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Accuracy and security are important aspects of firms in the financial sector such as banks, asset management companies as well as accounting organizations. A small error or a short delay in the processing of funds could cause losses amounting to millions of dollars along with a massively negative impact on reputation.  Custom software development for the entire business or for specific departments of a financial firm is necessary.  Actually, several processes in the financial sector can be automated and simplified. This is possible with the development of Fintech software.

Fintech (Financial Technology) can be defined as software application and other modern technologies used by businesses that provide automated as well as improved financial services. This is a big contrast to normal banking and financial institutions in which most information (if not all) is entered manually. Examples of Fintech include mobile banking, digital wallets, cryptocurrency, blockchain, net banking, and more.  Qualified software development companies can create SaaS and/or standalone applications for the purpose of web and mobile 

TYPES OF FINTECH  

Mobile Payments- This refers to the development of mobile wallets or applications that store debit/credit card details so that money can be transferred between users.

Lending Apps- In simpler words, they are digital banks on the web or mobile. Customers need not directly visit banks and wait for long to get loans approved; everything can be completed with a software application by uploading scanned copies of the required documents.

Insurance- Several insurance firms along with banks are digitizing their operations by offering multiple variants of insurance policies through Fintech software.  The core advantage is easier access to a large audience of prospective customers, who also will gladly accept this convenience.

Blockchain & Cryptocurrency- A blockchain allows a person to safely send money to another person without going through a bank or financial services provider. Cryptocurrency refers to digital assets that have a monetary value. Software development services can be provided for these Fintech concepts. But it has to be noted that Cryptocurrency is only a sect of Fintech.

Crowdfunding Platforms- Fintech Crowdfunding platforms can be developed which allow a group of people to provide monetary contributions for projects or companies provisioned in the form of equity. Developing such online applications will ensure the easy flow of money into the economy.

Currency Trading - A currency Fintech trading platform can be developed to enable access for traders in the Forex markets. It can be a web-based portal, mobile app, a standalone downloadable program, or any combination of the three.

ADVANTAGES OF FINTECH SOFTWARE FOR FINANCE SECTOR

Cost & Speed- Financial companies such as banks, insurance firms, and lenders along with consumers can enjoy lesser costs from the usage of Fintech software. This is owing to the faster, more accurate, and easy processing of transactions. Hence, financial firms need not make unnecessary investments; the benefit of which can be passed to consumers.

Accessibility- Financial software development also gives financial access to individuals who are classified as unbanked – that is, those without a current or basic bank account. Hence, financial institutions can cater to a wider audience within the shortest time.

Security- Fintech software apps can provide maximum security against unauthorized access and multiple types of cyber-crimes.  Fintech removes any instance of error, misquote, and chances of record modification by malicious elements.

These are just some of the core advantages. You can learn about them by reaching out to SGS Technologie – a leading software development company in Florida headquartered in Jacksonville. Our team will be excited to hear from you.