How Financial Software: Boosts Business Goals
11 NOV 2021
The financial software application is the most common application used by companies to adapt to the technology trends to eliminate traditional methods used and find the advanced financial solution to the problems like managing assets, income, and expenses.
These applications developed by financial software developers provide a competitive edge for businesses by making the financial processes efficient and providing the best services to the customers when compared to the traditional methods.
How integrating technology helps financial software application
- Artificial Intelligence:
Artificial Intelligence is one of the most used technology to find software solutions in the fintech industry and it helps to manage the data of the financial institutions, helps to find credit scoring, fraudulent activities, regulatory compliance, wealth management and automates customer support service.
It is also believed to play a bigger role in the finance industry as the development continues, and as per the stats available in mordor intelligence global AI in the Fintech, the market is expected to reach 26.67 billion by 2026 from USD 7.91 billion in 2020.
The major benefit the financial institutions get by implementing AI is they can reduce the investment made on employees (for recruitment, training, and salary), maintain the records systematically, avoid frauds, and can provide hassle-free services to customers.
- Big data and data analytics:
Data from the markets and customers give great value to the fintech companies. With large sets of data, financial institutions and banks can get to understand consumer preference, spending habits, and other factors to provide a personalized experience to the consumers by developing predictive analytics.
Big data helps fintech companies to formulate personalized marketing strategies to target customers and helps to detect frauds using mathematical algorithms.
Blockchain technology is the most secure and adopted technology in the financial industry is mainly due to its capacity to track and record data in a decentralized network.
The main reason to use this technology in the financial application is that each transaction is encrypted, and the chances of getting hacked are relatively low thus, lowering the cost that is associated with traditional financial services.
- Robotic Process Automation (RPA):
Robotic Process Automation (RPA) is a useful tool that addresses the financial industry problems and helps to maximize efficiency by automating the traditional methods that reduce the cost of the services.
List of various tasks where RPA is used to automate the services in the financial sector,
- To Automate Report Generation
- To Onboard Customer
- KYC and Anti-money Laundering
- Account Opening Process
- Mortgage Lending
- Loan Processing
- Customer Service
- Credit card Processing
- Account Closing Process
- Cloud computing:
With the increase in the number of data breaches and cyber-attacks year on year financial applications need to have a foolproof environment with the help of cloud computing service providers. By adopting only traditional IT service activities such as phishing, email hacking can be seen which is done in a sophisticated manner that brings the whole network down. However, with cloud coming into the forerun, it has become incredibly secure and robust with the development of frameworks such as zero trust.
Some of the benefits that the financial industry can get by adopting cloud computing are,
- Better security
- Unlimited storage of big data
- Enables the employees to work on the go.
- Voice and speech Interfaces:
Voice & Speech recognition technologies are important technology features that is in trend for the past few years which are used by financial institutions to improve the customer experience and enhance security features.
Speech recognition tools are used to understand the words spoken by the customer to the device. This provides a suitable response to the query by detecting the words that are being spoken accurately.
The Voice recognition tool is different from the speech recognition tool as it recognizes the voice of the person irrespective of what he is speaking. Financial services use this feature to provide security, here the person’s voice is used in the context of a unique identifier.
- Cyber Security:
One of the leading targets for cyber-attacks is financial institutions, where most cybercriminals attack them to make profits through multiple avenues like extortion, fraud, and theft. With the growing threats from cybercriminals, the institutions must focus on implementing financial software solutions and must be aware of technology trends that help to fight against hackers.
Read our blog: Digital Customer Experience
Financial Institutions need to adopt and integrate the software solutions to the applications to manage and understand budgets, cash flow, investment, present and future expense, debt. This helps to get a bigger picture about the growth prospects of the business at the fingertips.
Financial applications help businesses provide the best hassle-free service to the customers by enabling them to pay their bills, track and pay debts, grow a positive relationship with customers by providing the best security features.
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