The world’s FinTech software industry is permanently growing nowadays. For example, GVR states that the global personal finance app sector alone was about $1.08 bln in 2022 and is going to rise by more than 5% annually until at least 2030. Experts explain this trend because of the numerous advantages of finance application use. And by implementing modern technologies when developing financial software, you may essentially expand the list of benefits. So, let’s look closer at those tech solutions.
What Technologies Do Programmers Implement When Developing Financial Software?
First, it’s noteworthy that solely reputable development companies (like Keenethics) can introduce modern tech into FinTech applications properly. That’s due to only trustworthy IT agencies having comprehensive experience in making finance software of various types and skilled professionals who are qualified enough to deal with complex projects.
Key Pros of Artificial Intelligence Implementation
AI-based features can quickly process and sort loads of information. Moreover, such functions are able to deeply analyze the info they handle. The specified AI peculiarities enable financial app developers to create features that allow for the following:
- determining upcoming trends in the financial market more accurately;
- detecting fraudulent activities;
- taking a more personalized approach to clients when granting loans.
Furthermore, AI is widely used for making chatbots. Modern bots are able to serve numerous clients simultaneously 24/7, sans efficiency reduction. Moreover, presently, NLP technology is widely employed as a part of chatbot creation. Bots with such a feature can not only interact (understand conversations and generate relevant responses) like humans but also determine client emotions by analyzing their messages’ content.
Main Advantages of the Introduction of Blockchain Technology
IT specialists use the mentioned tech when developing financial software to improve app security. Blockchain technology is able to reliably protect the following:
- ongoing local and international transactions;
- personal client information;
- account verification processes;
- details about users’ financial operations.
Among the key pros of blockchain features, experts additionally note the things as follows:
- almost zero chance of failure;
- higher transaction speeds;
- transparency of payments made inside the system.
You may get more details on the peculiarities of blockchain features in FinTech applications in topical blogs (for instance, at keenethics.com).
Cloud Computing Technology
This tech allows you to significantly decrease corporate expenses. That’s due to the following:
- One doesn’t have to buy powerful physical devices to store financial data. All the information is kept in virtual storage. Users only need a device with an internet connection to access the system.
- You don’t have to maintain software. Typically, applications on remote storage devices are served by providers.
- One may quickly scale their processing capacity. You merely need to send a corresponding query to the provider and pay for the requested service.
Lastly, cloud workspace stands out for its security. That’s because such tech providers permanently update antiviruses, encryption protocols, etc., to provide maximum data protection.
Is It Worth Spending on Modern Technology Implementation When Ordering FinTech App Development?
Definitely, yes. Innovative tech solutions are able to significantly enhance your financial application’s productivity. Consequently, you become more competitive. Also, modern technologies allow for finer analysis.
Moreover, innovative features can essentially improve the consumer experience. As a result, your clients become more satisfied with the services you deliver. Hence, one’s company makes more profit. So, keep up with the times, and best of luck to you!