Complexity in financial and technological industries is at its peak. That’s one of the main reasons behind the requirements for innovative solutions for these industries.
From robust accounting systems to advanced analytics platforms, fintech or financial software development provides a variety of options to fulfill user requirements.
Fintech is not just Financial and technological software, it is much more than that. It is about developing systems where making financial transactions to be more convenient, timely, and user-friendly is possible.
In this article, we will see what features should be included in the process of Financial Software Development. Let’s understand everything in detail.
Financial Software development- Modern Features to include
Here are the primary features that developers can use in Financial software development:
Secure and safe authentication
Authentication and authorization are necessary aspects of all fintech apps. It is the basic way of securing the app using multiple-factor authentication such as verification using phone number, email, biometric authentication, OTP-based registration, and much more.
In short, it's a stage where users will feel how tightly secured their experience of this site will be.
Workflow Automation
The financial management app should be able to automate and carry out multiple accounting processes. It saves you and your team considerable time and effort by cutting down the repetitive tasks.
Additionally, when automation is possible and is according to your rules, it will reduce the chances of errors and mistakes that could create serious failures.
Provide Cloud-based access
Amongst different features that financial software should have, this feature is paramount. Software that has cloud-based support is important as it helps you with collaboration across various departments, making it easy to access the information anywhere. Moreover, deploying this software anywhere also becomes seamless if it has cloud-based support.
Financial / FinTech software having cloud-based access to the same data at the same time. It helps you to avoid misunderstandings and mistakes that might occur.
Tracking and Managing Cash flow
With this feature, one can track the income of separate business departments and units. It also helps you monitor how the funds are spent from multiple divisions and locations. This process is faster, more accurate, and easier with easy financial management.
By clarifying consolidations, allocations, cash flow, and budget management tasks across the whole company, the system could send a complete, real-time, and unhindered cash flow view.
Ledger Consolidation
If an organization has multiple franchises, locations, or branches, it is essential to pick a platform that easily manages finance across different entities. It is preferable to pick the software that helps you manage the complexities and develop reports based on the data that you choose immediately.
Ledger consolidation made in several entities doesn’t need to be complicated, even when dealing with various currencies.
Dashboard
Each data-driven app such as fitness, healthcare, or FinTech, might require a management and tracking system in place. This is when a dashboard feature can be beneficial.
One in-app dashboard brings all the expense and income data, upcoming transactions, expense data, etc., in a single place. In that format, it is easy to understand and digest.
Currently, a dashboard has features that generally allow features to make and download reports easily. It helps the users to get a detailed view of their finances.
Notification
Custom notifications make a constant line of communication between a FinTech company and its customers. These notifications are sent to users when there are any new offers, updates in investment rates, credit or debit, updates in loan status, or any other financial updates.
The important thing here is that you need to plan the strategy of the notification and then send it to the user so that it doesn’t seem untimely or intrusive.
Integrations
Using a FinTech app, users have to feel helpful and not helpless while performing financial transactions. Hence, various third-party apps have to be integrated into the software that provides security, notification, payment features, etc.
When these integrations are properly included with accurate APIs, users would be able to find the nearest banks, perform checkout easily, track money present in multiple accounts they own, etc.
Payments
The payment factor is a common and must-have feature in each FinTech software. Whether you look for payment options in any B2B vendor software or even a common lending app, every user using a FinTech app would need the feasibility of performing real-time, and secure payments.
How to provide this payment facility will depend on the development model. You can choose for QR code, bank-to-bank payments, in-app wallet payments, etc.
Final verdict
We hope that you might have understood the primary financial software development checklist that we saw in the above article. These features make your app robust and easy to use for customers. Try to build and integrate required features and also make sure that you are not over-dumping the software with features.