Serokell explains how to overcome challenges in Fintech software development
PRESS RELEASE
Published April 5, 2023
Fintech is one of the fastest growing and most promising industries in the world. Digital banking, investment and trading platforms, cryptocurrencies, etc., have become our everyday reality. So if you have a financial business or plan to launch one, finding an optimal software development team to help you achieve your goals and give you a competitive edge is critical. In this article, we look at what it takes to develop financial software, what potential pitfalls you need to be aware of, and how to avoid them.
What software does the fintech industry need?
According to various researchers, the value of the global financial market is estimated to reach more than 230 billion dollars by 2026. Given the high competition, it is clear that innovation will play a key role in the field that includes such sub-sectors as banking, investments, insurtech, cryptocurrency, etc .
So what are the characteristics of innovative, client-oriented and effective software?
First and foremost, it must be functional and meet the customers’ needs for practical financial instruments for the storage, lending and exchange of money, payments and investment. In addition, it should surpass the competition by offering additional features, such as statistics on currency fluctuations, charts of economic trends and alerts on the terms of customer obligations.
- Since the financial industry is built around sensitive and confidential information, data security is one of the main requirements.
- The intensive growth in industry also creates a need for adaptability to the rapidly changing environment, both internally (the increasing amount of customer data) and externally (the market and competition).
- Compliance with regulations is another critical factor to consider. Not only does it help you avoid costly fines, but it also promotes user confidence.
- Last but not least, financial software should be simple maintainable and reliable: Hacker attacks on financial software are inevitable, but they must be recognized and blocked quickly without causing damage to your application.
That said, which financial software solutions meet these requirements? The short answer is those based on functional programming languages such as Haskell, Elm, Elixir, Rust, etc. Today, two major programming paradigms are object-oriented programming and functional programming. The former works well when you need a standard solution like building a static website. The latter addresses complex problems with distributed systems and blind spots that you can’t even predict. And this is exactly what the financial sector is doing.
I have followed several IT firms specializing in financial software design, and one of them, Serokell, particularly drew my attention to its fintech portfolio. This company has successfully used Haskell as its core programming language to develop cryptocurrency platforms and financial instruments.
Stages of financial product development
Experienced software developers design the product and guide you through the entire process, from ideation to post-launch maintenance, providing support for your project on a long-term basis.
Collection requirements
Collaborative brainstorming, at the beginning, is an important step not to be neglected. You may have a general idea of what you need for your business, but only see one side of the problem. Without technical expertise, you may not fully understand what is required from a programming perspective. The developer can suggest various features that you have not previously considered, but which will make your application more efficient, user-friendly, secure, etc.
Software design
Once all the requirements are gathered, the next phase is to develop a state-of-the-art UI/UX design. Here you want to be sure that the final product is easy to use and understand and offers a great user experience.
MVP design
After you approve the app design, programmers start coding the product that integrates all the necessary features while ensuring security.
Launch
The next step is the application deployment on the platform it was developed for followed by an adoption test which is necessary to better adapt the product to the market. After the trial period, software developers add more features to the MVP.
Maintenance
Post-launch maintenance is critical to the function of financial software. It ensures that the application is always up-to-date, error-free and protected against unauthorized access and security breaches.
As an example of execution, I can mention the project, where the developers offered an integrated software solution that combined exceptional security, user functionality and regulatory compliance.
Final thoughts
If you plan to develop financial software for your business, the key is to hire expert Haskell programmers with experience in fintech. Start by researching the market and putting together your requirements. With this initial information, you can turn to developers for advice. They will help you structure the information, look at the task from different angles, and get a more complex picture of the problem based on their experience with similar projects. After discussing your case with several teams, you can make a well-informed and considered decision and choose the right fit.
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