Fintech solutions for your business

In the last few years of the pandemic, we have witnessed increased popularity of the ideas of conscious consumption and financial literacy with the mass audience. The economic downturn and self-isolation highlighted the importance of having personal savings and remote access to financial services.
Previously, fintech was perceived only in terms of internal developments of financial organizations. Now it is as close to the consumer of financial services as possible because it is at the core of all online transactions - from money transfers to utility bills.

Fintech's main advantage is that it can quickly fulfill its tasks and address needs with minimal effort from the user. Its benefits were not overlooked by giants, such as Google, Apple, Amazon and Facebook. They added fintech services to the list of their basic services: online wallets, messenger money, etc., thereby becoming fintech companies. Consumers who have grown up with digital devices in their hands will actively use products from fintech companies and fintech startups. Companies and financial institutions that are just looking at fintech solutions will have to accelerate with their introduction in the pursuit of profit and customer acceptance.

Fintech applications are web or mobile applications related to financial services. These days, such applications are widespread because most financial services are rendered digitally, to increase their efficiency and speed of execution.
Types of Fintech apps:

• Digital payments
• Digital banking
• Digital lending
• Digital investing
• Consumer lending
• Crypto wallets
• Crypto services

When determining the exact cost and time of development, it is better to identify detailed technical requirements first.
According to your demands and requirements, we will estimate the number of hours required for all stages of work and calculate the total cost.

Usually, the fintech app development process looks as follows:

• Discovering the requirements
• Creating the UX/UI prototype and userflow
• Planning project architecture and estimate
• Development
• Internal testing
• Delivery

A checklist for creating a fintech mobile service:

• Analyzing personal customer data isn't enough - you need to know each user's behavior and unique needs. Hyper-personalization is needed here.
• To make an app as user-friendly as possible, it's worth implementing a card linking function and considering the need to connect a quick payment system.
• If the development budget is limited, abandon the development of one sophisticated app, but test hypotheses and develop several MVPs with simple functionality to highlight the features that are critical for users.
• Entertain users with original options that improve comfort and delight the eye with a pleasing design, so that they want to return to the app and use it more often and for longer.
• If there are heightened requirements for infobase, performance, and complex custom widgets, native custom development is worth prioritizing. If you need to quickly test hypotheses on different platforms, cross-platform.
• Listen to the development team, understand their strengths and weaknesses, realize what tasks they can tackle, and do not squeeze. After all, developers, project managers, software architects, designers, and everyone else involved in fintech app development are the most responsible, and most motivated people, on whom the success of the entire digital side of things depends.

When we hear the word "blockchain," the first thing that comes to mind is cryptocurrencies, particularly Bitcoin. But in fact, the scope of the blockchain is much broader.The blockchain makes it possible to record any financial transactions quickly, cheaply, and efficiently, store transaction information, facilitate communication between partners, and serve many other important purposes.

The advantages of blockchain technology:

• There is complete transparency. Because anyone in the network has a copy of the database on their computer and can view the information at any time.
• Information cannot be deleted. Because in order to completely get rid of certain data, it is necessary to erase it from all computers at once.
• Information cannot be changed. The technology is designed in such a way that it does not allow you to post-edit data.
• The blockchain allows saving money. Thanks to the technology, there is no need for all sorts of intermediaries to accompany and record transactions.

How can the blockchain be applied in banking?

• Making fast and cheap transfers. This is especially relevant for cross-border transfers and micropayments, where bank charges can be comparable to the amount of a transfer. At banks, such transactions take too long (up to 3-5 business days) and are quite expensive (starting at 1% of the amount). This is a huge expense globally. In cryptocurrency networks, transfers take a few minutes and cost much less.
• Automating processes and processing transactions quickly. This allows cutting costs and reducing staffing. The blockchain makes it possible to get rid of complicated paperwork, because any transaction can be traced. The technology itself ensures that the data remains unchanged, and the human factor is eliminated. Blockchain-based projects have been introduced to lending, customer identification, and corporate finance.
• Ensuring the immutability of transactions. It is impossible to make changes retroactively and falsify reports. The banking system is not transparent. The blockchain will make all transactions transparent and help build trust between all participants.

Using smart contracts instead of those traditional will protect all parties to a transaction, because money or other valuables will be escrowed during the execution of the contract and will be released only after all of the terms and conditions of the transaction laid down in the self-executing computer algorithm have been fulfilled.

Digital technology is increasingly replacing classic service and sales tools in all business areas. Being serviced via digital channels is no longer a whim, but a normal requirement of today's customers. People have become mobile and in most cases, communicate with their friends and colleagues, as well as with companies directly via apps, messengers and social networks. This means that banks that they trust to deal with their money and that they also want to "communicate" should not be an exception.

Online and mobile banking functions:

• making transfers to other clients by phone number;
• interaction with other banks' accounts and cards;
• support of various electronic payment systems;
• connection of bonus, cashback and savings system;
• integration of systems to search for the nearest ATMs and POS;
• display of an extended history of transactions, export of data and account statements;
• introduction of contactless payment technology, etc.;
• making or preparing payments by scanning props and barcodes with a camera;
• voice control;
• adding chatbots operating on the basis of artificial intelligence;
• robo-adviser - a robotic advisor that helps users work with their finances.

Incorporating digital channels into banks' customer service system ensures a tangible economic impact and improves loyalty.

Check our digital banking solution with IBAN accounts.

We develop fintech products and solutions for various businesses ranging from start-ups to traditional financial and non-financial companies.

Fintech services that we are ready to offer:

• Custom development of fintech applications
• Mobile application development
• UX/UI and web design
• Banking fintech and digital banking
• Fintech payment solutions
• Data Analysis
• Fintech Consulting
• Fintech team outstaffing

We are ready to help with any fintech-based project: from customization or refinement of an existing system to the creation of a completely new one from scratch. Our full-stack developers can become a part of your team and create a solution tailored to all your needs and tasks.