Financial Software Development Company

Financial Software Helps

Automate Business Processes

Financial services include manual work such as filling out papers or keeping data in spreadsheets. Fintech developers automate these processes to improve service quality.

Structure Financial Data with Machine Learning (ML)

Our financial software developers create ML-based algorithms to recognize data structure and patterns and isolate inefficiencies and bottlenecks in financial operations.

Detect Fraudulent Activities

To spot and block financial fraud before it causes harm to your company, a fintech development company, such as Innovecs, uses predictive data methodologies.

Visualize Big Data for Real-Time Analytics

By visualizing large amounts of financial data, our fintech software developers allow you to review, track, and analyze thousands of metrics in real time.

NEW TECHNOLOGIES IN CUSTOM FINTECH SOFTWARE DEVELOPMENT

Blockchain-Powered FinTech Software Services

Blockchain has become part of the infrastructure behind financial transactions.

First, it drives enhanced data transparency. The technology records all transactions, approves them, and stores them on separate nodes to prevent unauthorized access. This also prevents data forging and leaking.

Second, by disintermediating the transaction process, blockchain cuts associated costs. Innovecs has considerable experience in developing blockchain-backed financial apps, distributed data management, and money transfer solutions. Based on this technology, we develop secure, cost-effective, and transparent financial products.

Combine ML and Big Data in Financial Software Development

Big data is not a new concept in the financial industry. However, connecting it with machine learning technology may be very fruitful.

For example, ML algorithms generated on the basis of huge amounts of data can be used to predict future industry trends. These algorithms can be applied by financial institutions, such as banks or insurance companies, to detect fraudulent activities in their system, block them, and minimize accompanying risks.

Innovecs applies machine learning and big data to develop financial software that aims to spot fraud and simultaneously comply with ever-changing regulatory requirements.

Artificial Intelligence for Automated Customer Support

In fintech software development, artificial intelligence is equally deployed in back-end and front-end. In the back-end, it is used to reinforce the decision-making process in financial analysis, trading, and lending. In the front-end, it enhances customer-oriented services such as voice systems or text chats to provide human-like support.

Innovecs’ developers will help you take full advantage of artificial intelligence technology for your fintech project. We are experienced in the creation of intelligent assistants and smart bots for automating customer support and optimizing processing of user requests.

FINANCIAL SYSTEM UPGRADE AND CUSTOMIZATION

Expand the operational capacity of your financial system by revamping it according to your needs. Enhance the performance of your outdated financial system by customizing it with new features. Integrate additional solutions to make the system multi-functional and maintain it with the help of our financial software developers.

Data consolidation

System modernization

Enhanced security

Cash flow optimization

IMPROVED USER VALIDATION FOR HIGHER SECURITY

Improve the verification of new clients during onboarding by building a “Know Your Customer” (KYC) solution. Ensure accurate traceability of all transactions to determine the origin of the funds, location of transaction, and user payments history to prevent money laundering operations within your company.

Secure identity

Blockchain

Fraud detection

Risk management

BACK OFFICE AUTOMATION AND MAINTENANCE

Improve the capacity of your back office and enhance the quality of operations by automating routine tasks such as processing and tracking of user requests. Our financial software developers will help you build a unified system infrastructure for aggregating all data in a single highly protected location. Outsource your project to Innovecs to benefit from an automated workflow.

Monitoring system

Cross-department integrations

Custom dashboards

Unified infrastructure

FINTECH AT INNOVECS

Coming Soon

If you are looking for an experienced financial software development company with a proven track record across fintech, partner with Innovecs. Innovecs’ engineers utilize the latest technologies across the industry, such as blockchain, big data, and machine learning, to deliver high-quality fintech solutions on time and budget.

LOOKING FOR A PARTNER IN BUILDING A FINTECH SOLUTION?

We are ready to discuss the requirements of your fintech project. Just drop us a line.

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CENTRAL CHALLENGES OF CUSTOM FINANCIAL SOFTWARE DEVELOPMENT

Data Reorganization After a Merger

After the merger of two companies, their platforms for financial data collection and management coexist for a time. However, this temporary coexistence may cause inconveniences such as duplicate files or even the loss of sensitive information.

We will build a unified system and transfer all information from the old platform to a new one. Innovecs as a fintech development company can combine large amounts of data and create usable portions of information for secure storage in the database. Our fintech developers guarantee flawless data migration/consolidation and system integration.

Multiple Third-Party Integrations

By applying various third-party integrations, such as application program interfaces (APIs) for payment processing or account verification, you may face certain problems. For example, when trying to complete one task with multiple vendors, the parts of the software may start interacting incorrectly due to different API data structures.

Additionally, there are providers who tend to modify their APIs often, affecting system performance.

Innovecs’ fintech software developers help handle these problems by consolidating all APIs into a single internal service and facilitating smooth transfer from one API version to another.

Large Volumes of Diverse Data

The accumulation of a large volume of various financial data makes it hard to manage and stay on top of possible risks. The reason is that the majority of financial organizations are lacking an integrated data model and structure. This leads to database scarceness, unintentional exposure of sensitive information, or even data loss.

When you delegate financial software development to Innovecs, our experienced engineers will assist in solving this problem. They scale up the system’s architecture and optimize it for big data management by using machine learning and predictive analysis.

REASONS TO OUTSOURCE FINTECH SOFTWARE DEVELOPMENT

Technology Advancements in the Development Process

The fintech industry is experiencing a boom of digital disruptions that are revamping the entire domain. To gain a competitive advantage and grow within the fintech market, you have to embrace emerging and innovative technologies.

While you can’t expect deep expertise in all technologies and skills in-house, fintech outsourcing providers, such as Innovecs, already have access to a wide technology stack and talent pool.

Innovecs’ engineers are versed in applying new technologies, such as machine learning, artificial intelligence, and blockchain to deliver a smart product that corresponds to all your business needs.

Low Operating Expenses

By outsourcing your financial software development to Innovecs, you get the chance to launch a cost-effective project.

First, our fintech development company provides you with a strategic team of experts, which means you save on hiring, onboarding, and training. Second, when there’s a need for more human resources, Innovecs can easily scale the team.

Finally, when outsourcing your project to Innovecs, you significantly decrease the risk associated with legal compliance, which can be accompanied by substantial financial losses. Why not benefit from this cost-cutting opportunity?

Type of Collaboration in Accordance with Your Needs

Innovecs practices various options for collaboration.

First, you can scale your team to speed up fintech software development. In this case, you will manage the development process by yourself, and Innovecs’ team will compliment your capacities with its professional hands-on engineers.

Second, you can ask Innovecs to deliver its consulting services within fintech solutions since our financial software development company is vastly experienced in this domain.

Lastly, you can delegate the entire process of development to Innovecs, and we will manage this process by ourselves in accordance with your requirements.

Major Challenges and FinTech Trends That Will Dominate 2021

Article updated on March 16, 2021 The fintech ecosystem has started to progress rapidly over recent years. Global investments in financial startups were 10.631 billion in 2020, which is the second-best tally since mid-2018. According to FinanceOnline, the global fintech services market is forecast to reach $26.5 trillion in 2022. Medium reports companies using robotic technologies for banking objectives obtained ROI of 100% during 3-8 months in 2020. For businesses, it is important to remain aware of all challenges and take advantage of 2021’s key fintech trends to stay at the top of the game and create new markets. So, in this article, we are going to: Uncover the main challenges the financial industry facing; Discuss hot fintech industry trends in 2021.

#Article #FinTech #Software Development

Will Blockchain Continue Stirring Up the Fintech Sector?

Now that the hype around cryptocurrencies has subsided and capitalization of the cryptomarket has declined to US63 billion (as on January 20, 2019), it’s time to discuss how blockchain can shape fintech.

#Article #FinTech #Blockchain

Biggest Threats To Cyber Security In Banking: Safe Fintech Solutions

In 2019, Barclays analyst, Jason Goldberg, joined CNBC “Power Lunch” and reported malware, unencrypted data, insecure third-party services as the biggest banking cybersecurity threats. He specified that cyber attacks on banks had resulted in a decrease in their shares price on the market while trading.