Table of Contents
Few industries are more complex or contain more moving parts than the financial and banking industries. On top of this complexity are higher stakes, with errors often leading to real financial losses on multiple levels.
It makes sense, then, that the businesses in these industries use custom software to increase efficiency, maximize productivity, reduce human errors, provide better customer experiences, and much more.
For instance, most banks offer their customers mobile applications that provide all of the common banking services right at their fingertips. Many people now go months, or possibly even years, without physically stepping foot into a bank.
While there are plenty of possible use cases for customer facing software, there are countless opportunities for software to aid in internal operations. Any business built around finance is going to have a lot of data that needs to be tracked and updated on a continual basis. Then there are the common needs across most businesses like HR portals, invoicing software, etc.
While some banking and financial companies employ their own development staff for creating the custom software to handle their needs, most will be seeking third-party software development companies.
When picking a company to develop their custom software, financial and banking institutions are looking for experience, professionalism, and a proven track record of success.
Below, we’ll talk about a few of our own banking and financial software development projects and the roles they fulfilled for our clients.
A More Efficient and Customer-Friendly Loan Application Process
Applying for, and attaining a business loan can be an incredibly arduous and time consuming process on both ends. Our client, a lending organization, wanted to change that.
Their goal was simple: Streamline loan dispersal and accelerate the process to get money to the companies that need it faster.
It was decided that the best way to reach that goal was through the use of a custom developed online loan portal that was easy to use and needed minimal financial documentation.
The portal had to support third-party integrations with a variety of security tools and other systems. It had to be scalable to accommodate client growth. Lastly, it had to implement a complex multi-factor loan approval process.
In the end, we delivered a portal that accomplished the goal of completely overhauling and streamlining the loan application process so that our client’s clients could enjoy a much more easily navigated business loan landscape.
Read the full case study here.
Custom Software for Fighting Chargebacks
Chargebacks are essentially when a customer disputes a transaction that was made using their card information, and then a card issuer or financial institution works on the customer’s behalf to take the disputed funds back from the merchant.
It is often the result of fraud, and the merchant is almost always the one left footing the bill when it occurs via ecommerce.
Our client was dedicated to helping other online merchants fight chargebacks and chargeback fraud. To do that, they utilized a chargeback analysis tool that could aggregate customer data and provide evidence that could help in disputing costly chargebacks.
What they needed was essentially a way to integrate their new tool with several third party systems to work seamlessly together in a way that was scalable and could evolve over time.
We were chosen as a tech partner to help facilitate this integration, and together with the client we integrated their software with a CRM platform that served as a retrieval tool for dispute evidence, the Visa Merchant Purchase Inquiry system, and an open-source identity and access management program called Keycloak.
The result was a fully capable platform that put all of the tools necessary to fight chargeback abuse at the fingertips of the analysts.
Read the full case study here.
A Custom Web Portal for Investors
Wall Street is a fast-paced environment where a lot of money and stocks rapidly change hands. Because of this, easy access to important legal information is of utmost importance for investors.
Our client helped high-profile investment companies easily decide which bonds would yield the most favorable market position to their clients.
Traditionally, bonds would be accompanied by a prospectus that’s hundreds of pages long which would then be reviewed by expensive lawyers.
Our client had their in-house lawyers and analysts review and write a 4-6 page legal brief that would be available as a bond would hit the market. Investment management companies could then pay a simple subscription fee to access those more easily digested reports and thus receive legal advice at the fraction of the cost of using outside lawyers.
To make this happen, however, they needed a client-facing custom developed web portal for access to these documents.
We worked with the client to create such a portal that is able to not only deliver the documents to customers but also use finely defined permission types to assign different kinds of accounts for a variety of access levels.
In the end, our client was able to offer a product that saves a lot of headaches on Wall Street using custom software that offered a new kind of cost-effective service to a fast-paced world.
Read the full case study here.
If you think it’s time for your financial or banking company to hire a custom software development firm to help with your company’s project, please feel free to check out our reviews from our many satisfied customers and click the button below to contact us and then receive a free consultation.
Stay ahead of the game with our helpful resources
4 digital solutions to address common application performance issues
High network latency, memory leaks, slow page loads, heavy CPU usage, and unresponsive servers are all typical performance issues we’ve experienced at some point when using or accessing digital applications. With how easy they occur in projects across verticals, you might be wondering whether the development teams behind these programs have done enough due diligence prior to the release. But human errors and oversight aren’t always the culprit. The reality is that while developers can strive to develop a fully functioning program with virtually no apparent faults upon delivery, no software is truly error-free. Even the most rigorously tested applications
6 useful tips for creating more robust application lifecycle management
As digital technology becomes the norm, software acquisition is now key to gaining a competitive edge in today’s market. Be it as a value offering tailored to consumers or a productivity tool to run complex processes, custom software undeniably helps companies drive growth and deliver value more efficiently. Just as necessary as having a proprietary application is prescribing a standard procedure to govern and maintain its utility. This is to ensure that your business can develop or adopt the right type of software—one that can fully cater to your business needs while keeping disruption to a minimum across critical milestones.
5 major roadblocks businesses must overcome when transitioning into a new software environment
As the business landscape becomes increasingly saturated, staying ahead of the curve often means embracing disruptive technologies to meet the fickle market demands. In most cases, this entails knowing when to pivot your current strategy to an entirely new solution. But recognizing the importance of digital shift is one thing; implementing the necessary IT upgrade is another. A global survey by Deloitte has found that although 87% of companies manage to identify the impact of digital trends on their industries, only 44% have adequately prepared for the coming disruptions. This vast disconnect between organizational expectations and conditions in the field
Is cloud computing the answer to better software development?
Cloud computing is perhaps not a term often heard in daily conversations, but it is one with a far-reaching impact on our technological needs. From expansive options of online data storage to numerous suites of web-based productivity tools like Google Workspace, nearly everyone has used a cloud-enabled technology. Over the last decade, this high degree of versatility also underpins the rapid cloud uptake among businesses. In fact, one survey has found that 94% of companies have already shifted their computing workloads on cloud platforms to varying extents. Unsurprisingly, the market size for cloud technology continues to grow exponentially. With a
Vinod
Founder & Chief Strategist
Vinod is a deeply devoted digital health enthusiast who believes technology is a great enabler that provides the key to unlocking a better world. He is driven by a singular goal: to help healthcare organizations leverage technology to deliver better digital services for patients, providers, payers, and other community health stakeholders. His expansive computer science domain expertise, humanity, and commitment to community are major assets for healthcare, medical, pharmaceutical, and life science enterprises.