Financial companies have been integral institutions for serving the population at all times. No highly developed society can do without credit and banking services, and the intellectual products of insurance companies. However, over the past decades, humanity has stepped far ahead, and today the financial industry around the world is being transformed with the widespread introduction of digital technologies into it. In this case, in order not to be inferior to competitors, business representatives are increasingly turning to IT companies to obtain fintech solutions that would allow them to upgrade all business processes.
Why is it necessary to implement fintech solutions?
Each company that applies the necessary fintech solutions strives to achieve the following goals and results:
- Reducing risks in doing business.
- Improved interaction with clients of financial institutions.
- Full automation of almost all processes for efficient business management.
- Improving the security of interaction with clients, and protecting private accounts from cyber-attacks.
- Ability to expand the business, scale platforms, and increase the size of databases.
- Ability to interact with separate services and software online.
- Prompt receipt of comprehensive information about the state of the system and its possible malfunctions in real-time.
Thus, without the services of fintech solutions, it is currently almost impossible to meet the rapidly growing demand in the financial services market, as well as provide a reliable level of security for customers.
What industries does this technology serve?
The theology of fintech solutions is actively implemented and works in conjunction with the following categories of financial institutions and other public services:
- Any type of institution involved in lending to the population.
- Depositories and banks that provide custody of savings of customers, individuals, or legal entities.
- All organizations that accept investments and user assets in trust for further payment of dividends.
- Intermediaries playing on stock exchanges, stock or financial, currency markets, providing intermediary services.
- Insurance organizations issue policies for the population or large customers.
- Electronic wallets, or modern payment systems that conduct transactions online.
All of the companies listed above today, to follow the achievement of competitors, must have their website, which is equipped with an interactive interface and the ability to register a personal account for each user who is a customer of a financial institution. Fintech solutions ensure prompt interaction with such customers, as well as complete security of their investments.
A basic set of IT services for a company implementing fintech solutions
When contacting an IT company that develops and implements fintech solutions in a business process management system, customers are provided with the following set of basic services:
- Creation of payment gateways for customers of a financial institution.
- Creation, configuration, and implementation of the user account with a multi-stage encryption system for basic payment data.
- Implementation of the ideology of mobile customer service of a bank, insurance, or other financial company.
- Automation of lending to the population, processing applications, their approval or refusal to issue funds, using AI technology for non-linear analysis of the applicant’s solvency.
- Ensuring the implementation of all pre-developed program codes based on API technologies in all clusters of the system, as well as their configuration for effective collaboration.
- Implementation of a system for automated management of standard business processes related to answers to the most frequently asked questions and the implementation of algorithms for comfortable online customer service, for example, conducting transactions or issuing information on balances.
- Registration of reports and reviews on detected errors, and violations in the process of complete diagnostics and analysis of the system.
- One of the main tasks today, given the increasing cyber-attacks and cases of fraud, as well as the growth of competition, is an automated analysis of all risks, which allows you to quickly correct all existing inaccuracies, as well as ensure complete protection of the personal data of each customer.
Thus, the main task of any developer of fintech solutions, in addition to creating and implementing convenient and efficient algorithms for the interaction of a financial institution with a final customer, is to ensure the complete security of each transaction, since the illegal withdrawal of funds always affects both the stability of the institution and its credibility. among consumers.
What opportunities does the modern industry of digitalization of financial markets offer?
It should be noted that the market for the implementation of IT technologies in the financial industry is developing rapidly throughout the world every year. In this regard, today, the following services and technological capabilities are available for customers:
- Complete digitization of all applications containing insights or information.
- The ability to analyze each cluster to ensure a smooth transaction or its blocking in real-time.
- Operational search, identification, modernization, or replacement of obsolete software, applications, or their parts.
- Making forecasts for the development of the industry with the preliminary development of such software that can be upgraded without stopping the entire work of the financial institution. The detuned information is collected by analysts based on detailed market research at the current moment, as well as taking into account its growth in recent years.
- Close cooperation with all software developers, as well as establishing a telecommunications bridge with them to automatically install updates, without the risk of cyber-attacks.
- Development and implementation of almost any interface into the operating environment, according to design solutions, which may contain animation and sound, and fully comply with the general style of the company.
- One of the main achievements of the automation of the financial industry is the possibility of introducing innovative Blockchain technology, which ensures full transparency of services and also guarantees their maximum security.
- Decentralized scalable software architecture – modern developers have long moved away from the outdated monolithic architecture, which allows the implementation of a cloud data processing and information storage system with virtually no restrictions, with the possibility of infinite expansion of free clusters.
Application and installation of the latest CRM software, completely change the idea of the financial sector about effective customer service, taking into account the interests of financial institutions. These services allow you to improve your marketing policy, improve sales, provide affordable advertising, and also have a lot of other undeniable advantages, which ensure their stable popularity.
