
Digital Acceleration in the Healthcare Field
Healthcare Innovation Is Driven by Digital Acceleration While digital acceleration within the healthcare field was
Like many other fields, the banking industry is working hard to provide a better customer experience (CX). The importance of CX can’t be overstated in today’s market, given changes to consumer expectations in recent years. These changes have been brought on by the convenience of hyper-responsive companies like Amazon and Zappos, which consistently offer seamless browsing, purchasing, and delivery.
Given that so much banking activity now takes place online, financial companies that want to offer a similar experience must do it through their automated banking solutions. While standard solutions may be appropriate for some institutions, others may require specialized features that address the specific needs of their customers. Delivering these features is one of the benefits of custom banking solutions.
Here we explain what custom banking solutions are and the many benefits financial companies can expect from them.
Custom banking solutions are software applications designed specifically for a particular company. They are useful when standard software lacks certain features that enable the company to operate more efficiently and better serve its customers.
While custom software development can be costly, those costs may be offset by gained efficiencies and additional revenue from new and continuing customers, as well as the elimination of the need to update the software application every few years.
All custom software enables companies to develop systems that match their specific workflows or customer needs.
The benefits of custom banking solutions include all those listed above as well as those of particular interest to financial companies that follow here.
One highly important type of software for banking institutions is customer mobile apps. As discussed above, CX has become a key differentiator for businesses of all kinds and an effective means for retaining customers. An app can contribute to it by enabling banking customers to easily check balances, make deposits and withdrawals, make loan payments, transfer funds, and other critical tasks.
However, for an app to contribute to a good UX, it must be effective, secure, and easy to use. If, for example, the user interface (UI) is difficult to navigate, then users will become frustrated, have a poor experience, and perhaps even defect to another institution. With a custom app, these scenarios are unlikely, given that it will be built with exactly the right features and with the company’s specific processes in mind.
According to The Financial Brand, e-wallets, or mobile wallets as they are sometimes called, haven’t taken off yet. Consumers still prefer traditional cards to pay for their purchases. However, “a perfect storm of drivers could tip the scale towards adoption in the next few years, [so] banks and credit unions should be prepared for when it comes.”
Financial companies that get ahead of this trend will be able to retain customers that want to use e-wallets and attract those looking for this service as part of the whole banking package. They include:
Financial institutions must remain compliant with regulatory standards. Custom regulatory technology can enable companies to manage this complex yet critical aspect of their business in alignment with other business processes. One application can manage and keep abreast a wide range of regulations, such as customer data protection (like the GDPR in Europe) and many others.
Security is always important in software but especially so for banking applications, whether the software is used in-house or by customers. For financial institutions, a security breach can be devastating, resulting in lost time, effort, and revenue, as well as something that’s much harder to repair: a tarnished reputation.
Custom software is highly secure because security measures are taken throughout the development process. For customer-facing applications, security features can be built in:
BairesDev is a trusted partner of banks, trading companies, accounting agencies, and other financial institutions. We provide high-quality custom banking software development that empowers the fintech industry with the latest technologies and tools.
Our fintech outsourcing services focus on offering platforms and systems to boost the potential of financial technology. These IT solutions drive growth and create value for financial companies, which is why some of the biggest names in the industry trust BairesDev with their IT needs, such as building a mobile payment application, testing a web-based CRM platform for a bank, or designing an artificial intelligence analytics algorithm.
Our projects include:
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