that are typical in solutions built for other industries. The most popular among them are:

• Points and badges
• Leaderboards
• Progress bars
• Challenges and quests
• Avatars and personalization
• Points. They are used to measure progress and reward accomplishments. They provide instant feedback on the results achieved by users.
• Badges are another visual tool that can be used to recognize results.
• Levels and Progress Charts. These are necessary to visualize the progress and the path made from the starting point.
• Leaderboards. The spirit of competition is one of the strongest motivators for people, regardless of their age, gender, or social status.
• Polls and surveys. These are important tools for gathering valuable information about users and analyzing their expectations and demands.
• Lotteries. Although these game elements do not require any specific effort or knowledge, they can help increase customer engagement and interest in using your app.
• Quizzes, quests, and challenges. Completing various tasks can make people feel successful and more connected to the brand and organization.

Gamification in Banking Examples and Top Practices

There are different ways to incorporate game elements into your financial app. After analyzing the key principles and benefits of gamification in banking & financials, it’s time to draw inspiration from the best practices.

The educational program from Bank of America

Better Money Habits is an initiative introduced by Bank of America to boost economic mobility and financial education. The program offers various quizzes, games, monitoring tools, and educational materials aimed at teaching users how to manage their finances effectively.

Source: Bank of America

The super finance app IndMoney

This all-in-one app allows users to manage their family budgets by saving, planning, and investing. The application offers a wide range of features, including neo-banking, finance tracking, US and Indian stock investing, and deposits. For practicing good financial behavior or inviting new customers, users can receive rewards in the form of stocks. These rewards can be used as part of the investment portfolio, or sold in any fraction or held for future use.

Source: IndMoney

PNC Bank’s virtual wallet for developing healthy financial habits

This product is an excellent example of how to help customers save money. The wallet, which is a hybrid of checking and savings accounts, can be used as a tool to set savings goals and seamlessly reach them. By using this wallet, people can easily distribute their money between different accounts for regular payments, savings, or investments.

Source: PNC Bank

How to attract and retain customers?

One of the best ways to expand your customer base and support permanent growth is by offering incentives for staying with your company. In the context of banking and financial services, you may consider the following options:

• Cashback programs. These programs allow customers to receive a percentage of the amount they spent on purchases in specific stores.
• Referral Programs. Encourage your customers to share referral links with friends who may be interested in joining your platform and creating their own accounts. Offer a financial bonus for every registration that results from a referral link.
• Achievement Systems. Introducing a unique achievement system can provide special rewards, such as card level upgrades, access to premium saving tools, or educational materials, for demonstrating results or performing particular actions. Achievements can be earned through a wide range of activities, from simple social media post sharing to monthly deposits of a set amount.

Security and privacy concerns

As any banking app deals with huge volumes of sensitive user data, security and privacy should be key priorities for organizations that launch such solutions. Below, you can find some recommendations that will help you increase the safety of your app.

• Introduce multi-factor authentication (MFA). Even a strong password is not enough to authenticate a user’s identity. It’s a good idea to introduce additional stages of authentication. For example, you can use biometric parameters like facial scans or fingerprints, and require users to prove their identity through a mobile phone or hardware token.
• Use end-to-end encryption over a secure channel. This approach involves encrypting data on the server side and allowing decryption only on a user’s mobile device.
• Apply contextual authentication with behavioral analysis. This technology analyzes typical patterns of user behavior in different contexts, such as login or transaction making. If something deviates from traditional behavior, such as a mobile device or the time needed for entering a PIN code, a bank can utilize an additional authentication level.

Summary

Gamification is a fun approach to making interactions with your serious banking or finance apps more entertaining and engaging for your target audience. By incorporating game elements, you can increase customer loyalty, expand your client base, and boost your organization’s profits. If you want to take advantage of the new opportunities that gamification in banking can offer, don’t hesitate to ask for our help.

At Itexus, we are always open to new challenges and happy to find the best solution for you. Contact us to learn more about our experience and discuss potential collaboration.

The post Gamification in Banking & Financial Services first appeared on Itexus.

Relevant statistics support the growing significance of legal marketplaces in the industry. According to a recent report by Statista, the global legal services market is projected to reach a staggering $1.1 trillion by 2026. This exponential growth can be attributed, in part, to the rise of legal marketplaces, which have gained traction worldwide. A study by Thomson Reuters found that 78% of surveyed law firms in the United States are considering greater tech use to improve their performance.

This comprehensive guide will delve into the intricacies of legal marketplace development, exploring the key factors driving its success and its transformative impact on the legal ecosystem. Whether you are a legal service provider, a tech entrepreneur, or a client seeking legal assistance, this guide will equip you with the knowledge necessary to harness legal marketplaces’ power effectively.

Digital Marketplaces Popularity

With the advent of technology and the increasing reliance on digital platforms for various services, the legal industry has witnessed a significant shift toward digital marketplaces. For several compelling reasons, these online platforms have gained immense popularity among clients and legal professionals.

Why Choose the Digital Marketplace?

Digital marketplaces offer unparalleled convenience and accessibility to clients seeking legal services. Gone are the days of searching through directories or relying solely on personal referrals. With just a few clicks, clients can access a wide range of legal experts, compare their profiles, read reviews, and make informed decisions. This accessibility eliminates geographical barriers, allowing clients to connect with legal professionals worldwide, regardless of their physical location.

Traditional legal processes can be time-consuming and cumbersome. Digital marketplaces simplify the processes, from finding the right legal professional to handling payment and document exchange. Clients can submit their legal requests, specify their requirements, and receive tailored proposals from qualified lawyers or law firms. This streamlined approach saves time and reduces the administrative burden, making legal services more efficient and cost-effective.

Digital marketplaces offer clients access to diverse legal professionals with specialized expertise. Whether it’s corporate law, intellectual property, immigration, or family law, clients can find the right expert for their needs. This wide range of options empowers clients to select the most suitable legal professional who aligns with their goals, budget, and desired experience level.

Transparency is a crucial aspect of digital marketplaces. Clients can review and compare legal professionals’ profiles, qualifications, and ratings before making a decision. These platforms often provide an opportunity for clients to leave reviews and ratings based on their experiences, which further helps in building trust and making informed choices.

The digital marketplace revolution has reshaped the legal landscape, bringing a new era of accessibility and efficiency to the forefront.

What Is a Legal Marketplace?

In essence, a legal marketplace solution is an online platform that connects clients needing legal services with professionals who offer their expertise through the platform. These platforms act as intermediaries, facilitating the exchange of legal services conveniently and efficiently.

Like other digital marketplaces, such as those for goods or services, legal marketplaces provide a virtual space where clients and legal professionals can connect and engage.

Who Can Use a Legal Marketplace and How?

Legal marketplaces are designed to cater to a wide range of users, including individuals, businesses, startups, and even other law firms. Anyone needing legal services, regardless of location or industry, can benefit from a legal marketplace. The process typically involves the following steps:

• Registration and Profile Creation. Clients and legal professionals register on the platform and create detailed profiles. Clients provide information about their legal needs, while service providers showcase their expertise, experience, and qualifications.
• Legal Service Requests. Clients submit their legal service requests, outlining their specific requirements and the nature of the assistance they seek. These requests may include details about the type of case, desired expertise, budget, and timeline.
• Proposal Submission. Legal professionals browse the available service requests and submit tailored proposals to clients they believe they can assist. Proposals often include details about their approach, estimated costs, and relevant experience.
• Engagement and Collaboration. Upon receiving proposals, clients review the submissions and choose the legal professional they wish to work with. Once selected, the client and the professional can communicate, collaborate, and work together to address the legal matter at hand.

Benefits of a Legal Marketplace

Legal marketplaces offer numerous benefits for both legal professionals and their clients.

Increased Accessibility

A legal platform for lawyers breaks down geographical barriers, allowing clients to access legal services from professionals around the world. Similarly, service providers can expand their reach and connect with clients they might not have otherwise reached with their attorneys’ on-demand services.

Cost-Effectiveness

By leveraging a legal marketplace, clients can compare different proposals and select the best fit for their budget and requirements. Legal professionals can also streamline their practice and reduce marketing costs by utilizing the platform to attract clients.

Time Efficiency

The platform’s streamlined process saves time for both clients and legal professionals. Clients can find suitable advisors more quickly, while legal professionals can focus on delivering their services instead of spending excessive time on marketing and client acquisition.

Quality Assurance

Legal marketplaces often include review systems and ratings, allowing clients to make informed decisions based on the experiences of others. This promotes transparency and accountability and ensures the delivery of high-quality services.

Lawyers marketplace has revolutionized the way legal services are accessed and delivered. Their user-friendly interfaces, broad reach, and efficient processes make them an attractive option for clients seeking legal assistance and legal professionals looking to expand their client base.

Starting a Legal Marketplace

Creating a thriving lawyers marketplace requires careful planning and strategic execution. Check out these key considerations when starting a legal marketplace.

Formulate a Concept

Before diving into the development process, it’s crucial to formulate a clear concept for your legal marketplace. Define the specific niche or focus area, whether connecting clients with lawyers in a specific practice area or providing a platform for legal professionals to offer their services directly. Research the market demand, identify any existing gaps or pain points, and determine how your lawyers marketplace can address those needs effectively.

Consider Using a Minimum Viable Product (MVP)

Building a legal platform for lawyers can be complex and resource-intensive. Consider adopting the Minimum Viable Product (MVP) approach. Start with a scaled-down version of your platform, focusing on core functionalities and essential features. This allows you to launch and test the market response with minimal investment. By gathering user feedback, you can iterate and refine your platform based on real-world insights, enhancing its value and addressing any potential challenges.

Think about Design

Design plays a crucial role in the success of your platform. It should be user-friendly, intuitive, and visually appealing. Focus on creating a seamless user experience, ensuring clients can easily navigate the platform, search for legal professionals, submit requests, and communicate with them. 

Additionally, consider incorporating secure payment processing, document sharing, and messaging systems to facilitate efficient collaboration between clients and legal professionals.

Choose the Development Team

Selecting the right development team is essential for turning your lawyers marketplace concept into a reality. Look for a team with expertise in marketplace development and legal software development. They should understand the unique requirements and challenges associated with legal services. 

Consider their technical skills, portfolio, client testimonials, and ability to deliver within your desired timeline and budget. Collaborating with a competent development team will ensure a smooth development process and a robust, reliable legal platform for lawyers.

Starting a lawyer marketplace requires careful planning, attention to detail, and a focus on user experience. Formulating a solid concept, leveraging the MVP approach, prioritizing design, and choosing the right legal software development team can lay a strong foundation for your legal marketplace’s success. Remember to continuously gather user feedback, iterate, and adapt to ensure that your platform meets the evolving needs of clients and legal professionals.

Legal Marketplace Functionalities

In a legal platform for lawyers, various functionalities ensure a smooth and efficient experience for legal professionals and clients. These functionalities are the platform’s backbone, that enables seamless communication, secure transactions, and effective collaboration. 

Here are some key features you can expect in a legal solution:

• User Profiles. Lawyer marketplaces typically provide user profiles for both lawyers and clients. These profiles allow lawyers to showcase their expertise, experience, and credentials while clients can provide information about their legal needs and preferences. User profiles help establish trust and credibility within the marketplace.

• Search and Matchmaking. A robust search functionality connects clients with lawyers specializing in their required legal areas. The marketplace solution should offer filters and advanced search options to help clients find lawyers based on their location, practice areas, ratings, and other relevant criteria. Additionally, a matchmaking algorithm can enhance the search process by suggesting suitable lawyers based on the client’s specific requirements.

• Communication Tools. Built-in messaging systems or chat features allow lawyers and clients to interact, exchange information, and discuss legal matters. Secure and confidential communication channels ensure privacy and confidentiality while facilitating smooth collaboration between parties.

• Document Sharing and Collaboration. Legal matters often involve sharing and collaborating on documents. A legal platform for lawyers should provide a secure platform for lawyers and clients to share, review, and collaborate on legal documents, such as contracts, agreements, or case files. Version control, commenting, and real-time editing capabilities enhance productivity and streamline the document management process.

• Appointment Scheduling and Reminders. An integrated calendar and appointment scheduling features help streamline the process of setting up consultations, meetings, or court appearances. Automated reminders ensure that lawyers and clients stay informed about upcoming appointments, reducing the chances of missed meetings or delays.

• Payment and Billing. Lawyers marketplace should offer secure and reliable payment processing capabilities. Clients should be able to make payments for legal services directly through the platform, while lawyers can easily track and manage their billing. Transparent fee structures, secure transactions, and invoicing functionalities contribute to a seamless payment experience.

Optional Features

Besides the core functionalities, some legal marketplaces may offer optional features that enhance the overall user experience. A rating and review system allows clients to provide feedback on lawyers they have worked with. This feature helps build trust and assists future clients in making informed decisions when choosing legal professionals.

Some marketplaces may provide access to a library of legal document templates, such as contracts, wills, or lease agreements. These templates can be a starting point for clients requiring standard legal documents.

Virtual meeting rooms enable lawyers and clients to conduct meetings, consultations, or depositions remotely. This feature is precious for users who cannot meet in person due to geographical constraints or other circumstances.

Advanced case management tools can help lawyers organize and track their ongoing cases. These tools may include features like task management, deadline tracking, and document storage, streamlining the workflow and increasing productivity.

Possible Issues and Solutions

Lawyer marketplace solution offers numerous advantages, but certain challenges can arise. It’s important to be aware of potential problems and have solutions in place to address them.

Trust and Credibility

Establishing trust between lawyers and clients can be challenging in an online marketplace. To address this, the lawyer marketplace can implement a thorough vetting process for lawyers, including verifying their credentials and professional licenses. Encouraging clients to provide honest reviews and ratings can also build trust and transparency within the platform.

Data Security and Privacy

Legal matters involve sensitive and confidential information. The legal solution must prioritize data security and privacy to protect client and lawyer data. Implementing robust encryption protocols, secure storage systems, and regular security audits can help safeguard sensitive information and build user confidence.

Quality Control

Maintaining a high standard of legal services is crucial in a legal solution. Some potential solutions to ensure quality control include implementing a rating and review system for lawyers, establishing guidelines for ethical conduct, and providing avenues for clients to report any issues or concerns. Regular monitoring and evaluation of lawyer performance can also help maintain quality standards.

Dispute Resolution

In the event of disputes between clients and lawyers, the legal solution should have a straightforward dispute-resolution process in place. This can include mediation or arbitration mechanisms within the platform or the involvement of a neutral third party to help resolve conflicts. Timely and efficiently resolving disputes is essential to maintain trust and satisfaction among users.

Regulatory Compliance

Lawyer marketplace must navigate complex legal and regulatory frameworks to ensure compliance with applicable laws. Collaborating with legal experts and staying updated on relevant regulations can help legal marketplaces navigate compliance challenges effectively. Implementing robust identity verification processes and adhering to anti-money laundering (AML) and know-your-customer (KYC) regulations can also contribute to regulatory compliance.

By proactively addressing these potential problems and implementing suitable solutions, the legal solution can provide a secure and trustworthy platform that meets the needs of both lawyers and clients.

The Future of Legal Marketplaces

The future holds significant potential for transforming the legal industry. As technology advances and the demand for convenient and accessible legal services grows, the lawyer marketplace is poised to play a pivotal role in shaping the future of legal practice. 

Here are some key trends and developments that indicate legal marketplaces’ direction.

The future of legal marketplaces holds immense potential for transforming the legal industry. As technology continues to advance and adapt to the unique needs of the legal sector, legal marketplaces are poised to become integral platforms that connect lawyers and clients, streamline legal processes, and provide accessible and efficient legal services on a global scale. 

By embracing emerging technologies and trends, legal marketplaces have the opportunity to reshape the way legal services are delivered and accessed in the years to come.

Summary

Legal marketplaces are evolving to meet the changing demands of the legal industry. Legal marketplace development is an ongoing process with immense potential for transforming the market. As technology advances and client expectations evolve, legal marketplaces become crucial in connecting lawyers and clients, streamlining the experience of all parties, and providing accessible and efficient legal services.

The development of legal marketplaces offers several benefits, including increased access to legal services, improved efficiency, and enhanced transparency. Find the right team with expertise in both marketplace development and legal software development to ensure the successful and quick launch of your legal marketplace.

The post Legal Marketplace Development: Guide first appeared on Itexus.

Let’s look at the recent statistics on KYC use:

• Financial institutions dedicate an average of $60 million annually to KYC and customer due diligence processes (Thomson Reuters);
• KYC processes and account opening take up to 40% of banks’ onboarding time, leading to substantial costs for financial institutions and the need to optimize the process (McKinsey & Company).

In the subsequent sections, we will delve into the intricate facets of KYC, examining its components, emerging trends, and transformative impact on the financial industry. By harnessing the power of KYC, we can unlock new opportunities while also ensuring the resilience and trustworthiness of the global financial ecosystem.

Decoding KYC Process

The KYC integration process is vital for financial institutions. Its purpose is to establish customer identity, assess financial activities, and manage associated risks. Let’s explore the critical steps in the KYC process, the types of information collected, and the necessary documentation.

Essential Steps of the KYC Easy Integration Process

A typical KYC process includes the following steps:

1. Customer identification involves collecting essential information to verify the customer’s identity. This includes details such as name, date of birth, address, contact information, and occupation. Advanced technologies like biometric verification and digital identity solutions are increasingly being integrated to enhance the accuracy and efficiency of this process.
2. Risk assessment is conducted by evaluating factors like the customer’s source of funds, anticipated transaction volume, and business relationships. This step allows institutions to identify and mitigate potential risks associated with money laundering, terrorist financing, or other illicit activities.
3. In some cases, enhanced due diligence measures are necessary. This may involve gathering additional information about the customer’s background, beneficial ownership, and connections to politically exposed persons (PEPs).
4. Ongoing monitoring helps detect suspicious activities and changes in customer behavior. This ensures continuous compliance with regulatory requirements and helps identify potential risks promptly.

Key Information Types Collected for KYC Integration

Financial institutions typically collect various information during the KYC integration process.

Table 1. KYC Information Categories

Note: The information collected may vary based on the financial institution and regulatory requirements.

Documentation for KYC Compliance

Financial institutions require customers to provide specific documentation to support the KYC integration process. Commonly requested documents include:

Table 2. Required Documentation for KYC Integration

Note: The documentation requirements may vary depending on the financial institution and regulatory guidelines.

By following a systematic and rigorous KYC easy integration process, financial institutions can ensure compliance with regulations, prevent financial crimes, and promote a secure and trustworthy financial environment for all stakeholders involved.

Seamless KYC Integration Options

When it comes to implementing the KYC process, financial institutions have two primary options: in-house integration and utilizing third-party KYC providers.

In-house KYC integration involves developing and maintaining the KYC process internally within the financial institution.

Financial institutions can also partner with specialized third-party KYC providers who offer comprehensive KYC API integration. These providers offer various services, including identity verification, risk assessment, and ongoing monitoring.

Let’s explore the advantages and disadvantages of each approach.

Ultimately, the goal is to establish a robust KYC framework that ensures compliance, mitigates risks, and promotes trust in the financial ecosystem.

Technical Challenges in KYC Integration

Implementing an effective KYC process in the financial industry comes with various technical challenges that institutions must address. The three key challenges encounter data security and privacy, data storage and management, and compliance with regulations and industry standards.

Data Security and Privacy

Maintaining the security and privacy of customer data is paramount in the KYC integration process. Institutions must implement robust security measures to protect sensitive customer information from unauthorized access, data breaches, or misuse.

Financial institutions face constant threats from cybercriminals seeking to exploit vulnerabilities in their systems and gain access to customer data. It is crucial to implement strong security protocols, encryption mechanisms, and regular security audits to safeguard against data breaches.

Institutions must comply with data protection regulations to perform global KYC integration, such as the General Data Protection Regulation (GDPR), and ensure customer data is collected, stored, and processed following the specified legal requirements.

Data Storage and Management

The volume of customer data collected during the KYC integration process poses challenges in terms of storage and efficient management. As customer databases grow, institutions need scalable infrastructure to store and manage vast amounts of KYC data effectively. This requires robust data storage systems, efficient indexing, and retrieval mechanisms.

Institutions must comply with data retention policies and guidelines set by regulatory authorities. This includes determining appropriate retention periods for KYC data, ensuring secure archival, and proper disposal of data once retention periods expire.

Compliance with Regulations and Industry Standards

The KYC integration process is subject to strict regulatory frameworks and industry standards. Institutions must ensure compliance with applicable laws and guidelines. Financial regulations are constantly evolving, requiring institutions to stay up-to-date with the latest changes. Keeping pace with regulatory updates and implementing necessary changes to the KYC process can be demanding.

Financial institutions must adhere to industry standards and best practices set by organizations like the Financial Action Task Force (FATF) and regulatory bodies. This involves implementing recommended controls, conducting regular audits, and adopting emerging technologies to enhance compliance.

Overcoming these technical challenges requires a proactive approach, continuous monitoring of emerging threats and regulatory changes, and investment in robust technology infrastructure and expertise. By addressing these challenges effectively, institutions can build a resilient and compliant KYC framework that ensures the security, privacy, and trust of customer data.

Best Practices for Successful KYC Integration

Successfully integrating the KYC process within a financial institution requires a strategic approach and adherence to best practices. The key areas that contribute to a seamless integration: user experience and user interface design, streamlining the KYC process, and training and support for employees.

User Experience and User Interface Design

Creating a user-friendly and intuitive experience for customers and employees is essential to ensure KYC easy integration. Consider the following best practices:

• Simplified Interface. Design the user interface with simplicity in mind, minimizing complexity and avoiding unnecessary steps or information overload.
• Clear Instructions. Provide clear and concise instructions to guide customers through the KYC process, ensuring they understand what information is required and how to provide it.
• Mobile Optimization. Optimize the KYC process for mobile devices, recognizing the increasing use of smartphones and tablets for financial transactions.
• Real-Time Feedback. Offer real-time feedback and validation during data entry to help customers complete the process accurately and efficiently.

Streamlining the KYC Process

Efficiently streamlining the KYC process reduces friction and enhances the overall customer experience. Streamlining best practices include:

• Digitization and Automation. Leverage technology to automate manual processes, such as document verification and data entry, reducing the need for manual intervention and minimizing errors.
• Integration with Existing Systems. Integrate the KYC process seamlessly with existing systems and workflows within the institution to avoid duplication of efforts and ensure data consistency.
• Risk-Based Approach. Implement a risk-based approach to prioritize the level of due diligence required based on the customer’s risk profile, allowing for a more efficient allocation of resources.

Training and Support for Employees

Proper training and support for employees involved in the KYC process ensure consistent implementation and adherence to compliance standards. Provide employees with comprehensive training on KYC regulations, procedures, and system usage to ensure a thorough understanding of their roles and responsibilities.

Keep employees up-to-date with the latest regulatory changes and industry best practices through regular training sessions and knowledge-sharing initiatives. Establish dedicated support channels, such as help desks or internal communication platforms, where employees can seek assistance or clarification regarding KYC processes.

By implementing these best practices, financial institutions can enhance the integration of the KYC process, streamline operations, and improve both the customer and employee experience. A seamless integration fosters efficiency and compliance, ultimately building trust and confidence in the institution’s financial services.

Itexus Expertise in KYC Integration into Financial Software

As a trusted software development partner, Itexus has a proven track record of delivering successful projects in the financial industry. Our team of experts has extensive experience in developing solutions that address the complex challenges of the industry, including regulatory compliance and security. Check out a couple of our recent projects where we enabled KYC processes in addition to a wide range of functionalities such as data analysis, risk management, customer onboarding, etc.

White-Label Mobile Banking App

Itexus developed a customizable and scalable white-label mobile banking app for a US-based digital banking services provider. In just four months, we transformed the client’s vision into a fully functional mobile banking application equipped with KYC and the documents upload & verification feature. Additionally, we performed a KYC API integration with Socure, an identity verification platform that acts as a KYC provider and verifies users’ identities based on the data provided.

Learn more about the project: White-Label Mobile Banking App.

App for Getting Instant Loans for SMEs

The client sought to automate every aspect of the loan lifecycle, from origination and online applications to KYC, credit scoring, underwriting, payments, reporting, and even bad deal management. To this end, they approached Itexus to develop a robust digital lending platform and a corresponding mobile app. Our team successfully delivered the final product within the established budget and timeframe, setting the stage for its launch on the App Store. The project included the development of automated KYC and Anti Money Laundering (AML) processes by implementing leading industry KYC API integration and AML integration, such as with Experian.

Learn more about the project: App for Getting Instant Loans

Benefits of Hiring an Expert Like Itexus as a KYC Integration Partner

At Itexus, we work closely with clients to develop tailored compliance solutions that align with their specific requirements. With our extensive expertise in KYC integration and deep understanding of financial institutions’ specific needs, we will ensure that the financial software meets industry standards and regulatory requirements.

• Being a KYC integration partner for numerous financial organizations, we can implement seamless integration of KYC within your existing financial software infrastructure, minimizing disruptions and optimizing efficiency.
• We prioritize data security and compliance with regulatory frameworks, implementing robust security measures and encryption protocols to protect sensitive customer information.
• We will remain your KYC integration patner even after the project is completed and provide continuous support and maintenance so that you can focus on your core business activities without getting distracted by compliance issues.

By leveraging the expertise of a KYC integration partner, you can confidently integrate KYC processes into your software solutions, improve customer onboarding experiences, enhance security, and ensure compliance with regulatory standards.

Summary

Integrating KYC into financial institutions presents technical challenges. Data security and privacy, efficient data storage and management, and compliance with regulations and industry standards are critical considerations that must be addressed.

To ensure a successful integration, best practices should be followed. These include focusing on user experience and interface design, streamlining the KYC process through digitization and automation, and providing training and support for employees involved.

To enhance your financial software and perform KYC easy integration, consider partnering with an expert like Itexus. With our extensive KYC integration expertise, flexibility, individual approach, strong tech skills, and commitment to compliance and security, we can help optimize your KYC process and strengthen your financial software.

Contact us to learn more about Itexus as a KYC integration partner and discuss your specific requirements.

The post KYC Integration into Financial Software first appeared on Itexus.

Automotive fintech market statistics highlight the rapid growth and immense potential of in-car payments integration within the sector. According to industry reports, the global market for in-car payments is projected to reach a staggering $12.50 billion by 2028, with a compound annual growth rate (CAGR) of over 20.9% from 2021 to 2028. This remarkable surge can be attributed to the increasing demand for connected vehicles and the rising adoption of advanced technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), in the automotive ecosystem.

This article explores the current state of smart car payments, the technologies, and platforms being used, the challenges and opportunities faced by the fintech in the automotive industry, as well as the benefits, use cases, security and privacy concerns, and future outlook of this transformative technology. Join us as we delve into the world of in-car payments and their potential to reshape the automotive experience.

Introducing In-Car Payments

Heralded as the future of automotive technology, in-car payments have emerged as a groundbreaking feature that integrates financial transactions into our daily driving routines. Imagine cruising down the highway, low on fuel, and effortlessly paying for a quick refill without ever leaving the comfort of your vehicle. In-car payments offer just that and more, transforming our cars into mobile wallets and opening up a world of convenience and possibilities.

By leveraging advanced connectivity and digital payment platforms, smart car payments enable drivers to effortlessly handle a wide range of transactions right from their vehicle’s dashboard. Whether paying for fuel, parking fees, tolls, or even ordering food and making reservations on the go, this innovative technology eliminates the need to fumble for cash, search for payment cards, or navigate complex payment apps while behind the wheel.

As the demand for digital experiences rises, automakers and tech companies are racing to incorporate in-car payment systems into their vehicles. This trend is not limited to high-end luxury cars; it extends across the entire automotive industry, ensuring that drivers from all walks of life can benefit from the convenience and efficiency of in-car payments.

Potential Impact on the Automotive Industry

Integrating smart car payments carries immense potential to revolutionize the automotive industry on multiple fronts, opening up new avenues for growth, enhancing customer experiences, and driving technological advancements.

New Revenue Streams

Connected car payments present a significant opportunity for automakers to tap into new revenue streams. By partnering with payment service providers and integrating e-commerce platforms into their vehicles, manufacturers can create additional revenue channels through transaction fees, data monetization, and partnerships with businesses in various sectors, such as fuel, parking, and food delivery.

Advancement in Connected Vehicle Technology

Smart car payment system is a prime example of the growing trend of connected vehicle technology. As automakers continue to invest in advanced connectivity features, such as IoT and vehicle-to-everything (V2X) communication, smart car payments become a crucial component of the connected car ecosystem. This integration not only facilitates financial transactions but also paves the way for future innovations, such as personalized offers, real-time traffic updates, and predictive maintenance services.

Data Insights and Analytics

Smart car payments generate a wealth of data regarding consumer behavior, preferences, and spending patterns. Automakers and third-party providers can leverage this valuable data to gain insights into consumer trends, optimize business strategies, and deliver targeted marketing campaigns. Integrating analytics and AI technologies allows personalized offers, tailored recommendations, and a more personalized driver experience.

Collaborations and Partnerships

In-car payments create opportunities for collaborations and partnerships between automakers, payment service providers, financial institutions, and other businesses. These strategic alliances foster innovation, drive technological advancements, and enhance the overall ecosystem of connected mobility solutions.

Enhanced Customer Experience

In-car payments offer a fast and convenient way for customers to handle financial transactions while on the move. By eliminating the need for physical payment methods and reducing the time spent on traditional payment processes, smart car payments streamline the overall driving experience. This enhanced convenience translates into higher customer satisfaction, fostering brand loyalty and repeat business for automakers.

The potential impact of smart car payments on the automotive industry is far-reaching, promising a future where vehicles become handy extensions of our digital lives, offering convenience, safety, and personalized experiences on the road. As the demand for connected and frictionless experiences continues to grow, automotive payment is poised to play a pivotal role in shaping the future of mobility.

Current State of In-car Payments

The current state of in-car payments showcases a rapidly evolving landscape where the automotive industry and technology sectors are joining forces to bring this transformative concept to life. While still in its early stages, notable advancements and collaborations have set the foundation for widespread adoption and integration. 

Here’s a glimpse into the current state of in-car payments.

Automaker Integration

Leading automakers are actively incorporating in-car payment systems into their vehicles. For instance, partnerships between automotive giants and payment service providers have resulted in dedicated payment platforms integrated into infotainment systems. These platforms enable drivers to link their payment accounts, access digital wallets, and smoothly complete transactions without leaving the driver’s seat.

Mobile Wallet Integration

Many in-car payment systems leverage mobile wallet integration to enhance user convenience. By connecting popular mobile payment apps, such as Apple Pay and Google Pay, to the vehicle’s dashboard, drivers can effortlessly initiate transactions using their preferred payment methods already stored on their mobile devices.

Partnerships with Payment Service Providers

Automakers are forging partnerships with payment service providers and financial institutions to enable secure and seamless automotive payment. These collaborations allow for integrating existing payment infrastructure and expertise, ensuring compliance with industry standards and offering drivers a familiar and trusted payment experience.

Expansion of Use Cases

Automotive payment is extending beyond traditional fuel purchases and toll payments. Collaborations between automakers, technology companies, and merchants have expanded the range of services available, including parking fees, food ordering, and even integrating with smart home systems for home automation control from the vehicle.

Security and Authentication

Ensuring the safety of in-car payments is a top priority. Advanced encryption techniques, tokenization, and robust authentication methods protect sensitive financial information and prevent unauthorized access. Biometric authentication, such as fingerprint or facial recognition, is also being explored as an added layer of security

Automotive Fintech Market Awareness and Consumer Adoption

Consumer awareness and adoption of automotive payment are steadily growing. Increased media coverage, marketing campaigns, and enhanced user experiences are driving interest and acceptance among car owners. Surveys indicate a growing willingness among consumers to embrace this technology, recognizing the convenience and time-saving benefits it offers.

Technologies and Platforms Used in In-Car Payments

The integration of connected car payments relies on various technologies and platforms to deliver seamless and secure transaction experiences. Here are some key technologies and platforms being used in the current state of in-car payments.

As advancements drive innovation, we can expect further integration of emerging technologies, such as blockchain and voice recognition, to shape the future of in-car payment.

Challenges and Opportunities Facing the Industry

The integration of in-car payments within the fintech in the automotive industry presents challenges and opportunities that shape its trajectory. Understanding and addressing these factors is crucial for the widespread adoption and success of in-car payment systems. 

Let’s explore some of the critical challenges facing the industry.

• Security and Fraud. Ensuring the security of in-car payment systems is paramount. The industry must continuously invest in robust security measures to protect user data, prevent unauthorized access, and address potential vulnerabilities that could lead to fraud or breaches.
• Standardization and Compatibility. With multiple automakers and payment service providers entering the automotive fintech market, achieving standardization and interoperability across different vehicle models and payment platforms is essential. Establishing common protocols and industry standards will facilitate integration and enhance the user experience.
• Regulatory Landscape. In-car payment systems must navigate the complex regulatory landscape governing financial transactions and data privacy. Adhering to regulatory requirements, such as PCI-DSS (Payment Card Industry Data Security Standard), data protection regulations, and local financial regulations, presents a challenge for industry stakeholders.
• User Education and Trust. Widespread adoption of in-car payment relies on user education and building trust. Consumers must be informed about the benefits, security measures, and ease of use of in-car payment systems. Building trust through transparent communication and demonstrating the reliability of the technology is crucial.

In the face of challenges, in-car payments emerge as a gateway to a world of new possibilities in the automotive realm.

• Enhanced User Experience. By leveraging intuitive interfaces, voice commands, and personalized recommendations, in-car payments systems enable delightful user experiences and foster customer loyalty.
• Data-driven Insights. In-car payment systems generate vast amounts of data on user behavior and preferences. This data can be leveraged to gain insights into consumer trends, optimize business strategies, and deliver personalized offers. Analyzing this data can unlock valuable opportunities for automakers, payment service providers, and merchants to enhance their products and services.
• Partnerships and Collaborations. In-car payment systems open doors for collaborations between automakers, payment service providers, financial institutions, and merchants. Strategic partnerships can drive innovation, expand service offerings, and create new revenue streams through transaction fees, data monetization, and cross-promotion opportunities.
• Integration with Connected Services. In-car payment systems can be integrated with various connected services, such as navigation, parking, and fuel management. Smooth integration with these services offers opportunities for automakers to create comprehensive ecosystems that cater to the evolving needs of drivers, transforming vehicles into connected platforms for convenience and efficiency.
• Market Expansion. The fintech automotive market for connected car payments is poised for significant growth. As the technology matures and awareness increases, there is an opportunity for broader adoption across various vehicle segments, including mass-market and electric vehicles. Expanding in-car payments globally presents a vast fintech automotive market potential for industry players.

Addressing the challenges while leveraging the opportunities will drive the future success of in-car payment. By prioritizing security, collaborating to establish standards, and focusing on user education, the industry can harness the potential of this technology and create a flawless, secure, and widely accepted payment ecosystem within the fintech in the automotive industry.

Benefits of In-Car Payments

The automotive payment brings unparalleled convenience to drivers by eliminating the need for physical cash or searching for payment cards. With a few taps on the vehicle’s dashboard or voice commands, drivers can effortlessly complete transactions without leaving their seats. This convenience saves time and effort, making everyday tasks such as fueling up, paying tolls, or parking fees a pleasant part of the driving experience.

Connected car payments also enable quick and hassle-free transactions. By leveraging technologies like NFC and mobile wallet integration, drivers can simply tap their devices or use their mobile wallets to initiate payments instantly. This speed and ease of use reduce transaction times and minimize delays, ensuring a smoother flow during the payment process.

On the business side, in-car payment opens up new revenue streams for companies operating in the automotive ecosystem. For fuel stations, parking operators, and toll collection agencies, integrating with in-car payment systems expands their customer base and simplifies payment processes. Additionally, businesses can build partnerships with automakers and payment service providers to offer targeted promotions, loyalty programs, and upselling opportunities, increasing customer engagement and revenue.

In-car payments can be a reliable source of valuable user data for decision-making support and a secure and private way to perform purchases on the go. It helps businesses to grow brand loyalty and drivers to better allocate their precious time.

How to Implement Payment Systems in the Vehicle

Implementing payment systems in vehicles requires hardware, software, and connectivity solutions. Here are some common methods and technologies used to integrate payment systems into vehicles.