Fintech (or financial technologies) is the sphere of activity of banks and financial companies that apply innovative developments in their work, and cooperation of technology companies with traditional financial institutions. This type of cooperation and modernization is aimed primarily at maintaining competitiveness and advantages over other participants in the financial environment.
Interest in fintech products appeared in 2014, when banks began to develop their own applications, improve traditional services and develop mobile services. Today, almost all consumers of banking services use financial applications. Along with this, new fintech projects began to appear, carrying fresh ideas. These startups worked an order of magnitude faster than conservative bankers work and were not afraid to implement experimental ideas with money, than they were more involved in interacting with the people. Thus, the market for financial and technological services and applications, in particular, mobile, began to grow and develop.
Business representatives think that new technology projects can become a substitute for financial institutions. The opinion of economists nevertheless agrees that this is not the case, since startups do not plan to provide lending services. It will be possible to win the attention and preference of people from these market participants, rather, because they will enter into more partnership agreements.
Entering into a partnership between two areas that were previously independent of each other is indeed mutually beneficial. Bankers and financiers can provide access to large capital and know how to work in an area that is strictly regulated by law. However, it is precisely for this reason that it is not so easy for them to quickly test innovative solutions and launch them. High-tech organizations, in turn, need access to the same customer base, and are ready to offer in return their experience and professional ability to develop and implement services that have additional value for users.
Any bank or financial institution should think about developing web and mobile applications aimed at the B2C audience. This will help create a positive user experience. If you cannot keep the client with standard applications and you need to use something more modern, then these applications can be made technological by adding some options to them.
Applications to help keep track of finances:
Applications supporting lending services:
Applications for payments and money transfers:
Financial applications are needed not only for individuals, but also for legal entities. Their needs are mostly similar, but companies are still more interested in improving employee productivity, improving accounting and automating work processes. Thus, technological functions can be added to traditional B2B programs.
The success of your project depends entirely on the choice of a worthy developer company. In order to calculate the exact cost of the project and the time required for development, you must first draw up terms of reference. TR includes an estimate of the number of hours that will be spent on all stages of work, and the calculation of the total cost. Typically, this process is as follows:
An important role, in addition to the competent preparation of the technical specification, is also the observance of the deadlines, since this is a complex procedure consisting of several stages. If the deadline for one of the stages is postponed, the rest will also move. When turning to freelancers, you may face constant postponements of deadlines, which threatens to stretch the project endlessly. Moreover, this, in turn, will affect the loss of profits, the release of a low-quality product and, and not completing the project.
Only professionals can be entrusted with such a thing. Our experts are guaranteed to create a quality product that can withstand any stress and meet safety standards. At the same time, we transfer the development to the client exactly on time.
In addition to technologies that modernize conventional money, other areas are rapidly developing. Today’s consumers, like your potential customers, are interested in them.
In the current banking and financial market, one of the main elements of survival and competitiveness is the ability to quickly change and almost instantly introduce new technologies aimed at meeting the needs of the target audience. This is precisely what our experience and the professionalism of our specialists, from whom you can order fintech development, contribute.