Like many industries, the banking sector wasn’t immune to the tsunami of instability – quite the contrary. Covid-19 was only the start of uncertainty. It may have been the catalyst for rising interest rates, inflation, and political disruption, but what has become unquestionable is the fragility of financial institutions.

So, where does this leave commercial and business banking? To understand the challenges it faces, one needs to identify the threats.

Accelerated digital banking, a surge in cyber hacking, geopolitical threats, and climate change are all disruptive forces that can potentially reshape the sector.

According to The Banking in 2035: global banking survey report, about 76% of banking executives surveyed believed the industry has an obligation to address societal needs and issues, while 82% were of the opinion that financial services organizations can simultaneously better society while pursuing profit.

How do banks go about doing this? By prioritizing client needs without compromising on profit. In this article, we’ll take a look at the future of business banking and how adopting certain business models can help you be at the forefront of future banking trends.

Future Business Models and Competitive Arenas in Business Banking

In the ever-changing business landscape, banking institutions have to fight to stay relevant. According to EIU’s financial outlook 2023 report, fintech and cryptocurrency sellers will find it harder to weather the storm.

Adapting to your new reality isn’t always easy, but adjusting your business model is one way of keeping abreast of the latest developments.

Banks that are open to change can benefit directly from disruptions “by combining their unparalleled domain expertise, reputation, and relationships with innovations in technology and a client-centric approach,” said Dr. Christian Thun while writing for Moody’s Analytics Risk Management: The Decade Ahead.

“Fortunately, the business banking sector has proven its resilience over the past decade by bolstering their capital and liquidity positions, and leaving behind non-core activities and markets,” EIU’s financial outlook 2023 report found.

It also sets up the sector for benefiting from future trends by improving digital services, becoming more financially inclusive, and investing in sustainable banking services.

So, what will business banking look like in the future?

Accenture’s Global Banking Lead Michael Abbott’s predictions could soon become a reality. According to him, business and corporate banks’ innovative products could mirror that of the Amazon Prime model.

Just like mobile platforms, banks will take a dip into the metaverse, which will open a world of possibilities, but Abbott warns this won’t be without risk.

As a way of outperforming their peers, banks must help their clients solve their problems rather than increase their customer base. This taps into the notion of “life centricity”, whereby institutions take a holistic approach to customer wellbeing.

Abbott also believes data should be viewed as a product “that has the potential to transform the foundations of banking.”

The Banking in 2035: global banking survey report mirrored Abbott’s predictions when listing its most important outcomes for banks over the coming decade, with improved cybersecurity and data protection leading the pack with 46%.

The Impact of Data and Money Regulation on Business Banking

Banking regulations are a way of enforcing rules to protect the client, ensure financial stability and prevent financial crime. By design, they ensure sound banking practices.

Who regulates the banking system? In the US, four federal agencies have been tasked with this duty, namely the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve System, and the Consumer Financial Protection Bureau.

Easier access to data has become a building block for successful business practices, and a way of doing this is via application programming interfaces. APIs have been utilized in the banking sector for years, even more so in recent times.

But like other innovations, data sharing raises questions around privacy and regulations in the digital market.

The 2007-2009 financial crisis was a huge eye-opener for banks, prompting governments to install their own initiatives.

OECD cited an example of this with the 2015 EU Payment Services Directive II (PSD2) – a regulation that aims to enhance competition by granting open access to certain types of customer banking data for nonbank licensed providers.

During its research into Digital Disruption in Banking and its Impact on Competition, the NPO mentioned how Japan revised its Banking Act in 2017 to include provisions encouraging banks to open their APIs and facilitating banks’ acquisition of or collaboration with FinTech firms.

Nonetheless, banks can leverage their digital technologies in response to regulatory authorities’ questions by improving both regulation and supervision and, in turn, helping regulators and firms decrease the costs of compliance, OECD recommended.

Implementing Digital Transformation for Business Banking

Customer expectations are growing, and so too should your business if you want to grow with them.

Digital transformation is a given when it comes to business banking. By taking advantage of the huge data pool, businesses can automate processes and reduce costs.

Simple changes such as AI, cloud technology, and automation can help improve services and functionality, resulting in customer loyalty.

Below are the key drivers to consider when going digital:

Customer Needs

Here’s where data aggregation takes the lead. It can be challenging at times, but analyzing it leads to a clearer understanding of who your customer is and your targeted audience.

When segmenting your strategy, consider the following: Which products are generating the most profit? Which of your digital services mostly appeal to your customer? Which new offerings could encourage growth?

The intention here is to offer digital services via targeted marketing.

Cloud-based Systems

Previously, business banking was only sought out by big corporations and brands. It was associated with companies that had clout behind their names. Today, the environment is fast-changing and becoming accessible and inclusionary.

With a complete cloud-based system, banks can close the socio-economic gap by offering full access and functionality to clients, from loan applications to international money transfers.

However, there are setbacks to using this type of technology. Old legacy software systems might not be adaptable to comply with new software. The challenge coming with this is the huge costs involved to ensure a fully integrable system.

Thankfully, there is a workaround – some cloud-based technologies are consumption-based, meaning clients can experiment with them before doing a complete rollout.

Compliance Ready

Regulatory requirements are growing steadily, and to make sure your systems are compliant, you need to keep up-to-date of the latest rules and regulations governing the banking sector.

Dismissing these could lead to costly repercussions, which could easily have been avoided.

Security

In June 2022, Flagstar Bank, one of the USA’s largest financial providers, fell victim to a massive data breach whereby the Social Security numbers of almost 1.5 million customers were leaked.

Initially, the bank failed to disclose how cybercriminals hacked into the system, but investigations showed that the attack may have happened as early as December 2021, highlighting the urgent need for ransomware protection.

The Credit Sussie data leak from February 2022 saw the details of accounts linked to 30 000 of its clients leaked. This resulted in one of the world’s biggest private banks having to do brand damage control after it was discovered some of its clients built their wealth on drug trafficking, money laundering, and corruption.

Building the Future of Banking

Overall, banks should future-proof themselves by investing in products that give them a competitive edge. This doesn’t only apply to business banking; commercial banks are finding themselves in the same boat, jostling for a larger clientele.

Major trends are reshaping the industry, forcing the sector to evolve instead of fighting against the current. The good news is that digital business banking has embraced rapid change, considering the environmental, social, and governance (ESG) concerns the world is currently experiencing.

Australian author James A. Gardner poured his years of experience as a career innovator into his book ‘Innovation and the Future Proof Bank: A Practical Guide to Doing Different Business-as-Usual.’ In it, he discusses in detail how banking institutions can become future-proof by “leveraging the power of the new to establish unexpected revenue lines, or make old ones grow.”

Steps to Success in Digital Business Banking

According to Statista, about 27% of Americans use an online-only bank, and 60% of consumers say they are very interested in using digital banking in the next year.

If your company is not using innovation and the latest technology to snag customers, you’re setting yourself up for failure. How do you go about rewriting your success story?

For starters, by hiring a reliable and professional fintech software development partner, you’re already halfway to reaching your goal.

Intellectsoft is a financial software development company that helps clients accelerate innovation by creating tailor-made software solutions.

Why Choose Intellectsoft?

Specializing in banking and financial institutions, Intellectsoft has a proven track record. Our clients include some of the most prominent brands in the world, including the NHS, Universal, and Jaguar.

Some of the financial software development services we offer are online banking, blockchain and cryptocurrencies, digital wallets, AI and ML, trading and securities, and robotic process automation (RPA).

To Sum Up

One positive that the pandemic produced was the uptake of digital payments. About two-thirds of adults worldwide now make or receive a digital payment, resulting in growing developing economies from 35% in 2014 to 57% in 2021, the World Bank found.

One could look at it as purpose-driven banking, a social responsibility of sorts, which we may add, has been predicted to be another big banking trend in the next decade. Banks that are more engaged with societal issues could have the biggest positive impact.

Microsoft CEO Satya Nadella once said, “Longevity in this business is about being able to reinvent yourself or invent the future.”

It’s fitting words, considering the world is always in flux. Reinvention is the name of the game. Ask yourself, can you afford to be left behind? If the answer is negative, get in touch with us to get the most efficient digital business or commercial banking solution.

The post The Future of Business Banking appeared first on Intellectsoft Blog.

The boom of smartphones and mobile technologies supported the growth of neobanks, driving further demand for online banking services. The COVID-19 pandemic also became a power force for neobanking, being the safest available option: contactless payments decreased the spread of disease.

Now the global neobanking market is valued at 66.82 billion and analytics predict steady growth till 2030. Fintechs use the power of modern technologies to compete with traditional banks, and cloud computing solutions are at the top of this list. It seems cloud-based banking is the industry’s future. Let’s take a look at the success of neobanks and the cloud that backs it.

Five Things to Learn from Neobanks

 Fintechs changed the way people save, spend and invest. Naturally, neobanks grabbed market share from traditional banks: in different regions, they make up 30 percent of the total banking market. So, traditional banks have been forced to learn from neobanks and adopt the best practices to stay competitive. Let us consider the main advantages of cloud banking.

Online Access

Neobanks do not have physical branches, they are accessible via web and mobile applications. Surprisingly, for most routine banking operations, this is enough. In-person visits to the bank branch seem like a waste of time.

Biometric Identification

Customers use biometric data — fingerprints, retina scanning, face ID — to access neobanking services. Mass demand for this technology made it available and secure. It is safer than traditional identification methods like PIN-code, signature and identification by photo.

Transparent Costs

With traditional banks, the cost of services can be high and unclear. With cloud-based banking, every fee is clear and transparent. Moreover, a client knows the cost beforehand and can reject a deal if he or she is not satisfied with the price.

High-skilled Support

While a neobank client cannot visit a physical branch to deal with a problem, all issues can be solved online. This means cloud banks have excellent online support teams, with a high level of technical and soft skills. Traditional banks can rarely claim the same.

Automated Approvals

With traditional banks, the approval processes for services and transactions take time because they are manual. With neobanks, the approvals are mostly automated and take seconds.

Traditional banks could probably develop and offer these advantages with time, but the situation in the world and the banking services market evolved very quickly and they just could not react with the same speed. So, neobanks appeared as an alternative to traditional banks and introduced the above-mentioned features. But there is even more.

‍Five Benefits of Neobanks

Cloud-based banking has a lot to offer a new generation of customers. While older people mostly trust traditional banks more than innovative mobile solutions, youngsters appreciate the benefits of neobanking. People who stay online 24\7 require banking services at their fingertips. Simply speaking, online access to banking services comes with a host of other benefits.

No More Queues

Nobody likes queues at the bank especially when it’s for a small transaction like utility payments or card-to-card transfer. Neobanks proved that most routine operations can be conducted online, and there is no need to waste time in a line.

Quick Problem Resolution

It would be incorrect to say that the online support team solves all problems immediately. Sometimes it takes time for a problem to be resolved. Anyway, it cannot compare with offline service, including the time to visit a bank office.

Transparency

With neobanks, customers have immediate access to routine services, like account balance checks, transaction history, card-to-card payments, etc. It means better control and transparent money movement. For example, a client can immediately see an unauthorized transaction and call support.

User-centric Experience

While cloud banks are only available online, they pay much attention to their application to make it accessible, convenient and customizable. A client can get many custom functions, from interface color to automated regular payments.

Cloud Data Storage

Neobanks store their data in cloud storage, without relying on outdated legacy systems. It means faster operations, automated approvals and faster services in general.

Looking at the benefits of neobanks, it seems they are a perfect stage in the banking industry evolution and should push the traditional banks out of the market. However, nothing is perfect, and cloud banking has its challenges.

6 Challenges of Cloud-based Banking

The challenges of cloud-based banking solutions can kill the euphoria of their benefits. In particular, there are some major and minor risks both for banks and customers.

Human Factor

Modern technologies implement the best data protection solutions. However, people can still intrude on the processes. The impact of the human factor can appear at different levels, starting from a simple data entry mistake up to system failure. It is impossible to protect the cloud system from human incompetence 100 percent of the time. Traditional banks are less vulnerable to human mistakes because of slower processes.

GDPR Violation

All companies promise to keep clients’ data safe, but not all keep their word. For example, in 2020, Google faced a five billion dollar lawsuit for GDPR standards violation. We never know which company will break its own promises and start trading sensitive information. Of course, traditional banks can also do this, but neobanks seem more vulnerable to this because of all the data in the cloud.

Force Majeure

A bank does not control its infrastructure. Mostly, it is a benefit, but when the cloud service provider faces unforeseen circumstances, like a natural disaster, server downtime is possible. A bank cannot manage the situation and its customers can be without access to their banking until everything is fixed.

Contradictory Regulations

The banking industry is the most regulated in many countries. Failure to meet the regulations results in fines. At the same time, cloud solution providers also follow regulations, which sometimes contradict banking regulations. The simplest way to avoid fines is to hire a compliance expert to remove the conflicting rules and mitigate the risks.

Status Issues

As we mentioned above, neobanks are not banks but financial organizations. The main difference is the type of license. As a result, neobanks act like banks and provide a broad range of banking services, but they cannot operate without the support of traditional banks. This precarious situation causes many contradictions and requires changes in the global banking system.

Data Migration

When traditional banks start using cloud services, they always face the need to migrate the entire architecture into the cloud. According to Bloor Research, one in three migrations ends with failure. The problem lies in the absence of a high-skilled IT team that can handle the process. Finding a team of experts is a pain due to scarcity.

Need a team with expertise in financial solutions? Get in touch with us. 

What Is a Hybrid Cloud?

There are three main types of cloud solutions, differentiated by level of privacy: public, private and hybrid cloud. Public clouds are familiar to most of us: Google Environment and Microsoft 365 count a billion users. A private cloud, also known as an on-premise server, is a popular enterprise solution. It can be assessed only by authorized staff.

However, modern businesses want to combine the secure on-premise server with the benefits of public clouds. This combination is called a hybrid cloud and for now, it is the most popular in the enterprise segment.

Hybrid Cloud Adoption in the Banking Sector

There is no question that banks and financial institutions should adopt hybrid cloud technologies. If they do not migrate to the cloud and modernize their infrastructure, they cannot follow their more innovative and responsive competitors.

According to Gartner, 70 percent of banking and investment respondents increased their cloud spending in 2022, and plan to do more until 2025. Most of them prefer a hybrid cloud solution that combines an on-premise server for sensitive information and public clouds like Amazon AWS for customer relationship management, marketing, data analysis, fraud detection and other functions.

Migrating to the cloud for banking means better efficiency in operational processes and greater flexibility in new business models, better customer services and products and the ability to focus on the core business without needing a series of machines to run it.

How to Start Implementing a Hybrid Cloud in the Banking Sector

The process of modernization and data migration to the cloud can take months. To avoid failure and banking service disruption, a bank should have a well-trained internal IT team or hire a professional service vendor.

A strategy stage is crucial for successful hybrid cloud implementation to ensure continuity of service without interruption or downtime. An IT team and bank representatives should discuss, develop and approve a comprehensive implementation strategy and consistent architecture. A migration strategy should include not only the specific needs of the banking business but also all related institutions. Only after strategy approval can the process of implementation start.

Hybrid Cloud Implementation: Main Challenges

Adapting traditional IT to new hybrid infrastructure is a key issue for banks due to the large volume of legacy technology and compliance requirements.

• Many banks have existed for decades and even centuries, so they have long track records. It means that they have significant legacy technology that needs to be adapted for use in a new hybrid ecosystem.
• Banks need to make sure that any data stored in the cloud is secure and compliant with applicable laws and regulations. To do this, they must ensure that their hybrid cloud environment has strong security measures.
• Banks also need to keep an eye on third-party vendors and make sure that they are not using any outdated or insecure technologies or services.
• Additionally, they need to choose a technology partner that has experience with banking solutions and understands their specific needs so implementation projects can go smoothly.

When it comes to selecting the right platform for their hybrid cloud solution, banks must consider a variety of factors such as storage capacity, scalability requirements, cost-effectiveness, customer experience delivery timescales, etc., before making a decision.

Where to Get Hybrid Cloud Services

Major banks can afford to keep the internal IT department to develop and implement both private and public clouds for the bank, integrate it, set up all the necessary applications, check compliance, and perform other steps.

However, the internal team has its own weaknesses. Having broad expertise in local infrastructure, networking, hardware and software, they usually lack experience in the cloud for the banking industry. The alternative is to find an independent banking software development company.

Intellectsoft offers to advance your efficiency, customer experience and business performance using the power of Intellectsoft software development for banking and financial services.

If you want to learn more about how your bank can use cloud technology as the catalyst for enterprise transformation, don’t hesitate to contact us. Our managers will reach out to you in order to provide you with the most detailed information and help you make your first step to a more digitized business.

The post Banking on the Hybrid Cloud: What Big Banks Can Learn from Neobanks appeared first on Intellectsoft Blog.

Technology has evolved to such an extent that Gen Z doesn’t even know what the inside of a bank looks like. Everything takes place online and doing mundane tasks have now become streamlined with digital offerings that make everything faster and more seamless.

Thanks to digital innovations such as money transfer apps, or peer-to-peer (P2P) money transfer apps, cash can be seamlessly and securely transferred from person to person, or business to business.

You can even link the app to your credit card and bank account. And the best thing is, electronic transactions and payments are done with a simple few taps.

Money Transfer App Development — Reliable Idea?

So, you’ve probably figured by now what this article is about. Yes, you guessed right, it’s all about money transfer app development and why it’s essential in a cash-free environment.

In essence, P2P is so much more than a money transfer app – it allows users to make instant payments without having to use a bank or credit card, and enables transactions via cashless payment methods. Did we also mention you can exchange currency?

Let’s use the insurance broker analogy.

When taking out new insurance, the first thing you do is call your broker. They, in turn, act as the go-between you and the insurance company. As the middleman, they act in your best interest while getting paid to do a job. But sometimes, things get lost in translation which can lead to some costly mistakes.

Imagine not dealing with a middle man and going directly to the person supplying you with a product or service. It means no extra expenses and zero chances of things going wrong.

That’s exactly what a money transfer app does.

If money piques your interest, how about the fact that the global P2P payment market was valued at $1.89 trillion in 2021? And, according to the Precedent Research report, it’s growing exponentially and expected to reach about $9.87 trillion by 2030.

How do you like them apples? It’s a lucrative niche practically begging to be tapped into.

We’ll not only explain the importance of payments apps, but provide you with a step-by-step guide on how to implement your own money transfer software.

What is a Money Transfer App?

As explained previously, money transfer apps are essentially instant banking without the middleman.

If you really want to go into detail, the majority of P2P apps consist of a digital wallet, This enables consumers to deposit funds that can be used for payments or international transfers.

Money transfer software comes in all shapes and sizes. However, the end result is exactly the same – convenience, flexibility, security and transparent fees.

There are a variety of features, including digital wallets, bill payments, expense trackers and expense tracking. We’ll discuss this in more detail further down.

Another thing to take into consideration is to note the difference between P2P apps and traditional banking systems.

Dedicated money transfer apps work independently from banks, meaning they avoid the complications and high costs that arise from transferring money between bank accounts in different countries.

Types of Money Transfer Apps

Mobile OS systems

You might not be aware of it, but widely used P2P services such as Apple Pay and Android Pay are examples of mobile OS systems.

Because of contactless payments for purchases wherever NFC technology is supported, the app software has grown in popularity.

However, there is one drawback – users of Android or Apple devices can only make money transfers to users of the same system.

Independent services

PayPal leads the pack when it comes to independent services. Basically, the app allows for card payments with the help of electronic wallets whereby P2P payments are made.

The downside? All independent services as a minimum support Visa and MasterCard card types.

Online banking services

The traditional way of banking will soon become obsolete and no one knows this better than the baking sector.

As a way of jostling for space in the digital sphere, banks are competing with each other by keeping abreast of trends. And because of this, many are offering their clients P2P services.

Good examples of these bank-centric apps are Zelle and Dwolla.

Must-have Features of a Money Transfer Application

For a safe, secure and reliable money transfer app, you need to have the following features for critical functionality.

E-wallets

E-wallets give you the freedom to store electronic money and make contactless payments. Because the app stores your bank card data, there’s no need to create a new bank account. An example is PayPal’s mobile wallet app.

Bill payments

Used by some businesses as their competitive edge, users are able to make online payments at any time, from anywhere in the world.

“Bill-paying services are important tools to help consumers pay their bills and provide insight in how they are living their lives and allow consumers to take a more active role in their saving and spending strategy,” Michael Hershfield, founder and CEO of Accrue Savings, told US News.

Money managing apps such as Mint and Prism make it easy to pay and track your bills, using a smartphone or any mobile device.

Payment statistics

Data is king and that is why this feature is so important. Users can manage their finances effectively by visualizing all user transactions according to volume, status, country, and receiver.

The result is a seamless experience, enabling users to interact with their financial statistics.

Online ID check

Users want to know that their data and sensitive information is safe from enterprising cybercriminals. This feature protects against online fraud.

Transaction notifications

Every time activity occurs on an account, the user is notified via pop-ups or push notifications. This feature is very important as it drives customer loyalty.

International transfers/Currency exchange

Users want to know that the hassle has been taken out of international money transfers. By making it easier for them, you’ve already gained an ardent customer.

If they can conduct or receive international money transfers in a few seconds without the delays and high fees, even better.

The same goes for currency exchange. An integrated currency exchange feature adds value to your product. Imagine being able to receive dollars, euros, or other currencies without physically walking into a currency exchange institution? You can make that a reality.

According to Investopedia, the best international transfer and currency exchange apps currently on the market are PayPal, WorldRemit and Cash App.

How to Develop a Money Transfer App? Steps to Create

Discovery phase, product concept and main features

Before you get into the building of your app, the discovery phase can be viewed as the preliminary stage of your project and probably the most important. It will lay the foundation and ultimately make the difference between the project being a success or failure. You’ll be able to identify which stakeholders in the business need to be involved, who your target audience is, pain points your solution will solve, the scope of the project as well as design features.  All these steps will help define a succinct product strategy.

The stakes are high – 99.5% of consumer apps fail and doing your due diligence at the beginning before you start to build your app, could make all the difference.

UX/UI designing

While your engineers and developers will be taking care of everything in the back-end to make sure your app does its job, user experience and user interface design plays a critical role in the front-end.

An intuitive interface and user-friendly design can set your app apart from the competition but more importantly, will keep users coming back. A bad user-experience could mean the user is lost forever. Developing a well researched customer journey map will provide insight into how a user will interact with your app and show clear steps on how they’ll reach their goal, and in this case, transfer money.

Great design should solve the needs of the user and get them to their desired goal effortlessly. Satisfied customers drive higher conversions.

Development approach

Businesses can approach this in two ways: in-house development and software development outsourcing.

If you choose the latter, Intellectsoft could be your reliable choice. Using fintech app solutions to simplify and increase the effectiveness of financial operations, Intellectsoft’s years of experience ensures your business will perform, thanks to future-proofed technologies.

Security

Pull quote:

CyberNews security researchers found that 14 top Android apps, downloaded by more than 140 million people in total, are leaking user data due to Firebase misconfigurations. Exposed data potentially includes users’ names, emails, usernames, and more. 

When data breaches occur, your app and company could suffer significant financial and reputational damage. As cyber criminal activity increases, your users are at risk of paying the highest price and when it comes to sending money, your app will need to provide the highest level of security.

App security best practices

• User authentication
• Authorization
• Encryption
• Secure APIs

How much Does It Cost to Build a Custom Money Transfer App?

There are various factors to take into consideration when it comes to the costs. It can take anything from $11 000 to $15 00, depending on the features.

For example, an app with the minimum amount of features (minimum viable product), is less than an app with more functionality.

Below, we take a look at the technologies needed:

API integration

“An application programming interface (API) is a way for two or more computer programs to communicate with each other,” according to Wikipedia.

Still finding it hard to understand? Think of it this way; APIs act as a sort of translator between two systems so that they find it easier to communicate and understand each other.

Why is it important for a money transfer app?

It’s essential to link your app to other applications to ensure a seamless user experience.

Chatbots

In many instances, chatbots have been compared to the rise of the machines but they can bring in an element of conversation AI support. No need to worry about them taking over the world. If you understand how a chatbot works, you’ll know when it’s important to integrate it into your app.

Basically, a chatbot is a software app that is used to conduct an online chat conversation via text or text-to-speech, in the absence of having direct contact with a live human.

Combined with AI capabilities, this technology provides customers with around-the-clock support.

Notifications

As discussed in our Must-have Features sections, notifications alert users whenever a transaction or activity on an account has occurred. These notifications can include when money is deposited into an account, confirmation of money being sent and when the funds have landed with the recipient.

Security

Enterprising criminals always target vulnerable systems. Sensitive data in the wrong hands can lead to all sorts of activity. As a defense for your customer, two-factor authentication is crucial when building a money transfer app. This type of authentication requires the user to provide two ways to verify their identity with the aim of strengthening overall security and access.

What Makes Your Money Transfer App Secure?

There’s no question about it; when it comes to security, you need to make sure there’s no room for being attacked from the outside.

“Because the money is immediate, you want to make sure your payments are to people you know and trust,” explained Bobbi Weber, Fraud Operations Group Manager and Senior Vice President of Fraud and Claims at Citizens Bank.

To prevent mistakes and fraud, take the following into consideration:

Payment Gateway Protection

A study by PWC, Global Economic Crime and Fraud Survey 2020, found that 47% of companies experienced some form of fraud, resulting in $42-billion of losses.

What payment gateway protection does is encrypt sensitive transaction data. The encryption translates the data into another form so that only people who have access to a secret key can decrypt it.

Testing

Make sure during the software development phase that your app is able to withstand various checks. This is called the testing stage.

Also known as “penetration testing,” these measures are aimed at detecting vulnerabilities in the app.

A cyber Safe environment

Don’t be fooled into thinking your app is not vulnerable to cyber attacks. The best approach to take is a defensive one.

Key measures include a robust IT infrastructure, building secure application logic, ensuring web-server security and writing secure code.

Consider Intellectsoft Your Trusted Partner

With an impressive client portfolio and more than a decade of experience behind its name, Intellectsoft prides itself on cutting-edge solutions to get the job done.

Our skilled experts provide custom financial software development to fit your business and budget requirements, without compromising on leading-edge technologies.

One of our success stories was to develop a global mobile banking platform for a client that enabled people to open bank accounts and access P2P banking services.

Intellectsoft incorporated blockchain, biometrics technology and three-factor authentication to ensure user data was safe and secure when sending money across the globe.

Conclusion

It’s a given that the world is moving towards a cashless society. Fintech solutions are the future. The question is, are you and your company moving in the same direction?

The post How to Create a Money Transfer App – Step-by-Step Guide appeared first on Intellectsoft Blog.

Older technologies may seem hard to modernize, but if you want to remain competitive, it’s something you have to do. The good news is that with the right tools and a modern approach, you can successfully modernize your banking legacy systems without breaking anything else in the process. Here are some helpful tips on how to accomplish this feat.

What is a Legacy System in Banking?

In IT, a legacy system is an older computer system or application program that continues operating long after newer systems have been introduced. Newer systems are sometimes described as greenfield or brownfield systems, depending on whether they replace a working system or upgrade an older one.

The term legacy comes from legacy code — the term for obsolete programs that continue operating as-is. As a rule of thumb, legacy code is 10 years old or more; most often it refers to internal accounting applications.

In the banking sector, legacy systems include many of today’s most popular banking apps, from online banking portals to mobile and desktop Internet-banking apps.

Many of these systems have become unsustainable due to increasing demand for new features and improved user experiences, making it difficult for financial institutions (FIs) to service customers with ease and efficiency. That’s why it’s business-critical to modernize banking legacy systems.

Why Do Legacy Systems in Banking Need Modernization?

Customer demands. Among all, legacy banking systems make it hard to provide high-quality service to your clients. Mobile payments, instant interactions, secure data storage and personalized banking are just a few examples of what today’s consumers demand from their banks. Frequently, legacy software simply cannot keep up with these demands.

Maintenance cost. Supporting legacy systems in their current state is time-consuming and costly. Frequently, companies turn to expert help for that. However, several updates can go a long way toward improving performance — even increasing speed and stability — without incurring an enormous cost. Modern technologies can even automate your strategic decisions without the need to maintain the separate department of data scientists to manage them.

Need for innovation.To remain competitive, sooner or later, each bank faces the need to update their legacy software. A modernized banking system can improve security and customer satisfaction while also reducing operating costs and risk exposure, which means solving numerous internal problems and serving customers better.

Main Benefits of Modernizing Banking Legacy Systems

1. Risk management. The newer technologies reduce the risk of regulatory compliance through internal control.
2. Money. Modernization can drive down operating and delivery costs and improve efficiency of staff through technology.
3. Security. Cloud technologies introduce scalability and flexibility while maintaining the safety of your strategic assets.
4. Speed. With modernized legacy systems in banking, you can get access to digital capabilities that accelerate the pace of innovation in your organization;
5. Customer service. The improved areas include service levels and customer satisfaction.
6. Better use of talent. Instead of wasting your employees’ time on supporting older systems, you save their time on more strategic tasks through modernization.
7. Long-run advantage. Although investing in modernization needs extra money, their maintenance and operation will be cheaper in the long run.

Best Practices and Tips for Legacy Software Modernization

When it comes time for a financial institution to consider updating a legacy system, many questions arise: How will we finance modernization? What is our exit strategy from our existing environment? Is our data at risk during implementation? When should we start planning for a project like modernization?

Here is a collection of working approaches to answering these questions about modernizing legacy systems in banking.

Take Time on Preparation

First, understand how automation fits into your overall operations. While automating individual processes might seem like a good idea, it may not integrate well with other parts of your business. Thus, make sure you set clear goals for every automation project and create an implementation strategy that will work for you and last over time.

To prepare for modernization, you need a plan that ensures process efficiency and takes advantage of current technology. You also need a realistic budget. If your bank is currently using an old application that’s missing features and needs updating or repairing, you don’t want that updated version causing more problems than it solves. It should be a strategic part of your business’s growth plan.

To get started, gather ideas on how customers interact with your bank — both in person and online — and jot down new processes you could introduce. For example, if customers are always waiting in line at one branch location on Thursdays after lunch, maybe they would appreciate a mobile app so they can do their banking from anywhere, anytime. After collecting all these ideas, you can start searching for a reliable tech provider who can help you with the needed modernization.

Pick Your Tech Partner Wisely

While modernizing legacy systems in banking, it’s important to find a reliable tech vendor who can implement your ideas into reality. Be prepared for lots of questions about your system, and make sure you ask lots of questions, too—it’s critical to understand just how complex and difficult your project will be in advance.

Also, check the portfolio and technical capabilities of your future partner. It’s best to research ahead of time what kind of projects they’ve worked on in their past. The more relevant experience they have, the better off you’ll be..

Deloitte experts also recommend focusing on business impact and total cost of ownership, not just technology features and purchase price. While talking to an IT company, remember that the best way to ensure that your legacy modernization efforts are successful is by focusing on business value — not just because it’s easier to measure, but also because it forces you to ask tougher questions. Take an active role in decision-making so that you end up prioritizing your project wisely and aligning it to your financial goals.

Guiding Principles to Updating Legacy Systems in Banking

While working on the project, stick to these 6 key principles from the McKinsey list that contribute to successful modernization of legacy systems in banks:

1. Establish a flexible data platform. Don’t try to bring everything into a single new data platform: you will get bogged down in complexity and leave out key sources of high-quality data. Instead, start with those golden sources that provide deep insight into customer behavior or performance, such as credit card transactions or mobile phone records, and work on creating intuitive interfaces for these operations.
2. Use microservices: Focus new development on decentralization, changing behavior, and building new applications that are tailored to how today’s customers want to interact with their banks. Microservices are a good fit for this aim.
3. Categorize capabilities for customer journeys: Banks should identify key customer processes and map out their specific requirements for seamless digital experiences. The first step is identifying which functions are essential at each stage of a journey — and which are not. It may be tempting to use new technology as an opportunity to provide every possible service; but banking leaders should be aware that they could create distracting complexity if they don’t maintain simplicity at every step.
4. Prioritize integration: Rather than simplifying systems, leading banks use a strategy of integrating with modern tools while keeping legacy core intact. Then, they start slowly moving core processes to their new environment over time.
5. Rely on SaaS for non-critical capabilities: While many enterprises still rely on internal resources for service delivery, SaaS has proven especially effective for streamlining business processes. By moving applications like HR, procurement and other back-office systems (such as accounting) from onsite servers to a cloud platform, IT teams can focus their efforts on upgrading their mission-critical software.
6. Think globally, act locally: Global platforms are good but have their limits. If a bank takes an overly broad approach, it may build barriers for future innovation and harm customer outcomes by forcing them onto one global platform. Instead, focus on creating shared data models and core services that can be extended to support business-critical activities while remaining agile enough to accommodate alternative paths.

How Hard is It to Modernize My Legacy Banking System?

Initially, the idea of modernizing legacy systems was too unrealistic for many banks. The only option available was total replacement, which required tremendous effort and heavy investments.

But things have changed these days. Intellectsoft has already delivered several examples of legacy systems in banking that didn’t require heavy changes but modernized the outdated parts. We use the recent technology advances and approaches from our set of financial software development services:

• Online banking. We create new experiences for customers through custom online banking platforms, mobile apps, security technologies, UI/UX, and system integration.
• Digital wallet. We enable P2P payments, facilitate digital transfers, and introduce in-app currency with enhanced security and tailored promotions.
• Trading and securities. Services for mobile stock tracking include digital brokerage, blockchain ledgers, and applying AI and automation.
• AI and ML. We have vast experience of working with Fintech trends for mobile app development and can introduce predictive and recommendation systems, Natural Language Processing, computer vision, and data mining and analytics into your bank.
• Robotic Process Automation (RPA). The technology improves productivity and provides intelligent automation through account reconciliation, automated mailers, monthly account reviews, and regulatory reporting.
• Blockchain. We apply the technology behind cryptocurrencies to increase security, cut transaction fee costs, and introduce automation. Our services in this area include smart contracts, identity management, ICO launch support, and cryptocurrency operations.

Ready to start the modernization? Talk to our experts to discuss the best approach to updating your legacy systems and start improving your banking today!

The post How and Why to Modernize Legacy Systems in Banking appeared first on Intellectsoft Blog.

According to the latest research, the global financial services market is expected to reach $26.5 trillion in 2022 at a CAGR of 6% due to the fact that the pandemic starts winding down and companies are rearranging their operations.

The evolution in customer behavior, remote working, and the emergence of new needs encourage the financial technology industry to embrace a wave of changes and innovations to stay relevant.

There is a list of the top fintech industry trends that center around 15 technologies with the most potential to transform the market in 2022:

1. Open banking
2. Big Data and Analytics
3. RegTech (Regulatory Technology)
4. Blockchain
5. Virtual Cards
6. Cloud Computing
7. Defi (Decentralized Finance)
8. Cybersecurity
9. Artificial Intelligence
10. Machine Learning
11. The Internet of Things
12. Robotic Process Automation
13. Neobank
14. Biometric Security Systems
15. Voice Technologies

15 Fintech Trends for 2022

1. Open Banking

The open banking concept of using open API technology drastically changes the customer’s experience and boosts value to financial service. 3.9 million people use open banking to manage their finances but the number of users is increasingly growing and is expected to reach 63.8 million by 2024 as this financial technology becomes more popular.

The biggest convenience is that users can accumulate and manage all of their account data, operations, transactions, expenses on one platform. Another advantage is that an application helps them monitor costs and keep to a budget, which contributes to increased savings.

The benefit of one of the hottest trends in fintech at the moment for the financial companies is that by gaining access to this data, they can conduct a deeper analysis of the financial habits and behavior and provide users with more customized products and personalized offers that best meet their needs. Additionally, the open banking concept brings significant profitability, in particular, increasing customer engagement and retention.

2. Big Data and Analytics 

In 2022, businesses continue to see big data and analytics as one of the top three fintech trends. Most organizations are trying to capture all possible data streaming inside and apply all kinds of analytics to it.

There are numerous positive outcomes achievable, for example:

• Faster decision making: various analysis tools allow making instantaneous decisions based on immediate data streams
• Cost reduction: it helps to find better ways of doing business by scrutinizing individual aspects of everyday operations
• Customer satisfaction: having the opportunity to analyze the customers’ behavior over time, organizations get a chance to develop new products to meet their needs more effectively

 3. RegTech (Regulatory Technology) 

Combining a subset of financial technologies such as ML, natural language processing, predictive analytics, the RegTech phenomenon is one of the key players in the rapidly evolving fintech world. The purpose of it is to help both financial companies and banks to comply with all regulatory requirements more efficiently and much faster, reducing the level of costs and risks.

Even though Regtech is often considered a technology in the finance industry, it is applicable in a range of different fields. According to recent reports, this booming industry is predicted to bring in $21.73 billion by 2027.

4. Blockchain 

Being the most significant innovation in the financial technology industry, Blockchain has continued to influence the banking industry by ensuring end-to-end data security, preventing cyber-attacks, providing fast transactions, and reduction in operational costs.

At the end of 2021, the global cryptocurrency market cap reached $3 trillion, according to a recent study. However, the potential of blockchain isn’t limited to cryptocurrencies, and this financial technology could provide fertile ground for future fintech developments offering new ways of handling information.

5. Virtual Cards 

As cybersecurity attacks are on the rise, it has become necessary to develop a new way to protect account data when making online payments. That’s how virtual 16-digit cards, which are usually valid for a short period, emerged as an alternative payment method that aims to help users protect their sensitive information.

Virtual cards are safe, sustainable, and expire as soon as you complete the transaction. Besides, they might be used as a backup payment method if a standard card gets declined or lost. The rapid advancement in financial technology led to the increased use of virtual cards for businesses as they are easy to receive and use.

The total value of virtual card transactions is forecast to reach $6.8 trillion by 2026.

6. Cloud Computing

In the world significantly impacted by the COVID-19 pandemic, even the most traditional organizations have to find ways to interact with their customers digitally.

More importantly, they need to build a system allowing them to access, manage, analyze, and control massive data storage in a reality where managers and analysts cannot physically reach their offices.

As Americans were forced to live under official social distancing guidelines, a vital need to move organizations to the cloud as quickly as possible emerged. Leaders should undertake a few essential steps to achieve a smooth transition:

• Providing sufficient funding to ensure the employment of all the required technology
• Integrating the cloud to the business model to reflect its widespread and long-lasting impact
• Attracting well-qualified engineers and IT-specialists to support the technology’s everyday performance effectively and to avoid any disruptions

7. DeFi

The cryptocurrencies occupied headlines quite often in the previous year, as their underlying technology holds tremendous potential. According to recent reports, crypto borrowing was the largest single segment of DeFi in 2021.

Blockchain opens up a series of opportunities for protecting any kind of data, not just financial transactions. For instance, payment reconciliation, identity protection, and data access are significantly benefited through the use of this technology.

Caption 1. Primary challenges when implementing blockchain technology

One of the new fintech trends, decentralized finance or DeFi, is about creating autonomous protocols (set of rules) for money to operate; no trusted party is needed. The hottest topic is lending, namely yield farming.

8. Cybersecurity

With the COVID-19 world facing the rise of online activities, cybercrime constantly expands its endeavors.

Since the beginning of the pandemic, cloud-based and phishing attempts have increased substantially. According to the CPR, companies around the world witnessed a 40% growth in cyber-attacks in 2021. Additionally, it is projected that the number of cyber-attacks will double by 2025.

9. Artificial Intelligence

Organizations are paying more and more attention to Artificial Intelligence power. AI has been named the most disruptive technology by managers and IT leaders worldwide, exceeding big data and analytics.

The latest statistics show that by 2025 about 95% of all customer interactions worldwide will be fully powered by AI, and the industry is forecasted to reach $31 billion in revenue.

10. The Internet of Things

The giant ecosystem of the Internet of Things is multiplying. IoT devices are everywhere, from voice assistants to slow cookers.

The IoT market is expected to expand to $1386.06 billion by 2026, having systems integration and data center and analytics as its biggest segments.

Caption 4. Reasons for technology usage

Caption 2. Reasons for technology usage

11. Machine Learning

Machine learning is often seen as synonymous with artificial intelligence. It is a subset of AI, making the former perform faster by reinforcing its learning abilities.

These make machine learning a key component of AI, a fact confirmed by the latest machine learning statistics.

The machine learning market has been rapidly growing. The most significant segment of this market is the deep learning software set to reach about $1 billion by 2025.

Current machine learning market research has shown that the market for AI-powered hardware and assistants is expected to grow at a high pace.

12. Robotic Process Automation

The latest reports show that about 23% of factory jobs will be automated by 2025. The range of collaborative applications offered by robot manufacturers continues to expand.

Currently, shared workspace applications are most common: robots and people operate together, completing jobs simultaneously. They enable this by voice, gesture, and recognition of intent from human motion.

Caption 3. Service robots for personal/domestic use

13. Neobank 

Neobank is another great example of the fintech developments that deserve your attention. Due to quarantine restrictions, companies are actively switching business processes to online mode, and banks are no exception to this process.

Banks that operate exclusively online are gaining more and more popularity and are innovative competitors of conventional banking institutions. According to Statista, the digital-only banks’ sector is projected to grow and reach a market size of $722.6 billion by 2028.

Neobanking technology in the finance industry offers a plethora of plans and options for customers. This includes a variety of services such as international remittance, fee-free transaction operations, obtaining loans, etc.

14. Biometric Security Systems

It is vital for the fintech industry organizations to take all possible security measures. And biometrics is the best way to lift security to the next level, ensuring users’ confidence that their information is protected.

The world biometrics market is expected to reach $45.96 billion by 2024 as the partnerships between tech and biometric companies will be growing.

The range of solutions is set to grow bigger to utilize such biometric data as fingerprint, face, iris, vein, voice, DNA, palm prints, hand geometry, signature, and several behavioral features.

15. Voice Technologies 

Chat-like platforms keep arriving for everything customers need to deal with on an everyday basis. Voice assistants are being developed to provide support for various issues. Voice technologies have evolved to tell the weather forecast or stream sports and improve customer service in the banking sector.

Voice technologies are divided into two main groups: the phonetic recognition of different words and the interpretation of the actual language as spoken, also known as natural language processing (NLP).

The global voice technology market will rise to $20.9 billion by 2026.

Wrapping Up

As we can see from above, the banking industry trends and technology trends in financial services are here to optimize the working processes by saving money, eliminating all human errors during operation, securing personal information, and delivering satisfying and safe customer experiences.

Feel free to contact Intellectsoft experts to find out more about the key fintech trends for 2022 and the wide array of financial software development services we offer. Our experienced specialists provide clients with business solutions that will improve team performance and business efficiency.

The post Disruptive FinTech: 15 Technology Trends to Watch in 2022 appeared first on Intellectsoft Blog.

However, according to Deloitte’s research, the return on equity is going to return back to normal to 10.4% in 2025.

Additionally, the recovery in the financial sector is expected to result in loans and potential net interest margin growth. Therefore, the prospects for the next few years are quite favorable even though the pandemic isn’t over.

In the banking sector, digital transformations have continued to gather momentum by developing top-notch software and revising new approaches. While there are many aspects of digitalization, the combination of legacy lending systems and rapid technological advancements have generated strong demand for alternative credit scoring.

In this article, you will discover how scoring solutions including AI and ML can be used to extract meaningful insights from non-traditional data sources such as social media sentiment, app usage, utility or phone bill payments, and public records to achieve precision in solvency evaluation.

Moreover, we’ll describe the key advantages of the credit scoring software solutions and explain how they will take your business to the next level.

What Is Traditional Credit Scoring, and Why It Can No Longer Perform as Effectively as in the Past?

Traditional credit scoring is a process associated with the creditworthiness evaluation that is conducted before concluding credit agreements. Once it’s done, a loan applicant receives an individual credit score, which is presented as a 3-digit number.

The institutions use different ranges of scores, but the most popular is a 300-to-900 credit score scale. Generally, a credit score of high 600s and up to the mid-700s is considered good. Building and maintaining a good credit score is very significant as it can help customers get approved for lower interest rates and attractive terms.

Although the credit bureaus use different mathematical algorithms while calculating credit scores, there are the most important characteristics that are factored in when customers apply for credit:

1. The first thing prospective debtors need to pay attention to before the lodging of an application is the payment history as it defines how consistently payments are made on time.
2. The second most important factor that has an impact on credit scores is the level of outstanding debt a potential borrower owes. Experts recommend sticking to the 30% credit utilization rule, otherwise, it can actually hurt the credit score.
3. Representing both active and closed credit accounts, a long credit history helps the lender to gauge the customer as a borrower.
4. Maintaining a mix of revolving and installment credit indicates financial reliability to lenders.

With this traditional model, as we have seen, the procedure for credit score assessment involves quantitative and qualitative analysis. As a result, the possibility of unpleasant future events such as defaults and the risk of human intervention is eliminated.

Even though there are numerous benefits including objective measurement of credit risk and time-saving features, credit scoring results are not quite fair as the information, which is derived from credit bureaus, is insufficient to conduct a meaningful review; therefore, conventional methods of credit scoring can’t give an accurate picture of creditworthiness.

What Is Alternative Credit Scoring & Why Is It So Popular?

The methods used for credit scoring are evolving from traditional statistical techniques to innovative methods as the world is changing and a wide variety of new data sources are being created.

While lending institutions rely upon credit reports and scoring to decide whether an applicant can afford to repay debts, alternative credit scoring refers to the use of current and accurate data for creditworthiness assessment, such as a digital footprint, which is the online activity information about a particular person.

The use of alternative data sources and innovative algorithms in credit scoring may help enable greater access to the unbanked category and first-time debtors, thereby providing them with credit and an opportunity to start earning scores.

The alternative data that generate more accurate credit scores include the following sources:

1. The better the payment history with utility providers, the easier it will be for a borrower to prove their ability to repay loans.
2. Good rental payment reports can drastically beef up an applicant’s reputation and credit score, and therefore access finance at better rates. And it is sometimes necessary for rent payments to be verified by the landlord.
3. Asset ownership and steady employment have a beneficial effect on creditworthiness.
4. POS and transaction data reports can demonstrate a consumer’s spending behavior and the way they handle all aspects of finances.
5. Self-reporting personal checking and savings information to the lenders might open up more opportunities to reach the financial goals.
6. Analyzing mobile phone data including payments, subscriptions, income level, consumption and top-up pattern, social media information might bulk up the consumer’s credit score.

How Can AI and ML Enhance Credit Risk Assessment?

Being a technological innovator for the foreseeable future, AI along with machine learning are used to analyze large amounts of alternative credit datasets and identify patterns in the different types of data that will help assess a prospective borrower’s behavior and financial reliability.

Considering real-time factors of the potential loan applicant’s creditworthiness and making precise profit predictions, AI models transform credit scoring by identifying borrowers with high potential and thus include them in the credit programs. As a result, integrating AI into the financial sector minimizes risk exposures and provides more individualized credit score assessments.

One of the most effective unsupervised learning techniques applied in data analysis is clustering, which aims to obtain natural groups from the data. Based on the principle of maximizing the similarity between the elements of a group, clustering forms data groups. The algorithms find an appropriate cluster for the borrower and use the average default assessment of the cluster to estimate the borrower’s financial reliability.

The machine learning credit scoring solution provides a good understanding of credit risk in lending to consumers as they allow for faster and cost-effective data processing and detect fraud traits due to the ability of algorithms to learn from fraud patterns and quickly identify them in financial operations.

With these functionalities, it is no surprise that lending institutions are actively augmenting their analytics tools with machine learning to process big data, produce better insights, improve risk management, and expand access to low-interest credit. The innovative credit scoring solution includes the following subphases of the machine learning algorithms:

• Access raw data
• Collect and group the input data
• Extract characteristics and properties from raw data
• Choose useful features
• Ensure the machine learning algorithm absorbs training data set to make predictions or perform given tasks
• Interpret results

Credit Scoring Software: Definition and Its Main Benefits

Credit scoring software is designed to optimize workflows between a creditor and customer including the accurate determination of the loan applicant’s solvency and the possibility of defaults by processing both financial and non-financial data.

The technological scoring solutions extend opportunities for the import of critical information from both standard and alternative sources into the database to create an in-depth analysis and evaluate the solvency of the potential debtor.

Investing in a loan management system and credit scoring software brings a lot of benefits and advantages for both lenders and borrowers. Here are the 4 most important ones:

• Holistic Approach

Using credit scoring software draws a holistic picture of each applicant by taking into account more current financial and social information than earlier data as it builds a better understanding of their intention of paying back the debt.

• Fair Credit Decisions

Based only on the facts related to credit risk, the credit scoring software solutions made it possible for lenders to measure the creditworthiness of a loan applicant more objectively and eliminate the human factor that is common in manual underwriting.

• Instant Credit Scores

With the credit scoring solution, lenders can also significantly save time as the program speeds up decision-making by allowing them to approve an application as well as distinguish higher-risk borrowers immediately. Loan applicants receive credit assessment quicker without any quality or precision compromises.

• Increased Access to Credit

While traditional systems restrict borrowers with no credit history, alternative credit scoring software solutions open up an opportunity for such applicants by analyzing and giving a gauge of the overall financial health of applicants with no credit score.

Credit Scoring Software Implementation Process

Although the development of credit scoring software might be a bit challenging and requires a lot of resources and costs, a well-organized implementation plan will provide the efficiency of all processes and essential financial savings for your business. To make the implementation process go as smoothly as possible, consider the following steps:

1. Identify credit scoring outcomes the organization would like to achieve
2. Ensure you have sufficient data capabilities
3. Leverage AI tools and machine learning in credit reporting

Usually, the credit scoring software implementation consists of a certain number of phases. Let’s see six important stages that are employed during this process:

1. Combining various internal data with external information to create a statistical credit scoring model.
2. Measuring the likelihood of default by assigning consumers to risk classes based on their individual inability to pay obligations on time.
3. Defining threshold values on the default probability scale, developing measures to be taken on risk-class customers, and establishing decision rules regarding the risk classes that may result in applications refusal, the conclusion of the contract, modifications of payment terms, and risk-adjusted interest rates.
4. Using backtesting, an important part of credit scoring software implementation, as it verifies the credit scoring really fulfills the desired targets on the basis of customer data. The credit scoring calibration gives useful improvement clues of the developed model.
5. Ensuring credit scoring system implemented as part of the risk management.
6. Documenting the debtor- and credit-related data as well as the payment activities to keep technical and statistical maintenance of the scoring model and conduct a receivables risk assessment.

To Sum It All Up

Even though coronavirus factors strongly into the banking climate and economic situation remains fragile, you should still keep abreast of technology trends, opportunities, and innovations as there is a great deal of global financial transformations including fusion of technologies, cloud-based ERP, and automation continue apace. Otherwise, you are giving your competitors an edge.

As we can see from above, credit scoring software development emerges as one of the main focuses of the banking industry in the near future. At Intellectsoft, we bring together professionals with a solid background to provide customized solutions for various organizations to make the client’s credit scoring software more powerful that will meet all the customers’ needs.

Get in touch with our experts to find out more about our financial software development, credit scoring services, and the possibilities of working together. Our team at Intellectsoft would be happy to offer a free consultation and discuss opportunities that will help you grow your business exponentially.

The post Top Features of Credit Scoring Software Solutions That Will Benefit Your Business in 2022 appeared first on Intellectsoft Blog.

According to the ATOS research, nearly $50 billion will be invested in financial technologies solutions, and, with the growing popularity of digital technologies implementation, these numbers are expected to grow further.

In this article, we’re going to explore the digital wallets – a commodity fintech solution that is no longer nice-to-have but must-have to complete today and is expected to become one of the dominant technologies by 2029.

As a part of our discussion, we’ll find out what benefits this technology poses for the financial industry and ordinary consumers, and, finally, share some great tips on how to launch a secure digital wallet and make the most of this product development.

FinTech Industry Trend for the Upcoming 2022: Digital Wallets

With over 500 innovative tech solutions launched each year in the financial industry, it’s essential to uncover the trending yet prospective technologies on the market and inspect the overall vector of the industry development.

So, along with the commonly known AI and ML technologies, as well as big data analytics, the evolving fintech trend we should make a major focus on today is digital wallet solutions.

The increasing smartphone adoption, availability of different digital wallet apps, as well as the rise of various consumer pains and needs, have been stimulating the demand for digital payment solutions entering the industry.

Apart from smartphone availability, the other major drivers for this technology growth include the rise of various e-commerce platforms, supportive governmental initiatives, attractive discounts and cashback offers from digital wallet providers, and many more.

Benefits of Launching a Digital Wallet App

In fact, digital wallet development has plenty of benefits for the service providers and their consumers. From the last one’s point of view, this technology enables simplifying the payment-making process and completing the transactions cash-free, while protecting financial account information and all the passwords.

Additionally, the advanced encryption and virtualization approach ensure that personal information will never leave the consumer’s personal device.

Last but not the least, digital wallets are extremely easy to manage and use, and feature different ways you can conduct a payment. Some of the digital wallets even allow their clients to withdraw cash from ATMs.

On the other hand, there are also various benefits of digital wallet for service providers and financial institutions. For instance, digital wallets are much easier to implement and maintain, they cannot be stolen or lost like regular wallets. The data stored there is secure and encrypted, which may add to the credibility of a vendor.

Along with the debit and credit cards, some providers can also include add-on features to encourage more clients to use their services: cryptocurrency, insurance cards, boarding passes, concert tickets, coupons, and gift cards, virtual IDs, and driver licenses, and many more.

Finally, by investing in a secure digital wallet, you can implement it just about anywhere and use it for nearly any transaction, no matter online or in-store!

Main Challenges of Building & Maintaining a Digital Wallet App

Once you know why this technology is a great investment option, you’re more than likely to initiate the digital wallet development. However, before you get started, it’s essential to weigh all the pros and cons of this fintech trend.

Just like we’ve mentioned before, the core advantage of a high-quality, secure digital wallet is its convenience and ease of use. At the same time, there are plenty of pitfalls you might face during and after you create a digital wallet, that can significantly impact the product performance:

• Fraud and security. It’s essential to focus on constantly improving the mobile wallet security and eliminating the risks of hacking and security breaches, as they can hit not only the reputation of an organization but the significant financial losses as well.
• Awareness and adoption. Despite the high popularity of digital payment technologies, some people are still uncertain about their security, data privacy, and many more. For this reason, it’s essential to invest in the popularization of a current trend, as well as explain the basics of its usage and the benefits this payment method can bring to consumers.
• Merchant accepting. If the businesses are not ready to support the contactless payment methods, neither the clients will. That is why providing support on the mobile wallets adoption stages is essential to provide the customers with multiple payment options.
• Compliance with legal requirements and standards. For successful digital wallet development, it’s also important to ensure it is compliant with all the regulations. This not only enables performing the first-class services to its clients but also in the best interest of the companies themselves.
• Device compatibility. It’s not enough to simply create a digital wallet to make customers start using it – you should also maintain the app so it could be easily utilized across multiple devices on different operating systems.
• Wider functionality. The core idea of mobile wallets implies their usage for different purposes, including payment transactions, document carrying, and more. To stay at the top among competitors, it’s essential to adapt technologies that go beyond the standard payment approaches and enable a wider range of different functions included in the app.

Without any doubt, digital wallet development features plenty of different challenges to resolve. However, with all those factors considered and implemented, it’s more than possible to create a competitive, high-quality product that will surely compel consumers to switch to mobile wallets technology.

Best Practices of Launching a Digital Wallet Solution

Now that you know the major benefits and possible challenges of developing a mobile wallet technology, it’s time to uncover how you can launch developing a safe digital wallet project.

1. Select the Type of Your Digital Wallet

Not all digital wallets are equal: their functionality and the area of use might slightly differ. So, one of the core steps on how to create a digital wallet is considering the most suitable type of app first:

• Open-loop or Closed-loop e-Wallets. These can either be used anywhere or only stick to a certain type of transactions we can perform. For instance, if the wallet is closed, like in Walmart or Starbucks app, you won’t be able to pay rent with any of these options.
• Mobile Banking Apps. Feature a robust set of functionalities and are used to deal with the financial services offered by a particular bank.
• Crypto Wallets. A completely new trend in the FinTech industry, that is traditionally used to buy, hold and transfer cryptocurrencies, and, because of its popularity, is now gradually migrating to mobile.

Once you’ve selected the most beneficial type for your product, it’s time to think over its main functions.

2. Consider Its Major Features

Implementing the core features is another important step in developing your secure digital wallet. It should cover all the top functions that enhance the wallet usability, ensure all the transactions are safe and cannot impact the security of customer data.

Additionally, such an app should feature a first-class customer experience to encourage people to switch to their digital wallets. Some of the main functions of a secure digital wallet include:

• Easy Registration, Sign-In, and Onboarding – Users usually try a lot of different apps and decide which of those they want to go on using in the first 3 to 7 days. By improving the UX and simplifying the access to a mobile wallet, you can significantly enhance its usability and reduce the bounce rate.
• Simple Payments – Another basic function that should always work smoothly. After all, that’s why people want to use it!
• Informative Transaction History – This feature always keeps your users up-to-date regarding the latest payments they did, so it becomes much easier to track the spendings. As a rule, it should display the time and type of transaction, as well as the name of a service provider that conducted it.
• Convenient Budgeting Trackers – Being usually presented as a standalone app, this feature can put your digital wallet onto the next level! Budgeting trackers can help to provide informative insights about the spendings across various categories and even give some great comments on its optimization.
• Valuable Rewards – This option adds more to the overall impression of the e-wallet, and performs as a compelling reason why people should start using it. For instance, a digital wallet can feature attractive cash back for certain categories or bonuses people can get by making payments.

These are only a few of the features you can add to make your mobile wallet app stand out from the competition. And, you can be sure that by offering the most beneficial UVP to your potential customers, maintaining the app functionality and performance, yet keeping them always engaged in e-wallet use, it’s more than possible to establish a first-class digital product!

3. Choose the Best Technologies

If you’ve ever wondered how to create a digital wallet or any other mobile app, then you must have already known that this process implies a thorough development process including various front-end and back-end techniques.

To ensure your mobile wallet flexibility and easier maintenance, it’s recommended to use native development tools: Swift (iOS) or Kotlin (Android). This way you can also make sure it will support the new features from the OS updates.

4. Make Your First Prototype

When getting started, it’s recommended to begin with making the interactive prototype of your digital wallet to save up on the time, resources, and costs needed to develop the app itself. You can first plan the screen designs based on the key characteristics of your target audience and which of their pains can be resolved with your app.

5. Develop & Test a Digital Wallet

Once the prototype is finalized, you can finally start the process of the digital wallet app development! To ensure your product will be secure yet bug-free, hiring a dedicated team of professional developers, like Intellectsoft, is a must-have for a successful project launch.

With over a decade of experience, our developers are always ready to deliver high-quality, feature-rich software products at the most reasonable price!

Conclusion

As you can see, building up a digital wallet is one of the most important innovations in the fintech industry that is only at its initial stages of development.

Once you’ve learned all the critical insights on how to create a digital wallet, yet uncovered the possible challenges and pitfalls to know before getting started, it’s the right time to start the development process!

Hiring a dedicated team of developers with solid experience and professional skills is one of the best solutions for creating digital wallets as well as many other financial software development projects.

We, at Intellectsoft, have years of experience in empowering different companies and their workforces with innovative technologies and advanced solutions within plenty of industries. Our experts have shown high expertise in the most complex yet challenging projects to deliver the best software products.

Already have the project you want to create? Talk to our experts to uncover how you can start developing a first-class digital wallet solution today!

The post How to Build a Safe and Secure Digital Wallet appeared first on Intellectsoft Blog.

The financial institutions are now looking for opportunities to quickly implement various banking industry trends and digital solutions that will help them to transform their current business model, enhance the efficiency of the operations and improve competitiveness on the banking market as well.

According to Deloitte’s recent research, these changes in the banking industry have opened up new focus areas for the businesses, such as cybersecurity, advanced analytics, robotic process automation, cloud computing, etc.

Moreover, around 84% of banking institutions consider AI solutions as one of the main priorities for improving their competitiveness in the current industry market

In this article, Intellectsoft will explain what emerging trends in banking will be popular in the upcoming years and what benefits they can actually bring to your business in 2022.

Banking Industry Trends to Keep an Eye On in 2022

This is one of the latest banking technology trends that will even keep picking up the pace. The pandemic forced brick-and-mortar banks to reduce their working hours or temporarily close branches until everything settles down.

More and more banks provide their services without having a physical branch. The only thing clients need to do is to use their preferred device to open a bank account and use their finances.

This is a cost- and time-saving solution for both banks and clients and the competition has already started extending.

Such an approach grants uncomparable flexibility and, what’s even most important for clients, digital-only banks offer their services at lower rates as there is no need to maintain a brick-and-mortar branch so this is a real threat to traditional banks.

1. White Label e-Wallet

The pandemic has stimulated users to try a new format of payments they’d like to use further – digital wallets. In general, that’s a contactless form of mobile banking that enables completing the transaction anytime and from nearly any iOS or Android device.

At the same time, it allows businesses to provide a personalized customer experience while eliminating the high costs and time for developing the system from a scratch.

According to the predictions of Allied Market Research, around 4 billion people will be using digital wallets as the main payment method by 2024, so such digital banking trends are simply a must for the institutions that want to be at the top amongst competitors.

2. Self-Service Applications

One of the most valuable online banking technology trends, especially for millennial banking is self-service apps. Basically, they enable customers to make a list of financial transactions such as deposit or withdrawal, inquiry, transfer, bill payment, loan, currency exchange, and lots of other wealth management directly in their in-app profile.

At the same time, various businesses within the banking industry can improve client engagement, optimize and automate most of the services that are currently offered on the banking market.

Thus, clients no more need a physical presence to conduct any sort of banking transactions: all these are already included in their banking app!

3. Cross-Platform Services

In fact, transactions are closely involved in other industries such as healthcare, insurance, hospitality and retail banking. That is why embedding cross-platform payment methods, such as mobile payments or hybrid wallets can significantly raise the income of the businesses and financial institutions they’re cooperating with.

A notable example of the utilization of cross-platform services is the Payment Program of the WeChat app in China. The embedded payment in-app services allow businesses and entrepreneurs to quickly conduct the transaction within a few seconds while not compromising the application security.

Moreover, this digital banking trend is much easier and faster to launch and maintain, and is between 15% to 50% more cost-effective compared to the native apps!

4. API Implementation

In the banking industry, API or Application Programming Interface enables synchronization, linking, and connection of the database of service with any application. It works as a so-called bridge that ensures the secure transmission of personal information without involving third parties.

At the same time, the API trend in commercial banking and private banking makes these financial institutions more transparent and secure, which surely is a great benefit for businesses, their clients, and of course, the financial institutions themselves.

The other great advantages of the API banking trend implementation are the cost reduction and increased income, workflow optimization, and eliminated time for transactions completion as well. Thus API implementation is among the top banking trends for 2022.

5. Video Banking

Another emerging banking trend is video banking technology – a great opportunity to enhance the workflow by optimizing the remote services for their clients. Such an approach provides a better engagement of customers with their financial institutions and enables the online processing of different in-person procedures.

This banking trend is especially beneficial for investment banking and consumer banking. Moreover, this enables bank specialists to be always available at the exact time the customer needs, so the bank doesn’t always need to be local to the client.

Thus, video banking can optimize the various banking processes to provide as smooth and effective client service as possible. At the same time, workflow optimization and automation allow financial institutions to reduce the time and costs needed to process any client request.

6. Online and Mobile Banking Experience

Online and mobile banking experience is already common as it’s extremely convenient for most people. In fact, in spring 2020 many banks experienced a 200% rise in mobile app registrations.

Respectively, it resulted in a declined number of physical branch visits as self-service automation enables clients to perform many actions on their own.

However, it’s worth noting that, at the same time, the demand for an expanded range of mobile banking features is growing exponentially.

Users are expecting to completely substitute their cards with an app and use it when withdrawing cash in ATMs, put a temporary hold on a card, use facial recognition or scan fingerprints when entering the app, view spending statistics, cancel service subscription payments, etc.

It’s crucial to understand and satisfy these needs for retaining the existing clients and attracting new ones.

7. Open Banking Gains Traction

Such an increased interest in online and mobile banking has contributed to the advent of new financial innovation called Open Banking.

A growing number of countries worldwide are planning to implement Open Banking initiatives and leverage the enormous potential of APIs. This is a perfect way to achieve a connected holistic banking experience for clients.

Basically, this technology will enable clients to easily consolidate and access their financial data from multiple institutions and organizations through open API for a seamless and impeccable experience.

The adoption of this technology will lead to Open Finance that makes it possible for third-party providers to access clients’ financial data after their consent.

8. Contactless Payment Methods Over Cash

The latest crisis has significantly impacted people’s lifestyles and has formed new behavior patterns. With the reduction of real-life interactions, people opt for online transactions and digital payment methods.

Some countries even expect the complete abolishment of cash and switching to solely digital financial transactions. In its turn, such a transition of banks to a cashless society will reduce costs related to handling hard money.

It will be much easier for banks to analyze digital transactions and get an overview of clients’ expenditure patterns.

9. Artificial Intelligence for Increased Personalization

Artificial intelligence is being implemented in many industries and the banking sector will broadly utilize this game-changer to increase clients’ personalization and overall service use convenience.

AI and machine learning will be actively used to provide clients with real-time tailored financial recommendations to ensure a smooth experience.

In addition, this innovative technology will help banks to predict clients’ behavior, perform risk management, reduce fraud, identify banking technology trends, and analyze the competition.

10. Shift to Composable Architecture

Many banks are predicted to switch to composable architecture to let them effectively respond to potential challenges and crises in the future.

The transition can be done step-by-step and it is a perfect agile and scalable solution for financial organizations that will help optimize many internal processes.

This is why broad investment in the transition to composable architecture is a banking trend for the future year.

11. More Complex Cloud Environment

From now on, banks and financial organizations are starting to create more complex cloud environments and actively benefit from the enormous potential of cloud computing technologies for efficient remote operations.

Such organizations have to process a huge amount of data on a daily basis and making the information easily accessible will be possible only with the increased use of cloud computing.

This solution is very scalable and cost-efficient and most financial institutions are predicted to embrace this innovation in their favor.

12. Robotic Process Automation for Higher Efficiency

Robotic Process Automation or simple RPA is another hot banking trend that institutions will try to adopt for increased productivity and efficiency.

This solution can significantly save the budget and substitute or assist human employees with a wide range of tasks to minimize error, maximize accuracy, and significantly improve clients’ experience.

Companies of all sizes invest to leverage this amazing solution that soon will rock the world of banking.

13. Focus on Cybersecurity

Taking into account that most transactions and financial operations are processed online, companies will pay extra attention to their cybersecurity to protect all the sensitive data and ensure the highest security level of clients’ financial information.

Such data is an easy target for hackers so to avoid financial loss and reputational damage, cybersecurity has to be a top priority for all industry players.

Summing It Up

As the situation with coronavirus spreading remains uncertain and the crisis continues, no one knows exactly when the dust is going to settle.

Companies might still encounter new challenges, opportunities, and discoveries so it’s mandatory to keep a close eye on the situation, monitor the market, and focus on customers’ behavior to quickly adapt to arising circumstances.

Don’t miss a chance to get in touch with our specialists and discuss potential opportunities that will help you implement the latest innovations to take operations to the next level and keep up with the banking technology trends.

The post Banking Industry Trends to Keep an Eye On: 2022 Edition appeared first on Intellectsoft Blog.

These brand-new institutions successfully deal with several key demands for the industry players, including having a robust strategy for building the computing infrastructure, establishing omnichannel experiences for clients, having a modern and scalable platform for data and analytics, and being cloud-based, configurable, and secure.

Thanks to these capabilities, AI banks are going to shape the digital transformation for the banking sector in the near future.

In the given circumstances, loan management systems are essential for building an effective financial business. Being specified on making loans faster, more accurately, and easier, this technology addresses the current demand for a leading-edge operational model that enables smart servicing and experience.

In this overview, we’ll explain how the systems for loan management work and what they are good for.

What Is LMS (Loan Management System)?

The software is a digital banking enhancement that facilitates the loan lifecycle as a whole. In particular, the technology is capable of:

• assisting in processing client data
• creating new loans
• generating accurate statements and reports for lenders
• managing interest rates
• serving collection automation.

In addition to these features, an important capability of loan management solutions is scalability. They not only facilitate processing for separate tasks but also automate the entire process.

Loan management software is an end-to-end service that covers key processes in cash and liquidity management, lending for commercial, consumer, mortgage, and syndicated needs, loan origination, and collateral management.

This way, the solution opens the door for new business opportunities as you can create a more comprehensive corporate environment and deepen the relationships with customers.

How Loan Systems Improves The Lending Experience

Having a seamless digital solution for loan management facilitates all your business processes and establishes a great borrower experience for your clients.

Loan management digitalization helps to get rid of manual work and papers. Thanks to the toolkit incorporated, you can transform the way your institution operates. With Big Data and analytics, businesses get the effective instrument to automate loans and establish a machine-ruled procedure for account opening.

Combined with machine learning capabilities, these technologies can leverage even large investments, including student loans and trading. Altogether, these enhancements enable identifying new growth opportunities, managing back-office data more effectively, and structuring the existing loans from present software and papers.

Improving customer experience is critical for business success. With loan management solutions, it’s possible to introduce a customer-centric service and address the growing demand for self-servicing portals.

The system can speed up customer onboarding through automated tools and digital document management and provides your managers with the necessary client data to increase the accuracy of offerings.

4 Key Benefits of a Loan Management System

Investing in a loan management solution brings substantial advantages for businesses of any size. Startups can rely on this technology for dealing with the existing loans faster and more accurately, which is the necessary prerequisite for future growth.

Mid-sized companies can invest in the system for improving the customer experience, which significantly improves the retention rate and assists in scaling. For large enterprises, the key benefits include increased security and streamlining the workflow.

Notwithstanding the company size, loan management systems will improve the organization in 4 key dimensions:

• Customer satisfaction
• Corporate processes
• Risk management
• Opportunity for innovation

Let’s review the perks of each of these enhancements.

#1 Boosting Customer Satisfaction

Contemporary consumers have become digital-savvy, and each business should address their new demands to the maximum today. With the tool that collects all the key information about clients and possesses the capabilities to establish a self-serving portal, your abilities to satisfy your customers increase.

It’s important to address the need accurately, though. The easier your digital solution, the greater your chances of maintaining existing clients and attracting new ones.

In this context, loan management software stores all the relevant information about your clients and makes it possible to draw insights from the data. As a result, your employees will offer the most accurate services to customers, based on their preferences and loan history that the technology has carefully collected and accurately processed.

#2 Optimizing Corporate Processes

These days, many companies suffer from miscommunication, lack of structure, and duplicated tasks. Organizations dealing with loan management are not an exception to this rule. But with the software specially designed for managing loans, your enterprise gets the chance to get rid of these problems.

The unified platform will organize all the existing loan-related processes. This way, your workers can easily access the most accurate information about all the loans and collaborate on the data in real-time.

#3 Mitigating Risks and Errors

Financial services suffer from human errors, and the cost of the mistake can become catastrophic. That’s why automating the processes is a must-have step for the industry.

When it comes to the loan management system, the software deals with billing inaccuracies and payment tracking as the most common areas for making mistakes. By taking over these routine tasks, the technology lets your workers concentrate on working on data rather than dealing with the tedious work of filling spreadsheets and inputting the client information.

Even more, the communication platform in-built in the software lets your workers react on the recently updated information only, which significantly reduces the frequency of miscommunication in your office.

#4 Fueling Innovation

Even though the loan management system mainly deals with optimizing the existing processes, this solution also helps businesses innovate.

By being a cloud-based digital end-to-end solution, this software addresses the growing demand for connected banking and takes over the entire loan lifecycle, freeing your people’s time to conduct more strategic and creative tasks.

In particular, the solution provides and organizes all the relevant loan-related information, and your workers have the key data prepared. They can concentrate on detecting patterns, justifying the logic, and finding new opportunities and more accurate services for clients.

Most Common Loan Types that Can Be Managed with Loan Management Systems

1. Personal loans, or loans for non-commercial use. In this loan category, the software will categorize secured and unsecured loans and store the credit history previously checked for easy access.
2. Student loans, or costs to cover educational needs. The system will select the date, amount, and interest rate (if relevant).
3. Commercial loans for businesses. Here, the software will assist in document management and automatically process the required data from these papers.
4. Syndicated loans for multiple lenders. With the software for loan management, the middleman in the transaction can process this loan type faster and easier.
5. Mortgage loans for real estate purchases. The system will take care of deadlines in this long-term loan and manage the needed documents,
6. Short-term and high-interest payday loans. With the loan management system, your workers won’t lose this loan and won’t miss its deadline.

7 Essential Features of Loan Management Software

Once you invest in a custom loan management solution, check your tech provider can include these critical features in it:

• Loan origination. The machine should be able to check the risks and assist in the decision-making process when processing a loan application.
• Loan servicing. This feature of a loan management system deals with the complexity of loans, classifying them by interest rates, payment deadlines, and other critical criteria.
• Funds collection. The service should have a digital wallet module to enable payments. The data privacy for this feature is essential, and each online solution builder should invest in a secure payment getaway.
• Debt management. The in-app notifications should assist in controlling the schedule, fulfillment, and fee calculations for repayments.
• Communication platform. The system should store all the information in the same place and update it in real-time so that your employees have accurate and fresh data to act upon.
• In-app analytics. The loan system should process the data algorithmically to establish connections between separate data points.
• Reporting module. Data visualization is critical to control the business performance and keep track of cash flow.

Ask Intellectsoft for Help in Building the Software for Loan Management

If you’re looking for a loan management system that possesses all the above-mentioned benefits and features and blends well with your existing processes, you can refer to Intellectsoft.

With decades of expertise in the IT market, we can build a custom solution with all the necessary features for your business benefit. Among our financial software development capabilities, you can request as main or extra features these services:

• Online Banking with the solutions including custom platforms, mobile apps, security, UI/UX, and system integration.
• Blockchain and Cryptocurrencies with an ICO launch support, transaction operations, smart contracts, and identity management.
• Digital Wallet, or an app that enables P2P payments, digital money transfers, and in-app currency creation.
• AI and ML technologies for predictive and recommendation systems, natural language processing, computer vision, and data mining and analytics.
• Trading and Securities services that include securities trading, digital brokerage, blockchain ledgers, and AI automation.
• RPA, or Robotic Process Automation for account reconciliation, automated mailers, monthly account reviews, and regular reporting.

Talk to our experts and request a custom financial software development solution that will fully meet your business needs! Transform your business today with Intellectsoft as your reliable technology partner!

The post How a Loan Management System Serves the Business and Customer Benefit appeared first on Intellectsoft Blog.