The financial technology industry is growing rapidly, with a market value expected to reach USD 174 billion by 2023, up from USD 80 billion in 2017. As more and more companies turn to digital solutions, financial software development has become an integral part of success. To stay on top of the latest trends and choose the right developers, business owners need to stay informed.
Blockchain-based digital solutions are gaining popularity, and the global blockchain market is expected to reach $68.7 billion by 2027. Blockchain provides secure storage of digital information and increases the transparency of financial institutions, which can significantly increase customer confidence.
Open banking is another technology that works using microservices built on open APIs. This approach gives customers more control over their finances. Plus, financial institutions can provide partners with access to their infrastructure to create new services for consumers.
AI & ML
Artificial intelligence (AI) and machine learning also play an important role in the fintech industry. AI-based digital products help to analyze large amounts of data, give recommendations for business development, identify weaknesses in companies’ operations, provide round-the-clock customer support, and much more. The development of financial software based on these technologies allows you to increase work efficiency while saving time, resources, and budget.
Embedded finance is another emerging trend in fintech. These are products and services that can be used on different platforms. This eliminates the need to switch between applications or web services when managing finances.
When creating systems for financial organizations, the qualifications and experience of IT employees play a crucial role. Developers should keep abreast of industry trends such as artificial intelligence, advanced analytics, and blockchain and be able to apply them in practice. When choosing a fintech solution development team, it is necessary to take into account data protection methods, the number of qualified specialists, licenses, certificates, awards, recommendations, cases, and reviews.
Perfsol is a financial software development company that provides reliable fintech solutions. Their team includes more than 30 qualified developers with the necessary skills to create reliable fintech solutions. The team has a portfolio of completed fintech projects and experience in providing customized software solutions for various business niches. They offer data protection methods such as end-to-end encryption, firewalls, DLP systems, tokenization, and other security methods. Perfsol is ISO 9001 and 27001 certified. This confirms compliance with quality management system criteria and information security management system requirements.
It should be noted that business owners need to be aware of the latest trends and choose qualified developers to create effective digital products. Digital solutions based on blockchain, open banking, artificial intelligence, and machine learning, as well as embedded finance, are the current trends in the fintech industry. Perfsol is a reliable team of fintech solution developers with a portfolio of completed fintech projects and experience in creating customized software solutions for various business niches.
The experience and qualification of IT company employees are crucial when creating systems for financial organizations. Developers must follow trends in the industry and be able to apply them in practice. When selecting a fintech solutions development team, you should consider data protection methods, the number of qualified specialists, licenses, certificates, awards, recommendations, cases, and testimonials. Perfsol is a financial software company with a team of more than 30 qualified developers who offer robust fintech solutions. They have experience developing custom software solutions for a variety of business niches. Perfsol also offers data protection methods such as end-to-end encryption and tokenization and is ISO 9001 and 27001 certified.