BANK OF THE FUTURE The ABCs of Digital Disruption in Finance

| April 13, 2018

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At the end of 2017, when typically the most asked questions include ‘Are you going to the company holiday party?’ and ‘What present am I going to get Uncle Billy this year?’, one question seemed to dominate: ‘Do you think I should buy Bitcoin?’ Without most people knowing what it was, it was suddenly something you were afraid to miss out on. That’s how fast FinTech and disruption can come at you. In our first Citi GPS report on FinTech, Digital Disruption: How FinTech is Forcing Banking to a Tipping Point.

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AI in Fintech: a Wellspring of Opportunities

Article | March 31, 2020

Fintech is considered one of the fastest growing industries, which is hardly surprising. Anyone who’s dealt with a bank recently would be overjoyed to discover a more customer-friendly financial service, with transparent fees and superior customer care. Transferring money through services like Venmo is a lot more convenient than any of the options provided by your local bank. Likewise, shopping for a loan using services like LendingTree is incredibly easy when compared to actually going to your bank, waiting, then dealing with the paperwork.

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5 FinTech Companies Disrupting Banking And Finance

Article | February 19, 2020

You may think of ATM workings as a revolutionary experience but since the advent of Fintech, the entire financial services domain has entered a new era. Whether you purchase a cup of coffee or manage your finances, fintech is everywhere. From payments via apps such as Payoneer or Paypal to getting reports, or even using cryptocurrency, fintech is everywhere. This decade — 2020 — is bringing along loads of useful technological developments and therefore, you need to implement these updates to stay ahead in the industry and offer better services.

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Five lessons US banks can learn from fintech disruptors

Article | March 15, 2020

The financial crisis of 2008 levelled the legacy banking industry quickly and decisively in North America. And rebuilding has been a long process — culturally, operationally and technologically. With the market once again in a state of volatility in part due to the spread of COVID-19, we’re facing the question once again: what does it take for financial institutions to weather the storm?

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Benefits Of Outsourcing Software Development To The Fintech Industry

Article | March 17, 2021

Introduction In the ongoing technological era, the outsourcing software development company transports their valuable resources to their core business model and helps businesses to save a lot of time and money. To survive the digital era for financial institutions helps to drive efficiency in Fintech companies. Moreover, software development outsourcing companies offer solutions that enable financial institutions to manage bulk data, tech products, and much more to build an efficient environment with their tech services. The financial service industries are becoming a leader in software development and corporate new strategies for fintech businesses. Many companies are planning to use this working model that is specialized in all processes and seek more agility and quality. Outsourcing software development to the fintech industry can bring many gains to companies, so, in this blog we’re going to look at them closely. According to research, investments in fintech are expected to reach $40 billion in 2021. Additionally, software outsourcing companies makes the development process smooth and improves the quality of data analytics in the industry. Read on to know the benefits of outsourcing software development to the fintech industry and achieve the dedicated digital transformation goals of your business. What Are The Benefits Of Outsourcing Fintech Software Development? Expand your business development The benefits of outsourcing software development services creates a pleasing and commending condition for the fintech industry. It becomes easier to execute actions and plan for the company’s expansion if the management focuses on the core business and internal quality processes. Additionally, the development service provider also helps to sustain the growth of the operation without investing huge investments in infrastructure and technology. Economies of scale If you’re planning to internally develop a software application requires both money and time. And not everyone has an extended IT team with dedicated developers. In such situations, software development outsourcing companies become your partner. The services provided by software outsourcing agencies for fintech development helps businesses to achieve economies of scale and allow them to invest more time on core competencies and perform critical tasks. However, software development outsourcing offers competitive advantages to fintech industries by minimizing costs, better customer service, and maintaining product quality with an affordable budget. Optimize time for dedicated professionals and managers Hiring outsourcing software development services helps businesses a practical and sensible optimization of the time of professionals and managers. If your business is planning to enhance the process of professionalism. To such a degree, fintech industries can directly help to increase the capital and implement strategic tasks and analyze surveys that collaborate to make the right decisions. Thus, outsourcing software development helps to monitor indicators and supervise the possibility of risk to the company. Risk Management/ Critical-path method IT outsourcing software development service providers carry a lot of risks. So to grab the absolute advantages, an organization should build effective risk management plans. Reducing the number of data breaches is one of the most important challenges faced by many fintech industries. This challenge is even more critical when you consider the information type such as salaries, credit card information, social security numbers, and much more which can be used by criminals for gaining profit. Various components and operations help to reduce risks and provide a successful path for outsourcing when you know the challenges and tackle the situation. Increased profits through data analytics Finance is the leading data collection and analytics industry that helps to increase software profit via data analytics. Popular investment banks like Goldman Sachs and JPMorgan have employed specialists who analyze data when issuing trading futures. These fintech software development industries are now identifying customer data and helping them to increase sales and promote customer loyalty. To analyze creditworthiness and provide services to each customer they use credit scores and demographic data that also helps them to build analytics software with the Python programming language. Reduce software server load via cloud computing To implement cloud computing technology, the fintech industry has been reluctant to use web-based storage for bulk data which is vulnerable to hackers. There are few improvements in data security that have led banks to begin integrating modern technology into their core business functionalities. To store sensitive business information related to accounting and communications, many banks are using cloud computing. In recent years, it is reported that the SaaS model is one of the best models that is implemented by fintech software enterprise to store emails, contact lists, and other important information online. Faster product development Hiring software outsourcing companies helps fintech industries to start your projects quicker and complete them before the deadline. The outsourcing enterprise implements traditional hiring processes for software development projects and instructs those dedicated developers to perform critical tasks who can start product development without investing much time on the hiring process. The dedicated team of developers working at any outsourcing companies help to shorten the fintech software development lifecycle and work on multiple projects to quickly resolve common problems and reduce the overall length of the software. The Verdict The fintech enterprise is investing millions of dollars to build custom software according to their business requirement to survive in the new data-driven marketplace. Leveraging a fintech software development service is much bigger than just launching a system that enables the creation of innovative fintech solutions in the future. Many of these companies are switching to fintech software development that provide a dedicated development team to perform critical and complex tasks of any software and reach their goal without distracting from their core missions.

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