BFSI
Empower Your Financial Domain With The Best Financial Software Development Company
The banking, financial services, and insurance (BFSI) industry is experiencing a facelift with software development, as it offers powerful tools to optimize financial operations, improve customer experiences, and develop new business models. From artificial intelligence and machine learning to blockchain and cloud computing, financial software development helps BFSI companies to leverage data-driven insights and cutting-edge technologies to meet the industry’s ever-changing needs and stay ahead of the competition.
Banking
- Retail Banking
- Investment Banking
- Commercial Banking
- Credit Unions
Insurtech
- Life Insurance
- Health Insurance
- Auto Insurance
- Property Insurance
Assets & Investments
- Asset management
- Wealth management
- Risk management
Payment Systems
- Debit/ Credit card payments
- Electronic fund transfers
- Mobile wallets
Financial Software
Commonly Used Software Solutions for Banks and Financial Institutions
- Account Management
- Customer Relationship Management
- Transaction Management
- Loan Management
- Compliance and Risk Management
- Security and Authentication
- Reporting and Analytics
- Transaction monitoring
- Risk scoring
- Credit scoring
- Identity verification
- Device recognition
- Case management
- Machine learning and AI
- General Ledger
- Accounts Payable/Receivable
- Budgeting and Forecasting
- Financial Reporting
- Tax Management
- Cash Management
- Fixed Assets Management
- Loan Origination & Servicing
- Underwriting & Disbursement
- Loan Repayment
- Collateral Management
- Risk Management
- Portfolio Management
- Multi-Factor Authentication (MFA)
- Access Controls
- Identity and Access Management (IAM)
- Encryption
- Vulnerability Management
- Payment gateway integration
- Fraud detection and prevention
- Payment tracking and reporting
- Multi-currency support
- Payment reconciliation
- Know Your Customer (KYC) compliance
- Anti-Money Laundering (AML)
- Fraud Detection and Prevention
- Audit and Control
- Regulatory Reporting
- Data Management and Privacy
- Cybersecurity
- Portfolio management
- Investment planning
- Risk assessment
- Financial analysis
- Estate planning
- Tax planning
- Reporting
- Market analysis and monitoring
- Trading and order management
- Portfolio management
- Compliance and regulatory reporting
- Algorithmic trading
- Back-office support
- Loan origination
- Investor management
- Loan servicing
- Secondary market trading
- Automated underwriting
- Mobile and online access
- Risk management
Tools & Technologies
Emerging Technologies Driving Innovation in the BFSI Sector
| Artificial Intelligence (AI) | Blockchain | Digital Wallets | Cloud Computing |
| Biometric Authentication | Robotic Process Automation (RPA) | Cybersecurity | Digital Signatures |
| Big Data Analytics | Internet of Things (IoT) | Digital Twins | Open Banking |
| Artificial Intelligence (AI) | Blockchain | Digital Wallets |
| Cloud Computing | Biometric Authentication | Robotic Process Automation (RPA) |
| Cybersecurity | Digital Signatures | Big Data Analytics |
| Internet of Things (IoT) | Digital Twins | Open Banking |
As the financial industry continues to evolve, advanced technologies are paving the way for a new era of banking. Take the right step to unlock exciting possibilities and transform how you manage finance.
Business Scenarios
Banking and Financial Software Development Powering Different Business Use Cases
Fraud detection and preventionUse of advanced software tools and algorithms to identify potential fraudulent activities, such as unauthorized transactions, money laundering, and identity theft.
Customer experience and engagementProvide personalized and seamless customer experiences across various touch points such as mobile banking apps, websites, and in-person interactions.
Risk management and complianceUse tailor-made software for risk management that can monitor transactions, detect potential fraud or money laundering, and ensure compliance with regulations such as KYC, AML, and GDPR.
Wealth management and advisory servicesFinancial advisors can use various software tools and technologies to offer their clients investment advice, financial planning, asset management, and tax planning services.
Payments and transaction processingUse of custom software for payment processing and other related transactions that ensure payments are processed accurately while minimizing risks and ensuring compliance with regulatory requirements.
Loan processing & mortgage systemsFinancial institutions can automate and streamline the loan origination process, including application underwriting, approval, and servicing using sophisticated custom software.
Trading and investmentUse of advanced tools and features such as algorithmic trading, automated order routing, portfolio management, and compliance monitoring for traders and investors to make informed decisions and manage risks effectively.
Security and data protection Financial institutions can detect and prevent unauthorized access or malicious activity by implementing multi-factor authentication, encryption, access controls, and monitoring tools using a custom software.
Digital and mobile bankingThe use of custom software in digital and mobile banking allows customers to conduct transactions and manage their finances from anywhere, at any time, and with greater convenience.
FinTech Regulations
Compliance and Regulatory Requirements for FinTech Businesses
Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations: These regulations require FinTech companies to verify the identity of their customers and monitor their transactions to prevent money laundering and terrorism financing.
Payment Services Directive (PSD2): This regulation requires banks to provide access to customer account information to authorized third-party providers through Application Programming Interfaces (APIs).
General Data Protection Regulation (GDPR): This regulation governs the collection, use, and storage of personal data of individuals in the European Union (EU).
Securities and Exchange Commission (SEC) regulations: These regulations govern securities offerings, investment activities, and trading activities.
Cybersecurity regulations: These regulations aim to ensure the security and integrity of financial systems and protect against cyber threats.
Consumer Financial Protection Bureau (CFPB) regulations: These regulations aim to protect consumers from abusive financial practices and promote transparency in financial products and services.
The Fingent Approach
Financial Software Development Company Resolving the Common Challenges in the Financial Sector
Enabling Efficiency with the Right Financial Technology
Financial institutions who leverage advanced technologies like Blockchain, AI, Robotics, and Analytics can significantly improve their services with the changing customer needs, unprecedented regulations, and global competition. By utilizing artificial intelligence (AI), intelligent automation, and advanced data analytics, companies can drive insightful financial forecasting and budgeting for better decision-making. Fingent has assisted various BFSI companies in choosing and implementing the ideal financial technology to enhance their operational efficiency.
Leveraging Technology to Offer Personalized Experiences
Building customized portals, sophisticated dashboards, mobile apps, automated workflows, CRM software, and AI-powered chatbots will assist financial managers and enterprises, banks, and insurance companies to enhance operational efficiencies and deliver personalized customer experiences. Fingent has helped financial institutions build customized software to boost customer interactions and experience.
Addressing Regulatory and Compliance Needs
Companies can address regulatory and compliance challenges using comprehensive solutions in financial and operational risk management, regulatory reporting, compliance management, and financial fraud management. By building scalable platforms, companies can gain an enterprise view of risk exposure and regulatory compliance status. Fingent has assisted BFSI companies create effective strategies for managing its data and infrastructure, solution platforms, processes, and policies.
Improved Security and Secured Payment Processing
By designing simple, fast, and secure payment options, financial institutions can offer customers an omni-commerce experience across all payment channels, including cards, cash, or digital. Fingent has helped businesses to implement game-changing automation – from blockchain-powered smart contracts to ensure the security and credibility of financial transactions to crypto-currency solutions.
Client Stories
Fingent’s Hallmark Software Solutions for Banks and Financial Institutions
Fingent collaborates with Mastercard to create and manage cutting-edge plugins that will elevate the experience for both Mastercard's support team and its network of merchants utilizing the Mastercard Payment Gateway Services.
This collaboration promises to deliver-
- Innovative solutions that further streamline and enhance the payment process
- Seamless experience for businesses and customers alike
OneAZ Credit Union, the largest Credit Union service provider in the State of Arizona, serves its members with diverse financial products and services improving their personal and social life. Fingent embarked on an analysis phase to reimagine OneAZ’s membership experience platform to manage its profile and analyze members’ requirements for providing tailored products.
Fingent’s solution proposed:
- Enhanced UI/UX with responsive design
- Scalable architecture
- Holistic membership information
- Enhanced security through Azure features
TaxSlayer, an income tax preparation business focussed on simplifying finance management with its suite of products. Fingent developed Workful, a Point of Sales System for Taxslayer that met the needs of merchants from multiple businesses and industries.
Outcome:
- Intuitive sales dashboard to rack crucial sales data
- Price and tax customizations for the products
- Track all transactions performed on the POS
- Manage transactions with card readers and payment gateways
ChargeItPro, an industry leader in payment processing together with Fingent, developed a mobile payment gateway solution for an effortless payment processing system, built on innovation and backed by meaningful connections and trustworthy customer care.
Fingent’s solution proposed:
- Device registration and configuration
- Email receipt and transaction logging
- Signature recording
- Gateway for credit card processing
Partnering with industry experts armed with the right knowledge and expertise can open up doors to boundless opportunities in the BFSI sector.
Cost
Cost of Developing Financial Software for BFSI Companies
The cost of developing financial software for a BFSI company can vary greatly depending on the complexity of the project and the specific needs of the business. Some factors that can influence the cost include:
- The size of the company and the scale of the software needed
- The level of customization and integration required
- The features and functionality desired, such as security and compliance measures, data analytics, and user interfaces
- The technology stack used, which can impact development time and cost
- The level of expertise and experience of the development team
Developing financial software can be a significant investment for a BFSI company, with costs ranging from tens of thousands of dollars to several million dollars. However, the benefits of a well-designed and efficient software solution can far outweigh the initial investment, including increased productivity, improved customer experience, and streamlined operations
When developing financial software, it's important to carefully evaluate your needs and work with an experienced development partner to ensure you get the best value for your investment.
Insights
More Insights on Financial Software Development
Deliver Financial Services That Separate You From Your Competition
The best financial advice must be provided in real-time and should be based on customer behavior. Their services must be original and unique for successful business development. This is what will make you different and will help you stand out from your competition and emerge a winner.
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