Top 3 Challenges Companies Face When Creating Fintech Apps

Top 3 Challenges Companies Face When Creating Fintech Apps

Fintech is everywhere. Tech-savvy customers around the world now expect to be offered the ability to quickly handle banking transactions, access financial management tools or investment products, purchase insurance, or file claims through highly personalized mobile apps. We have entered a client-centric era in the delivery of financial services, where catering to convenience culture has become a top priority for large institutions, and an important way for small and midsize businesses to differentiate themselves from their competitors.

As the technology bar continues to rise, the challenges that businesses face when building and deploying their own fintech products can seem overwhelming. But with the right approach, it’s possible to incorporate the transformative capabilities of custom fintech solutions featuring AI, blockchain, chatbot, cloud computing or big data into your technology strategies.

We’ve compiled a list of the top 3 concerns our clients express at the start of their fintech app projects, as well as our approach to solving them.

 

What Are The Options?

Often, we are approached by C-Suite executives who want to introduce advanced technology solutions to streamline their business operations, attract and retain customers or provide powerful insights to assist them in decision making. The first challenge they encounter is that they don’t know the full range of technology options or what ROI they can expect from these products.

In the case of fintech solutions, the range of possibilities covers everything from secure mobile apps to machine learning, big data, chatbot, cloud computing, and blockchain technology. Each of these solutions has its own best use. For instance, AI and chatbots can greatly improve systemic strategies that involve customer experience, data capture, and automation, while the insights derived from big data models are better suited to supporting management level decision-makers.

In our EPM workshop, we help our clients determine how the advanced technology they want fits with their overall business strategy and how to achieve results in the most efficient way possible.

How Does It Work?

As systems become more layered and complex, it can be difficult to keep up with the changes. While the megabanks may be adding development staff and hiring experts, this is not a practical option for most businesses. Data scientists, encryption experts, and experienced AI developers are still in short supply in the workforce, and if software engineering is not your core business, the cost of adding such high-caliber development specialists to your team isn’t feasible.

We bring the experts to you. We work with true data scientists and engineers, and we are happy to explain the technology we use during our EPM workshop. We are an end-to-end service, so we will help you to understand all of your options and choose the technology that best fits your strategy.

Often, the companies we work with prefer to start with small fintech or advanced technology projects with easily achievable ROIs before progressing to larger and more ambitious enterprises. We are happy to support this approach. In our EPM workshop, we help our clients to define their goals and strategies and gain a consensus from all stakeholders before moving forward.

 

What Are The Costs?

The cost of building and implementing a simple fintech solution may not be high, but the costs rise with the level of complexity required. With some AI solutions, the upfront investment may include the purchase of additional hardware and services, but as long as these costs are factored into a well-informed strategy, the advantages will outweigh the expenses.

We work with our clients to plan and scope each phase of development, using a combination of domestic and offshore resources to keep project costs low. Our EPM workshop offers the opportunity to create detailed specification and non-specification documents that allow us to guarantee project budgets, ensuring that our clients never pay more than they expect to.

 

Would you like to know more about how we can help you to achieve your advanced technology goals? Do you have a fintech app or system you believe would benefit your company and help it to remain competitive? Reach out by sending us an email or leaving a comment. We’d love to help.

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