The financial sector, including online banking, insurance, wealth management, and lending, now relies more on financial technologies or fintech applications than ever before. When it comes to software development for the sector, standard solutions can seem to be more cost-effective initially. However, in the long term, custom fintech solutions make all the sense from the cost and functional perspectives.
Off-the-shelf fintech apps are designed to cater to the needs of as many clients as possible. They feature a limited range of features and cannot be adapted to your unique needs. Besides, they may carry unwanted features that cannot be removed and you cannot add new features.
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Benefits
There are many ways custom fintech solutions can benefit your business. A personalized customer experience, scalability, cost-efficient maintenance, and enhanced compliance are some of the common benefits. There are many more reasons for investing in a custom designed and developed fintech software, including:
- Efficiency
- Independence
- Ease of integration
- Better user access management
- Enhanced profitability
- Flexibility with design and branding
- Access to latest technologies
Key Features & Solutions
So, what are some of the popular fintech features and solutions that can be included in custom software to enhance your business?
Loan Management Solutions
Many types of financial institutions require custom and compliant loan management solutions. Some of the key features here include:
- Loan application screening and management
- Monitoring portfolio performance
- Tracking repayments
- Analytical features
- Reports
Digital Wallet
Digital wallets or e-wallets that enable online payments using mobile phones. Custom digital wallet solutions can enable:
- Opening bank accounts
- Bill payments
- Mobile recharges
- Money transfers
- Peer to peer transfers
- Balance inquiries
- Split payments
- Booking tickets
They can also have a reward or point system. Users should be able to link their bank accounts or cards with the digital wallet to avail of all the services.
Expense Management
Expense management systems provide users with a full view of costs. They allow the creation of expenses across different categories.
Marketplace Lending Solutions
Marketplace lending solutions enable loan originators to link loan borrowers with loan lenders. Such solutions facilitate connections to help loan seekers get the best-possible deals on the market.
International Remittance
International remittance is often required by both retail and institutional users. The feature allows users to carry out easy and fast money transfers across borders. It is a cost-effective option for everyone involved and enhances customer satisfaction.
The benefits of providing international remittance solution in fintech systems have increased significantly due to the increase in international migrations. Some key benefits include:
- Boosting financial inclusion
- New customer acquisition
- Increased customer satisfaction
Custom Payment Gateways
Custom, robust, and secure payment gateways can enable payments using a variety of authentic techniques.
Credit Assessment Solutions
Credit assessment solutions allow insight-based evaluation of different behavioral and demographic factors. This helps in speeding up the loan approval process.
Mobile Banking
Mobile banking allows financial institutions to provide banking services similar to traditional banking, using a mobile banking application. Well-designed solutions enable seamless and quick banking transactions. Such a solution also speeds up customer acquisition.
Merchant Onboarding
Merchant onboarding is a flexible, simpler, and faster way to setup new merchants. It benefits everyone involved, but different processes can be involved based on the payment provider. Some of the key features such a solution can include are:
- Single-click, automated merchant onboarding
- Capture form data and digital signatures
- Filter applications according to risk parameters and underwriting
Faster implementations and effective compliance can help increase customer satisfaction.
Dispute Management
The dispute process can be automated to help save both time and money. Financial institutions and payment resellers can benefit from this solution to quickly receive, distribute, and address disputes. Whether the disputes involve retrievals, arbitration, or other processes, you should be able to customize the rules for effective resolution.
Some of the key features here include:
- Comprehensive document and case workflow for optimizing disputes according to priorities and rules
- Receipt, reviewing, and submission of document data beyond the rules
- Case assignments according to custom rules
These are some of the most sought-after and commonly used custom fintech solutions. Additional solutions that can vary based on your business’ requirements can include agency banking, risk management, and training and support among others. A custom-developed app means the system is adapted to your business processes and workflows and not the other way around, thus boosting your organizational productivity and efficiency. For customized fintech solutions, you can rely on ROONYX.
