Sam Anderson

Fintech application development caters to a plethora of financial services from investment management, payroll management, invoicing, money transactions, and more. Some of the business solutions that have developed over the years are:

Billing and Payment Software

Every company, irrespective of the business domain, cannot work without billing and payment software. Every company has to bill their clients and make payments to their vendors respectively. The software takes care of most of the manual repetitive tasks making the processes swift while eliminating human errors by automating the processes like invoicing, online payments, and more. The software also empowers the management by generating various automated reports providing oversight of the overall financial performance.

Expense Management Software

The expense management software, as the name suggests, manages all the expenses of the company providing you oversight on the detailed expense reports. Automating money transfers enables you to identify cost-saving opportunities for various departments and employees as well. With the help of software, you get control of real-time financial data and important analytics. Automation also leads to integrating multiple parameters to review the expenses before submitting them.

Investment Software

The investment software can help the customer and the decision makers of the organizations to review the critical market data in detail to make an informed investment decision. Visual representation of financial information and AI-driven solutions helps in data management and investment predictions.

Financial Planning Software

Planning finances with the help of software makes the whole process seamless. Based on data analytics, a financial software system helps in better planning of resource allocations leading to better results. Sales strategies can evolve with the help of financial planning software as they provide critical insight into business operations.

Blockchain-Based Solutions

This future-ready solution is the most sought-after fintech solution by most companies. Blockchain technology provides a secure transacting solution while securing the critical financial data of the clients by decentralizing the data. The sales and purchase transactions are made safe and secure with tokenization.

Insurance Software

Insurance software has brought a revolution in the way insurance is being made available with complete knowledge. The ease of browsing, comparing, making online payments, and applying for claims has brought a positive shift in the insurance industry.

“Data is everything” is a well-established cliche and not just in the FinTech or Financial Services industry but in every possible business. But the real power lies in the ability to process raw data to produce tangible, actionable insights. What would it mean for your FinTech business to be able to process every little piece of data almost instantaneously and use it to improve customer experience and build better products faster than your competitors? That’s what data analytics does to your business.

Since the time fintech app development companies witnessed the digital transformation, businesses efficiently utilized insights gained via data analytics reports to stop customer churn, prevent accidents, and predict and stop financial fraud and failures. Thanks to big data, FinTech has expanded its operations using modern technologies such as the Internet of Things (IoT), Blockchain, and Artificial Intelligence/ Machine Learning (AI/ML), Smart data discovery. These applications are the primary reasons for SMBs and enterprises to prefer data analytics outsourcing. 

Outsourcing is a cost-efficient strategy that helps startups, SMBs, and established enterprises effectively manage everyday operations by leveraging analytics expertise and curating data with their brand. We will discuss the pros and cons of outsourcing data analytics and how your FinTech business can outsource data management services in the latter part of our article. 

First, let’s take a broader look at the role of big data analytics in FinTech. 

The Role of Big Data in FinTech

The FinTech industry is growing at a CAGR of 6% and is expected to reach $28529.29 billion by 2025. The increased usage of mobile devices has contributed to more & more customers using FinTech products and services of some kind or other. As these interactions and usage patterns are stored over time, users have an exponential increase in data produced every second.

This presents both challenges and opportunities for most FinTech businesses. 

If your FinTech business lacks the ability to use this vast amount of data to cater to your customers, you are setting up for failure. On the other hand, advanced data analytics and smart data discovery capabilities can do wonders for your FinTech organizations.

A few days back, I was talking to a friend who is an entrepreneur planning to move his business to digital. He was telling me how he was researching the software domain, what it takes to become a digital entrepreneur, get a competitive advantage, etc. I asked him if he had hired custom software development for consultants to help streamline the process. To my surprise, he said No and that he was getting all the information from the internet and several software entrepreneurship bootcamps.

Now, while I am all pro for primary research, when it comes to something as vast as the software domain, there’s only so much that Google and courses can teach you. While it can get you an understanding of the best technologies and approach, high ROI marketing activities, a software development consulting firm will tell you the whys specific to your business, find plan Bs when the anticipated outcome is not reached, and make you a lean business.

The conversation I had with my friend made me realize that there are so many entrepreneurs who believe in going solo and not taking guidance from people who have been in the software business. And that made me feel how important it is to promote the need for partnering with a software development consulting company. This article has been a result of that realization.

I hope that by the time you reach the end, you would have an understanding of why it matters to partner with a software consulting company who has an experience of working with multiple brands and industries.

What is software development consulting?

Software consulting is an approach where the company’s software needs are analyzed and the best technology set is chosen to ensure high operation and delivery success. The software development consultants or firms provide technological solutions to the different problems a business faces, while also helping them create a roadmap of the digital journey.

They mostly come in useful for companies that have limited technical understanding and they need outside opinion when making business decisions, especially around the introduction of new technology or their existing system’s updation.

NFTs or Non-Fungible Tokens have been in the news for quite some time now. At the time of writing this article, the NFT market cap was around $6,677,232, which is susceptible to change with fluctuations in the market. This extraordinary growth has not only resulted in benefiting the owners and creators of NFTs but also the marketplaces where they are being hosted.

NFT marketplaces like OpenSea, Rarible, and Superfarm have become the epicenter of funding and high revenue – a sign that every business model that NFT is touching is turning into gold. But what makes the NFT marketplace the epicenter is the fact that it hosts multiple NFTs – meaning the source of revenue that it opens is much greater than direct NFT creation and selling. 

While the pieces around NFT development and the cost it incurs are weeding across the internet, we will dive a bit deeper. In this article, we will look into the cost of NFT marketplace development and what blockchain enthusiast entrepreneurs need to know when they enter the space and develop the NFT platform.

One of the most challenging things to do in a custom software company is to determine how long and how much amount it will take to deliver a new software product. But the question is, should it be so hard? 

Software development cost estimation is inherently tricky, keeping the fact that “no projects are the same” in mind. Every product development is unique in what it sets out to achieve; it’s unique in the myriad of parameters that form its existence. 

Another substantial factor in custom software development is understanding cost and duration in making strategic business decisions. Whether you are a startup or an established enterprise, know that the timing, return on investment, and benefits you make can either make or break your software development. 

Your software development project cost may vary from $10,000 – $200,000 depending on the certain other factors that we are going to talk about. 

Not just the cost range, there are certainly hundred more questions to answer when talking about custom software development cost estimation. This is probably why we are here to help you explore the agile software development cost estimation process. 

Making a gaming app has become the latest trend in the fantasy sports app development space. In the 2 years when people were confined to their homes because of the COVID-driven quarantine, gaming apps saw an unprecedented rise. 

A number of gaming app statistics came into the picture highlighting the importance of making a game app. 

• 25% of the iOS apps and 21% of Android apps downloaded on devices are games
• Gaming apps make up for 43% of smartphone usage
• 62% of the people install a game on their phone in the first week of purchasing it
• 78% of the gamers are Android users
• The active number of global mobile gamers is more than 2.2 billion
• 57.9% of the games that are played across devices are puzzle games
• Women, more than men, spend money on in-game content

Between these statistics and the overall user inclination towards mobile games, the rise in android game app development can be seen to be on an evident high. 

We are sure that this rise in apps hasn’t gone unnoticed to you, as an entrepreneur. However, this event is also a sign of unprecedented competition in space. 

Software development is a set of information technology based activities which are centered around the process of creating, designing, developing, and maintaining software. 

In order to understand what software development means, it’s important to know the meaning of software. It is a set of programs or instructions which tells a computer what to do.  

There are four primary types of software – 

System software – These software provide core functions like disk management, operating system, hardware management etc. They typically fall in the category of the operational side of the software category.  

Programming software – These give developers the tools to write code on and build more software applications. Some examples of this can be – compilers, text editors, debuggers, and linkers, etc. 

Application software – These software help people perform tasks. Referring to both web and mobile applications, examples of these software types can be – security apps, social media apps, office productivity suites, eCommerce apps, etc. 

Embedded software – This software is used for controlling devices and machines that are not your typical computer-automated robots, cars, etc.  The software type is mainly connected through the capabilities of the Internet of Things (IOT). 

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