Home Business Insights & Advice Financial software development services: Everything you need to know

Financial software development services: Everything you need to know

by John Saunders
1st Sep 21 2:35 pm

One of the first sectors that were transformed and impacted by technology was the financial sector. Not only did we see massive digitisation waves in the 90s, but we even saw disruptions to the entire sector with payment processors like Paypal and virtual currencies like bitcoin.

If you’re working in the finance industry, you don’t need us to tell you about the importance of tech in your industry. But, even if you fully realise how important adopting new technologies and software is to your continued success, this doesn’t make choosing the right agency for your software development needs any easier.

This is why we’re going to go through a few key tips that will help you choose the right agency for your consulting and software development needs.

1. Hire an agency with experience in the financial sector

This is one of the most straightforward tips we can give, and everyone should agree to it: don’t hire an agency that doesn’t have a proven track record working in the financial sector.

The financial sector is one of the most sensitive sectors in our economy, and a simple algorithmic, security, or functional mistake can cause an inordinate amount of damage to anyone using a certain piece of software.

When hiring an agency to take care of your financial software development needs, you can’t risk dealing with an inexperienced agency. That might not only not help you, but it might even make your company less competitive.

2. Make sure the agency you hire has security experts on their team

As we mentioned in the above tip, the financial sector is more sensitive than other sectors of the economy, and software developed for it requires far more care than the average software project.

This is especially true when it comes to security considerations, however. Think about it: the typical software program for the financial industry deals with payrolls, income statements, revenue, and more, while the typical website software project will display a few pages of information and allow users to purchase a product.

It is very evident that programs in the financial sector deal with way more sensitive data that you absolutely don’t want to get out there. And this is precisely why hackers and other malevolent actors typically try to attack financial software programs far more than typical websites or computer programs. They know they’ll be able to get access to far more valuable data.

To counteract this, when looking for an agency, you need to make sure they have security experts on the team. And during negotiations, you need to talk about the agency about how important security is to your business. This is one of the only ways you can protect your business and your sensitive data from security attacks.

3. AI, machine learning: Big data experts are necessary

As we mentioned in the opening paragraph of this article, the financial industry has always been at the forefront of adopting new technologies, and this trend goes back all the way to the 80s and 90s. This is because the added value of the financial industry is much higher than other parts of the economy, and it needs to remain as competitive as possible.

This reality hasn’t changed in the last decade, but what has changed are the cutting-edge technologies the financial industry needs to adopt. A decade ago, it was far more about mobile payments, applications, and cross-border transactions. Today, AI, machine learning, and big data have completely dominated the scene.

If you want to develop a financial software program, you need to consult with an agency that is deeply familiar with these technologies. You don’t necessarily have to use them in your project depending on your requirements, but you won’t know that unless you consult with experts in these technologies.

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