Banking, Financial & Insurance Software Development | BFSI

Industry Overview

There are 7.3 billion mobile devices in the world: it is a new financial era and a large marketplace for fintech companies. To stay competitive, financial institutions have to adapt to new markets, manage compliance and undergo a digital transformation that replaces outdated, inefficient processes with automated solutions and provide high-quality services. The Banking, Financial Services, and Insurance (BFSI) industry need to adopt new technologies, accelerate product development, and streamline front-office and back-office operations by leveraging top-notch technologies like Mobility, Blockchain, AI, Cloud Computing, Big Data, Analytics.

Some of the challenges faced by the BFSI are:

Increased burden of ongoing changes in regulatory norms and standards compliance

Diversifying and launching innovative products at competitive price

Enhancing Operational Efficiency and Effectiveness

Increased pressure of customer acquisition and retention and revenue growth

Ensuring Excellent Service levels for new generation of tech-savvy customers

Managing and Mitigating Operational Risks

The banking ecosystem already extends far beyond financial services and its future success will depend on its ability to leverage the power of customer insight, advanced analytics and digital technology to provide services that help today’s tech-savvy customers manage their finances and better manage their daily lives. From risk and regulatory compliance to big data, AI, and blockchain, customer and employee retention, the global financial sector is doubling down on technology to find the solutions it needs to survive and thrive.

Expertise

Innovative technological trends integration is our main professional orientation: we strive to make significant impact on our clients’ business by offering a full suite of digital banking services that connects the bank to the customer through innovative technology channels. Our software development team provides complete web & mobile apps and online portals solutions which help banking, financial and insurance institutions to capitalize on the innovation that they can build, buy or collaborate with to become the center of a consumer’s everyday life and improve business processes and operational efficiency. Whether you need to extend development capabilities or implement specific technology, our team of IT advisors, project managers and developers are here to help.

Banking and Financial Software Development:

Intuitive and mission-critical systems for quality online banking for managing financial transactions:

Web/Mobile banking app development
Billing and invoicing solutions
Transactions tracking and business operations solutions

Payment Gateway and POS applications development:

Payment gateway integration fully compatible with the most popular ways of online payments.
E-wallet development and integration
Support for payment options like Visa, MasterCard and PayPal
Peer-to-peer transfers

Insurance and Reinsurance Software Development:

Web based claim management systems that support faster and efficient processing and provides secure and controlled access to policy and claim information.

Integrated solutions:

Omnichannel integration of banking systems into a unified scalable platform.
Fully integrated and browser-based systems that bring together financial analysis, portfolio management and administrative workflow management.
Integration to ERP and accounting systems.

Blockchain and Cryptocurrency Development:

Custom made fast and secure platforms for trading and running exchanges with regular currencies or crypto ones.

Our full-featured services and solutions

With a drive for engaged customer experience, we catalyze and accelerate a financial institution’s digital transformation journey. We offer digital transformation services such as consulting and innovative development as a fusion of customer experience and operational excellence. Our team will consult you on the architecture and the creation process and build your banking software solutions from the ground up or will migrate and rebuild your existing retail banking software to improve customer retention and engagement.

Digital Transformation

Digital and Mobile Banking

Cybersecurity

Big Data, Analytics and Innovations

Digital Transformation:

Digital Banking ecosystem: development of modular core banking APIs, integration with 3rd party services;
CRM, ERP, ECM development and implementation that provides 360 degrees view of customer data and streamlines financial operations and internal processes.
Re-engineering and Modernization: rebuilding or legacy systems, code rewriting for process optimization.

Digital and Mobile Banking:

Mobile multicomponent banking apps: self-serving banking operations, real time customer insights and user experience.
Mobile dashboards: integrated with CRM, BI and other financial systems for around-the-clock access to critical business data.

Cybersecurity:

Secure Software Development lifecycle: implement additional layers of security into your financial systems and applications from the very beginning of software development.
Penetration Testing and Vulnerability Assessment: helping detect and manage vulnerabilities and protect your business from external threats and risks.
GDPR Compliance.

Big Data, Analytics and Innovations:

Consumer insights, behaviour and risks analysis: analytics for informed, data-driven decisions for risk scoring, fraud detection and prevention. We create solutions that deal with huge volumes of data and tackle any complexity.
Blockchain development, AI and Machine Learning, IoT and integration of SMART concept with common business operations.

Our software engineering excellence help financial services companies quickly enhance digital banking experience with more responsive, more intuitive and more flexible solutions that anticipates customer needs.

Reduce risks, improve reliability and eliminate the expenses required for support and maintenance of several platforms.

Boost your growth via value-added services.

Consolidate, streamline and automate your financial and accounting processes.

Make your clients feel secure and willing to do repeat business by implementing smart financial solutions.

Banking, Financial & Insurance

Industry Overview

Some of the challenges faced by the BFSI are: