Custom Banking and Finance Software Development – New Trends
The global economy is moving toward a new identity. In order to remain competitive and profitable, the banking and finance industries will need to adapt to a rapidly changing environment that will require cutting-edge banking and financial software development solutions.
One of such changes is that it will no longer be sufficient to simply accept credit or debit cards and expect to satisfy consumer needs. Moving forward, the demand for mobile payment options will require retail and service providers to come up with this option or be left behind competitors who do. As mobile point of sales (mPOS) becomes more prevalent, the ability to provide this service will simply be a requirement for survival for every business entity.
Another necessity in the new global economy is the need for social media integration. Not only does this engender industry with guided marketing advantages, but it can also drive business. Facebook, Instagram and Pinterest have all unveiled Buy Buttons this year that allow their users to make purchases directly from the user’s page and staying within the application. Banking and financial software development companies will have to be employed to provide the technical means to incorporate this technology.
Regardless of the specific software or application in question, the need for security is universal. Recent data breaches at companies such as Sony, Anthem, and Premera Blue Cross clearly illustrate the necessity for protecting data of both customers and companies. The Anthem incident alone exposed 78.4 million records; banks and finance companies must inspire trust and confidence in their ability to protect against such risk. Continued support to provide protection against evolving threats is essential.
Implementing operational and marketing changes is a daunting task for any business, large or small. However, in order to take advantage of the opportunities that are emerging, banking and finance companies will need to stay abreast of current technology; no business entity can afford to ignore the necessity of doing so.
There is a growing trend toward using offshore partners to provide banking and financial software development. Outsourced banking software development can provide savings of 60% when compared to domestic providers.
Located in the IT hub of Lviv, Ukraine, CyberCraft provides customized services by assembling dedicated teams that are structured and maintained in our development center.
CyberCraft’s business model is the new industry standard that allows cost savings while providing cutting-edge banking software development, financial software development, and dedicated technical and human resource support. Our experience in sourcing dedicated IT teams across multiple industries provides flexibility and competence that cannot be found in traditional banking or financial software development companies.