Fintech software development is one of the most extensive and most demanded IT areas. Fintech software development services provide for the creation of products such as payment systems and mobile applications, as well as ATM service programs. Even the release of new cryptocurrencies belongs to this area. The last type of projects combines the properties of standard payment systems and the advantages of Blockchain technology.
Every year more and more startups appear that promote their own ideas for fintech software development. At the same time, 90% of such ideas turn out to be unviable in practice. Only the most reliable and useful projects are being implemented at the level of financial institutions and even countries. Banking software development company should have specialists from different fields: programming, economics, finance and management.
Fintech in Practice
This term covers all software products, one way or another related to finance blog. In the traditional sense, these are programs and applications for making online payments. Older versions include, for example, cash register and terminal software. Clients make transactions with the help of a cashier or a bank employee. The current trend is that users can pay bills without the involvement of a third party.
Such software products can cover different layers of users:
- Large companies and internal business processes;
- Companies providing payment gateways to other companies;
- Businesses that interact with customers directly.
The financial sector covers all spheres of people’s lives from traditional banking operations to insurance companies. For each of these areas, separate IT products are required, taking into account the specifics. New trends are driving consumers to manage their finances and bank accounts with simple mobile apps. Through your smartphone, you can:
- Pay the bills;
- Calculate taxes;
- Buy insurance;
- Trade stocks and cryptocurrencies on specialized exchanges.
The growing interest in this area is confirmed by the annual growth of investments.
Fintech Examples
Fintech software developers offer diverse options for software products in this area. The following types of projects received the most attention.
1. Crowdfunding Platforms
This relatively new type of investment allows you to avoid complex document flow through the introduction of IT technologies. Various startups and creators of new cryptocurrencies are very fond of using this method. The point is that the developers create a mobile application with a detailed description of the project. Anyone can become an investor. Investing is easy with a mobile app. The size of deposits is most often not limited to any amount. The return on investment depends on the size of the down payment. As soon as the organizers of the project receive the required amount (declared at the start), the collection of donations stops automatically. Also, the system automatically calculates investments and records all investors. Also in the program, you can automatically calculate how much profit you will receive if the project is successful.
2. Blockchain and Cryptocurrency
These technologies are considered the pinnacle of fintech evolution. They combine reliability, high speed, and versatility in the application of projects. Many cryptocurrencies work not only as a means of payment. The most famous example is Ethereum. The platform allows anyone to create their own applications and even ecosystems using the ETH token.
3. Mobile Payments
Mobile banking has become a part of our life more than 5 years ago. The number of payments made through mobile applications for less than 2020 exceeded $ 1 trillion. This includes payments for utilities, mobile communications, and online purchases.
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