Banking Software Development

THE VISION

As a Senior Director in a Bank, you are interested in a modern set of online and mobile banking services for your clients. This can include payments, transfers, account management, investment, lending and other services. You strive to replace manual operations with modern, intuitive and easy-to-navigate digital interfaces, and invest in UX/UI design to make your platforms user-friendly and enjoyable. You seek to better understand customer behaviour and identify opportunities to improve your products and services.

As a Senior Manager in Credit Іntermediary, you aim to better predict borrowers’ payment behaviour to make more informed and profitable credit decisions, and to measure borrowers’ digital presence faster. You want to reach a wider range of customers who do not have a traditional credit history. You are looking for an automated scoring engine that returns credit decisions in real time and eliminates the risk of human error. You do this to process loan applications faster and reduce the risk of lending errors.

THE CHALLENGE

The banking industry finds itself at a crossroads. Customer expectations are evolving rapidly, and traditional methods are no longer sufficient. Let's explore some of the key challenges facing banks today:

01. Lack of Customer Satisfaction With Digital Offerings

Basic digital services that do not meet customer expectations usually have outdated design and difficult navigation. The lack of personalised offers and recommendations often reduces the engagement of users of mobile apps and websites. As a result, banks are unable to meet the needs of their customers and lose them to competitors.

02. Inefficient Credit Scoring Models

The use of traditional methods such as FICO methodology, statistical methods and credit bureau services often have a high percentage of rejected loans and credit losses. This makes loans unaffordable for many customers. The bank loses a significant segment of potential customers.

03. Increased Competition from SuperApps

SuperApps are mobile applications that offer a wide range of services, including banking, financial and non-financial services. They are becoming increasingly popular, taking market share away from traditional banks. If banks do not adapt to the competitive environment, they will lose customers to SuperApps or at least will be overshadowed by them.

04. New Types of Assets

Customers are using new types of assets, such as cryptocurrencies, stablecoins and NFS. These assets create confusion and require adaptation by banks. Not all banks are able to meet the needs of customers using new types of assets. Banks run the risk of not being able to meet the growing modern demand.

05. Outdated IT Systems

As we mentioned earlier, many banks' IT systems are not ready to handle new asset types and technologies. This can lead to security, performance and scalability issues. Banks are at risk of outages and data loss.

06. Insufficient Adoption of DLT

DLT (Distributed Ledger Technology) is a technology that can be used to improve the efficiency, security and transparency of banking operations. Many banks are exploring DLT but do not have a clear strategy for its implementation. They don't know how to maximise the benefits of DLT and are losing out on potential advantages over their competitors.

07. Low Adoption of Embedded Financial Services

Embedded financial services are services that are integrated into other products and services, such as e-commerce mobile wallets, and in-app purchases. Currently, many banks do not offer embedded financial services, missing out on opportunities to reach new customers.

WHAT WE CAN DO FOR YOU

In today's competitive financial landscape, banks are constantly seeking ways to gain an edge and enhance customer satisfaction. Embracing cutting-edge technology and partnering with us can be a game-changer for any financial institution. As a Senior Director at Bank, you play a pivotal role in shaping the bank's technological advancements and ensuring its continued success. Partnering with us to achieve your department's IT needs can bring several compelling benefits that will undoubtedly elevate your position and the bank as a whole.

01. Development of Big Data-Based Credit Scoring Models

We can develop scoring models for your business that combine a creditor's internal data with thousands of pieces of external data points. We combine credit score with other data sets that can provide a more comprehensive creditworthiness picture than a single credit score number. Using a wider range of data to develop credit scoring models means automating a large part of the scoring process, which reduces acquisition costs and improves the user experience.

02. Banking-as-a-Service (BaaS) Infrastructure

We can develop BaaS Infrastructure for your bank. This includes the development of APls, software development kits (SDKs), and other tools that allow a bank to integrate its services into existing SuperApp ecosystems.

03. Fintech

We can develop Fintech solution that can help your bank or financial institution implement advanced technologies to improve financial services and increase operational efficiency. From digital payments to blockchain technologies, we ensure the full integration of innovative financial instruments. Our team of experts ensures security and regulatory compliance at every project stage.

04. Blockchain Development and Integration

We can create platforms for you to process and store cryptocurrency transactions, develop blockchain-based asset management tools and implement secure digital asset storage solutions, and develop Smart Contracts.

05. Digital Platform Modernizing

We can modernize a platform to become scalable, secure and user-friendly. We develop customisable DLT solutions that can be integrated with existing banking systems to improve efficiency, security and transparency.

06. User Experience (UX) Design

You will benefit from the user interfaces we can create for easy customer access to financial services, including digital asset trading and portfolio management. You can enhance the user experience with modern, intuitive design and easy navigation that can be created in our company.

07. Data Analytics Solutions

We can implement data analytics and artificial intelligence tools to help you understand your customer's behaviour and preferences, and help you set up and improve your embedded financial services. In addition, we develop data management and analytics tools that allow your business to use the information obtained.

08. Cloud Migration

We can make cloud migrating, that will allow your bank, credit intermediate or financials institution to easily scale your IT resources up or down as needed. This is crucial for handling fluctuations in customer activity and launching new digital products. By moving to the cloud, you can avoid the upfront costs of purchasing and maintaining hardware. Cloud providers offer robust disaster recovery solutions, allowing banks to quickly restore their systems in case of an outage. Cloud-based infrastructure fosters innovation by providing your business with access to cutting-edge technologies and tools.

09. Personalisation Technologies

We can create solution, based on Artificial Intelligence in your business to personalise customer interactions, product recommendations and financial advice. We can integrate advanced voice recognition and chat interfaces for a more natural and efficient user experience in digital banking apps. Your clients can also get visualisations of financial goals or simulations of investment scenarios. We can implement gamification elements on digital banking platforms to increase customer engagement, including rewards, challenges, and educational games.

10. Ongoing Support and Updates

We can give you ongoing support and regular updates to your digital platforms to stay ahead of market trends. We develop systems that offer proactive support to clients, such as predictive assistance, alerts on financial opportunities or risks, and automatic tips for better financial management. We also offer services to upgrade and optimise your financial institution's IT infrastructure to ensure high levels of security, data processing speed and system reliability.

Digital Banking Accelerator

Reduce your software development costs by up to 40%! Our Digital Banking Accelerator is a solution template for web and app platforms that includes essential functions and features required for a stellar digital banking experience.

CONTACT US

Get in touch with us to discuss price for your future project. Use the form below or send us an e-mail to info@computools.com

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The Computools team was very rapidely operational despite the complexity of the situation and the need for the team to adapt to our development methodologies. The Computools team could also work very remotely with very good inter-communication with the SBFinance team ensuring good efficiency despite off-shoring.

Olivier Gazon

Managing Partner at Sustainable Base Finance

INDUSTRY: Banks LOCATION: Belgium

Banks Software Development