Digital technologies have brought things like electronic currency, secure contactless payment methods, and computer automated investment platforms aka Robo-advisors to common use. Today, people prefer their transactions to be prompt, burdensome, and safe. That is why many financial sector projects endeavour to involve the clients and increase their retention by going through data digitization. This is where digital agencies, like zoolatech.com, can deliver a working solution.
In this post, we are to cover the most popular finance categories and software you can build for each of them to ensure the impeccable consumer experience.
Payments
The electronic payments refer to one of the biggest branches in fintech. It aims to make the payment process easier bypassing the need to use a traditional bank. While implementing webcams, digital print, optimized POS processing into the workflow, financial companies achieve more efficient payment processes.
This category consists of two major sectors, mobile, and b2b payments, and demands to build payment processes software that allows for accounting management, foreign payments, protection against fraud, etc.
Examples: Paypal, Google Wallet, Currencycloud.
Crediting
Peer-to-peer lending is another important category in terms of financial software engineering. It intends to make loans within easy reach and eliminate the need for applying to banks or other financial cooperatives.
Digital crediting is a branch where machine learning is developing at full speed. It allows businesses to simplify different processes, eliminates the human factor, speeds up the time of credit approval, improves user experience, and reduces expenses. The software one can create for P2P lending include loan origination and commercial lending software.
Examples: Kabbage, Borrowell, RateSetter.
InsurTech
Insurance refers to the oldest and largest sector that also requires the implementation of modern, emerging technology to dramatically enhance the customer experience.
InsurTech provides for using cutting-edge solutions like IoT, data science, ML and can be supplied with insurance CRM and agency software.
Examples: BIMA, Metromile, BrightHealth.
Banking
Digital banks enable their clients to conduct any banking operations online at their convenience. Because of the branchless nature of digital banks, the customers shouldn’t be worried about hidden fees any longer. Web banking features ease of use and lower, more affordable rates.
For the banking category, one can get built online and mobile banking software.
Examples: Atom Bank, Moven, EBANQ.
RegTech
Regulation technology aims to address regulatory tasks through advanced solutions, such as big data, ML, cloud computing, and more. RegTech is dedicated to improving tracking of settlement operations, trading in financial markets, modeling and prediction, etc.
Major digital solutions one can build for the RegTech branch comprise financial exposure management and fraud detection software.
Examples: Suade, Passfort, Trunomi.
Personal Finance
Many financial companies provide personal financial management services to help people with budgeting so that they don’t have to go physically visit their financial advisor at a traditional bank.
Those engaged in the personal finance category can build a corresponding personal finance software to help people plan their budget better.
Examples: Mint, CreditKarma, Yodlee.
Investment
By leveraging investment management software, people can control the welfare of all actives from one place. As far as all the needed data is at the users’ fingertips, they can buy and sell equities, shares, and unit trusts, as well as checking on the cost of their assets.
