Banking Software Development

THE VISION

The banks of today strive for a comprehensive set of online and mobile banking services. This includes payments, transfers, account management, investment, lending and other services. Banks replace manual operations with modern, intuitive and easy-to-navigate digital interfaces, and invest in UX/UI design to make their platforms user-friendly and enjoyable. Banks seek to better understand customer behaviour and identify opportunities to improve their products and services.

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

Financial institutions are working to add non-financial services as part of their long-term strategy. This will allow customers to communicate, share achievements, receive financial advice and community support in a digital banking environment. They want to increase customer engagement and promote financial literacy.

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:

1. 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Basic digital services that do not meet customer expectations usually have outdated design and difficult navigation.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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

COMPUTOOLS OFFER

We empower banks to bridge the gap between legacy systems and the future of finance with a comprehensive suite of digital solutions.

01.

Banking-as-a-Service (BaaS) Infrastructure:

This includes the development of APIs, software development kits (SDKs), and other tools that allow a bank to integrate its services into existing SuperApp ecosystems.

02.

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.

03.

Digital Platform Modernizing:

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

04.

User Experience (UX) Design:

You will benefit from the user interfaces we 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.

05.

Data Analytics Solutions:

You can use data analytics tools to gain insight into customer behaviour and preferences. We implement analytics and artificial intelligence tools to understand customer 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 bank to use the information obtained.

06.

Cloud Solutions and Virtualisation:

You can move to cloud solutions to increase the flexibility, scalability and efficiency of your IT services.

07.

Personalisation Technologies:

You can use AI and ML to personalise customer interactions, product recommendations and financial advice.

08.

Ongoing Support and Updates:

You receive 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.

09.

Integration:

By enabling social media features, you'll allow customers to interact, share achievements, and receive financial advice and community support in a digital banking environment. Integrating a financial health programme on digital platforms will provide users with tools and resources to budget, invest and improve their financial health. We can integrate advanced voice recognition and chat interfaces for a more natural and efficient user experience in digital banking apps. You can also get visualisations of financial goals or simulations of investment scenarios using AR. You can introduce gamification elements on digital banking platforms to increase customer engagement, including rewards, challenges, and educational games.

10.

Development of Big Data-Based Credit Scoring Models:

We develop scoring models 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.

BENEFITS

Improved user experience:

Digitalisation of banking services will be able to meet customers' needs and provide them with convenient and modern tools. Consumer banking innovations cover the features like mobile banking with real-time account access, easy bill payments and transfers, personalized financial insights, and secure digital wallets. Streamlined processes for tasks like loan applications and account opening will further enhance convenience. Business banking includes improvements such as automated invoicing and payments, real-time cash flow visibility, simplified payroll processing, and secure international transactions. This will save valuable time and resources and offer integration with popular accounting software for seamless data exchange and reconciliation.

Efficient lending:

You will improve the accuracy of credit assessment of borrowers, expand your reach to customers who do not have a traditional credit history through automation of scoring and decision making.

Integration with Super Apps:

Your bank will have access to new customer segments through Super Apps. You will be able to provide end-to-end solutions integrated with other services and generate revenue from banking services through Super Apps.

Dealing with new types of assets:

Digitalisation allows you to provide access to new types of assets, such as cryptocurrencies, which will expand your range of products and services. You will be able to improve data protection and transaction transparency.

Enhanced regulatory compliance:

Digital transformation also simplifies compliance with regulatory requirements. Automated data collection, reporting, and reconciliation tools ensure accuracy and efficiency in meeting reporting deadlines. Additionally, a robust digital platform facilitates easier data audits and improves the traceability of transactions, reducing the risk of non-compliance penalties.

Banks Software Development CASE STUDIES

Modernizing an online banking app for a leading Caribbean regional bank

Our client, a bank with over $1 billion in assets operating in 17 countries, needed to expand the range of banking services for individuals with the ability to make card transactions. With our help, the client received integration with Visa based on microservices, access to Visa card processing, and an updated interface for web and mobile banking.

Design services for a web wallet that enables secure transactions

See how we developed a mobile app with the transformative power of advanced design, mathematical calculations, secure banking transactions and frictionless user experiences.

SHOW MORE CASE Studies

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Banks Software Development