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Types of software development

How Custom Financial Services Software Can Streamline Operations and Boost Profitability

 In the financial services industry, software allows companies to deliver value, enhance security and streamline operations. A variety of software tools and packages are utilized by financial providers, both internally and also for end users. Commercial off-the-shelf solutions are rarely fit-for-purpose due to unwanted feature sets, compromised security standards and confusing user interfaces. Instead, custom financial services software is the best way to ensure efficiency and maximize profitability. Whether you need a small focused application or a large-scale package, it's important to access tailored financial solutions that fit your business like a glove.

Types of financial services software

Whether you're a private consultant, a niche investment company, or a large global lender, most aspects of modern finance depend on software solutions. Financial services software describes a broad range of computer programs used to manage the day-to-day operations of banks, credit unions, insurance companies, accountants, investment managers and other financial service providers. This includes a wide range of organisations, including some that provide financial services to the general public and others that work with businesses and other finance companies.

Financial services software comes in all shapes and sizes, from small, focused applications to large integrated packages. The size, scope and complexity of software applications largely depend on the services you offer as an organization. If you're looking to update your current software or expand your financial offerings, it's important to research thoroughly and find the right tools for your business.

Common examples of financial services software include:

  1. Accounting applications

  2. Accounts payable and receivable

  3. Banking software

  4. Cash flow and budgeting

  5. Financial management

  6. Financial reporting

  7. Investment management

  8. Lending and risk management

  9. Payment processing

  10. Risk management

  11. Spend management

  12. Taxation software

Financial services software includes enterprise resource planning software (ERP) and financial planning and analysis software (FP&A). ERP is used to manage day-to-day business activities, including things like accounting, bookkeeping, supply chain issues and financial management. This category of software is based on visibility and reporting, with financial teams able to see current performance and access historical data. In contrast, FP&A is used as a planning, analysis and reporting solution. It combines historical financial data with predictive tools that look into financial plans, budgets and forecasts.

Benefits of custom financial software

When it comes to software, the benefits of custom solutions can't be denied. While there are more commercial software titles available than ever before, the vast majority of packages are not well-suited to the finance industry. Financial service providers deal with a number of unique challenges on a daily basis, including data privacy, fraud protection and risk management. Whether you're dealing with money directly or information related to its use, off-the-shelf software solutions don't deliver value or inspire confidence where it counts.

Perhaps more than any other industry, financial software solutions need to be secure, considered and designed around the exact needs of end users. There are many benefits associated with custom financial services software development. From improved efficiency and control to better security standards and lower costs, developing your own software makes sense on several fronts.

There are numerous custom software advantages:

Improved efficiency

Bespoke software solutions help to deliver exceptional financial services. If you want efficient, capable and diverse tools, it's important to engage with tailored development practices. Custom code and interface design deliver in many ways; boosting efficiencies, lowering transaction costs and enabling cutting-edge blockchain-enabled payment options. Tailored software belongs to you, which means data and performance can be tracked at all times.

Lower costs

In today’s competitive financial landscape, reducing operating costs is essential. Fast and efficient services are not enough in isolation, you also need to reduce operating expenses. Custom software streamlines product offerings and simplifies user support, so you can expect less wasted time and lower ongoing costs. Tailored software excels at managing major credit, market and operational risks; and it also maximizes savings on peer-to-peer transfers and international remittances.

Enhanced security

The financial services sector has to meet a number of security challenges. Fraud and identity theft are huge issues in modern society, and service providers need to be proactive. Custom software is essential to regulate finance, banking and insurance businesses; making them secure without third-party involvement. Whether it's dealing with data storage and transfer via blockchain technology, developing risk prediction modelling tools or calculating operational risks, tailored solutions help to protect your business in real time.

Data insights

The financial sector doesn't just provide services, it also offers solutions through reporting, analysis and feedback. Data insights can be integrated with a variety of financial tools, with user data collated and analyzed in a safe and friendly environment. More than that, however, different tools are available to help operators understand these insights. When you have a custom financial package, you can build your business around evidence and access predictive tools for long-term financial planning.

Types of custom software services

The financial software development process is heavily involved, with a variety of services available to satisfy different scenarios. Whether you're looking to develop a single application or an entire package, it's crucial to work with recognized financial software experts. From consultation to implementation and maintenance, every step has an impact on business operations:

Types of software development services include:

  1. Initial research - Everything starts with research, so delve deep into your market to align end users with service offerings. During this phase, it's important to find a software company specializing in financial services.
  2. Expert consulting - Find a development company that understands your business needs, and work with people who can transform vision into value. This phase is iterative and ongoing throughout the development cycle.
  3. Business analysis - During the analysis phase, you need to determine what problem the software should solve. During this phase, it's also important to set your operating budget and development schedule.
  4. Design and prototyping - Interface plays a crucial role in how your software will look and function. During this phase, prototypes are created to test data interactions and obtain user feedback.
  5. Software development - As the real 'meat' of the development process, this phase involves numerous steps in combination. From project-level architecture to infrastructure, data analysis and security, product development is about putting the pieces together.
  6. Feedback and maintenance - Once you have a working product, the development process is not complete. Financial services software needs to refine over time and maintained regularly to uphold security standards.

If you're looking for financial solutions or custom software development services, ELEKS is here to help. Please browse our website, review our services, and contact our team to learn more.

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