According to Report Linker, the financial technology market is expected to be worth $37 Billion by 2026. The financial technology industry is actively growing and continues to expand. Do you want to understand guidelines for building financial technology software to exploit the industry? Then, you are reading the right article.
Financial organisations such as banks, payment channel companies, savings and investment companies, and others have software applications that function to serve their clients and provide safe payment methods. These software applications are regarded as fintech apps. They belong to the financial sector and are subject to security threats. Technological advancements such as encryption, block chain, and more can be used to mitigate these risks. These must be included in the development of fintech apps.
5 Guidelines in Application Development for FinTech Companies
Although there is great potential in developing fintech software applications, the competition in the field has increased dramatically. To make a success of fintech apps and stay ahead of the competition in the industry, there are guidelines to follow. Here are five top guidelines in application development for financial organisations.
Focus on Product Design
For fintech apps, software design and architecture are its backbone. The software design is critical and can determine the success of the software application. Focus on a good product design will lay the foundation of a user-friendly interface, which helps you stay ahead of the competition. Support Link Technologies can help your financial organisation with your software product design.
Understand Domain Specifics
Software applications for financial organisations have specific requirements due to the industry’s sensitivity. Financial data has to be protected, and the software must adhere to regulations. Regulation requirements include the General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standard (PCI DSS), and Know Your Customers (KYC ). These regulations are applicable in Nigeria and are to protect financial data and prevent fraudulent activities. Also, fintech applications must include security measures to mitigate security threats. At Support Link Technologies, our staff team is equipped to guide you through the required regulations to ensure you meet these requirements.
Invest in Cutting Edge Technologies
Financial software applications require specialised technology, including robust data security requirements. For example, Java and Python programming languages are known for their reliability. Hence, they are used for fintech apps. Innovative and efficient technology can make a massive difference in successfully developing software applications in the financial industry.
Continuous Integration and Delivery
Continuous Integration and delivery fosters automation in the process of building code. It also includes software testing and error detection. Continuous Integration and delivery help to cut costs. It makes the developer efficient and improves code quality. Continuous Integration and delivery ensures that there is a central source for developers. It brings about integration in the system. It ensures consistency in the delivery process. Support Link Technologies can support your company in providing continuous integration and delivery services.
Use a Data-driven Approach
Data-driven Approach in software development is based on Key Performance Indicators (KPIs). Examples are quality metrics, performance metrics, and delivery rate. Data-driven approaches to software development are clear and distinct metrics that help developers create strategies to achieve long-term goals. It excludes ambiguity and clarifies the work of developers and how they execute their jobs. A data-driven approach is essential in finance software development. It helps to make informed decisions in software development and supports innovation.
How Support Link Technologies Can Support Your Organization In Finance Software Application
At Support Link Technologies, we provide a range of software development services. We understand the needs of your financial organisation in creating a unique and secure software application that will help your business stay ahead of the competition. At Support Link Technologies, our team of capable individuals are poised to support you in:
- Product design and interface
- Regulation requirements
- Best technology requirements for your software application
- Continuous integration and delivery
- Data-driven approach to software development
Conclusion
Software application development for financial organisations requires unique guidelines. This is because of the peculiarity of the financial industry. Financial data must remain secure. Also, the industry has great potential, and this has made the competition in the industry stronger. Financial organisations must follow certain guidelines to stay ahead of the competition. This post has shown five top guidelines in application development for financial organisations.
Before you begin your financial software application development, consult with experts to guide you through the process. Contact us today at Support Link Technologies for our expert service in financial software application development.