Much frequently, software products or applications seek attention in the name of upgradation. So in the first place, why do we need to upgrade a software product? The answer is simple, the technology that surrounds us never stops evolving. Every six months or in a year, we see some new tech idea, we experience something much better than before. The evolution of technology is making our lives better, day by day. And since we can not just eliminate the existing technology products and services, we need to upgrade or modernize them. The new technology advancements could be anything from the user interface to security updates, and much more. If we talk about just software products, businesses of every domain require to upgrade their specific legacy software, and the Fintech Industry is no exception.
What Are Fintech Applications And How Are They Playing A Crucial Role During The Covid-19 Pandemic?
Anyone with a smartphone and internet connection would have, at least once, shared some amount of money from one bank to another. If you have done that then congratulations, you have already experienced the advanced financial technology, or say, fintech. A few decades back, let’s consider the early 90’s, terms like paperless or digital banking didn’t exist. However, in recent years, thanks to agile and software expertise, we now have ample options to do that digital transaction just in no-time.
In simple words, Fintech Applications are technical tools to aid financial services. And as we discussed earlier, software products of any domain demand regular checks and upgrades. In the case of Fintech Applications, they require frequent maintenance and upgradation. This is simply because these applications involve financial transactions and are prone to cyber attacks. Any Fintech App organization keeps upgrading their products at the top of the priority list.
As the coronavirus continues to grow uncertainty, many fintech firms are under the pressure to bring better options for their customers. Fintech businesses are founded on technology as core, and they play a crucial role in bringing financial services to the fingertips. With their unique skills and assets, they hold great potential to own better opportunities amid pandemic.
Evaluate Your Legacy Financial Software Application For Modernization
Fintech legacy application modernization requires careful planning and precise execution. This planning must be initiated with a broader context, not missing the point where the majority of financial services includes a small portion of the technical debt. Product upgradation comes as the acute form of technical debt, therefore, it seeks specific attention.
Technical Debt
Businesses should be able to figure out where the technical debt exists in their organization, this includes the need for legacy application modernization. Based on the impact it brings, the fintech application firms tend to prioritize the debt with the existing objectives and business processes. There must be regular reviewing and updating of the balance sheet, this brings organizational transparency and avoids the occurrence of hidden issues.
Scalability
Technology is evolving at an unprecedented scale. Organizations shouldn’t find it difficult to foretell the design consideration required for the target group of customers. There must be a clear understanding of the fact that change is inevitable, and will continue to set new guidelines. One way to advance the scalability of fintech applications is by breaking monolithic sets of applications into smaller bits. Setting the foundation for API architectures is considered to be an intelligent move enabling scalability.
Integration Compatibility With Emerging Technologies
Ever since the beginning of the IT sector, there have been exciting technological trends emerging and obsoleting the previous technologies. These technologies portray a significant impact on information technology products. If the software products are not ready for the change, sooner they might fade from the market. Therefore, while developing any software product, the emphasis should be on its integration compatibility. In other words, software products at the development stage should be made future ready.
Maintenance Cost
Software security and maintenance are the two most important aspects of a banking application. A fintech app must be maintained on a regular basis. The goal is to provide end-users with an application that is bug free and pulls no risk to the financial security. Compared to the initial generation of fintech apps, the maintenance cost has significantly increased, mainly due to the new-edge technologies. Also, fintech application maintenance cost could vary depending on the customer base, application quality, and amount of data stored.
Benefits Of Upgrading Banking Legacy Software
Upgrading a fintech or banking application comes with numerous benefits. These not only better the digital user experience but it also assures that customers have a safer mode for monetary transactions. Below are some of the benefits that come along with banking legacy software upgradation:
More Security
Security, trust and transparency come along as the founding principles of any fintech application. Upgrading a fintech application brings greater security features in accordance with the latest technological advancements. Upgradation allows banking applications to tackle the newly introduced mischievous or fraudulent activities on the digital platform, providing a safer environment for its users.
Increased Digital Capabilities.
Every year we experience improved methods of digital money transfer. These new capabilities once adopted by a particular fintech application quickly resonate into all other applications in the market. Businesses who delay in adaptation of these technologies, find it difficult to retain their customers.
Streamlined Business Processes.
Surpassing the shortcomings of traditional software versions and hence bringing complete utilization of advanced software functionalities. Therefore, when you get your software upgraded, your in-house team is equipped with a well-built software format in both functional areas and coding. This leaves you with a software that doesn’t hinder your work and makes sure everything is streamlined, just as you want it to be.
Optimized Operating Cost.
Majority of software developing companies provide upgrades for their applications in the market, some provide it free (for a limited time), and put a negligible charge for upgrading. Whichever way you choose, as a software product company you have to provide timely updates to your customers. Instead of working updates when a problem arises, another way is to opt for software upgradation with the latest technologies. This would avoid the infrequent investment of time and efforts on the small updates, eventually letting you save on operating costs.
Improved Services & Customer Experience
In today’s digital world, whether you consider it harsh or happy, the truth is that a customer can make or break a brand’s reputation. The competition among the fintech service businesses is augmented to such an extent that one poignant mistake could bring both your competitors and customers against you in the ring. Sometimes businesses have to bear loss in order to avoid setting a bad customer experience.
The services and customer experience gets even more important in case of fintech applications, as these applications engage straight with customer’s money. Here, you’re not selling a product with a preset market price, where if anything goes wrong you could refund the product amount. The amounts of financial transactions are undefined and mistakes could cause great grieve to the customers transferring huge amounts of money.
Become Future-Ready
As an addition to the maintenance costs, more fintech applications are being developed by keeping an eye on present and upcoming technology, these are cloud computing, big data, blockchain, APIs, Legacy systems, and especially monolithic software developed for regular business operations. Becoming future ready also resonates with mitigating risks involved in the processes. Since most data supports the technology of the old enterprise software, bringing upgradation instead of replacing comes as the greatest advantage for any organization.
Transform Your Fintech Application For A Digital Future (Conclusion)
Software upgrading process is multifaceted, and could consume a lot of your organization’s time. That is where outsourcing comes as the most effective way to work on product upgradation. By considering an outsourcing firm for your fintech software modernization, you not only speed up the process but you also gain higher return on investment (ROI), and all of this without compromising on quality.
At Yukti Solutions, we do it all under the specified time and budget and a lot more into software development. You can bring your present software product for upgrading to any advanced technology you seek, or you can ask us to develop a brand new application for your innovative business idea.
Read More Blogs