Fintech software development services

Fintech is a new digital industry of the economy that includes apps, websites, and other tech solutions that modernize traditional financial services. Technological progress has given a great impact on the development of many areas of Fintech (financial technologies). This list includes mutual crediting, non-bank loans, deposits, accounting systems, personal finance, individual investments, crowdfunding, payments, financial advice, and cryptocurrency. 

Fintech’s benefits include flexibility (immediate response to market changes and demands), innovations, and the ability to attract tech-savvy customers. Fintech services are used by those who prefer speed, convenience, and ease of use of the service. It moves the customer from traditional banks and plastic credit cards to a better user experience and digital payments.

Digital Fintech solutions vs. Traditional banking

Digital solutions make conservative banks more innovative, move old banks from a monopoly on money transactions. It allows customers to make insurance contracts and transfer money within a couple of minutes.

They receive financing not from banks only, but from crowdfunding platforms, managing financial assets without human intervention. Also, with the help of artificial intelligence, it’s possible to estimate the paying capacity of individuals and save money in electronic wallets. And this is only one part of all possible Fintech options. 

Fintech is about technologies used in industries connected with money, and it definitely changes our lives every day.  Over the last 6 years, UppLabs mastered the latest Fintech technologies and gained experience in creating reliable, secure, and sophisticated Fintech solutions and products:

  • Fintech web and mobile development
  • Money transactions platform engineering
  • Online trading and exchange platform engineering
  • AI-based financial solutions
  • P2P funding solutions
  • Risk and scoring Fintech solutions
  • Payment systems integration and optimization
  • Existing products and services maintenance and modernization.

The most popular Fintech areas 

Fintech solutions development by UppLabs

Fintech is highly used in business. These businesses can be divided into such categories:

  • Cryptocurrency and digital currency
    like Bitcoins, Litecoins, Namecoins, NXT and PPCoins.
  • Blockchain technology,
    using a decentralized system.
  • “Smart contracts”
    that are used for the safe exchange of money and data without the help of third parties.
  • InsurTech
    – technologies that are used in the insurance industry to streamline processes.
  • RegTec (regulatory technology)
    – technologies that ensure fast and reliable compliance with legal regulations. Now their popularity is growing, as various countries are actively introducing legislative standards for FinTech companies. They have to be monitored to ensure their legal activity.
  • Robo-advising
    Is software algorithms that include various types of investment tips.
  • Stock-trading apps
    Allow investors to buy and sell stocks easily with the help of their mobile devices.
  • AI solutions
    Are a combination of big data and management solutions. AI analyzes the performance of a financial institution and automates the main organizational processes.
  • Cybersecurity
    Protecting networks, systems, and programs from digital attacks.
  • Mobile payments
    – services that allow customers to exchange money and payments online or on mobile devices. 
  • Crowdfunding platforms
    Allow internet and app users to transfer the money on the platform and offer individuals or businesses to pool funding from different sources all in the same place. 
  • Open banking
    A set of solutions and processes that allows banks to reliably exchange financial information and services electronically. To open access to their data and products, banks use the application program interface (API). API allows third-party developers to effectively integrate banking services with financial and non-financial applications and services.
  • RPA (robotic process automation)
    It is a form of business process automation technology based on metaphorical software of robots (bots) or artificial intelligence workers. RPA robots use the user interface to collect data and manage applications.
  • Conversational interfaces
    Are any UI that copies real human conversations. The idea here is to interact with it by telling the device what to do. There are two types of such interfaces that are becoming popular now: voice assistance and chatbots.

TOP-5 industry trends in Fintech development

As a software development company that works in Fintech, UppLabs can identify the main directions of institutional changes in financial systems that occur in fintech development:

  1. changes in regulatory, legal support for the development of the financial sector;
  2. best security practices, and the functioning of non-financial companies that provide financial services;
  3. development of specialized infrastructure (hackathons, hubs, Internet platforms);
  4. introduction of new business models and provision of financial services and functioning of financial institutions (sharing economy and business ecosystem);
  5. decentralization of the financial services network;
  6. extension of fintech to the sector of non-banking institutions (InsurTech).

The development of digital technologies makes it possible to remove the binding of the consumption of financial services to the location of their consumer. It helps to make complex financial products that are not rigidly tied to the distribution channel.

P2P Funding

P2P lending is a financial transaction between an investor and a borrower directly through an online platform. In this model, individuals can lend to other individuals or businesses without any financial institutions. 

UppLabs P2P Funding Core that facilitates and speeds up the development of investment platforms offers:

  • Available loans: filters, listing, loan contracts available
  • Auto-invest functionality (investments based on the user’s preferred criteria)
  • Transactions/investments/contracts dashboards
  • Investments status and profit/loss stats

The Fintech Regulations

When creating a P2P lending platform, it’s essential to comply with all government regulations. UppLabs will lead you through general Fintech regulatory and supervision practices:

  • Regulatory sandboxes
  • Special Fintech licensing
  • Fintech cross-border provision
  • Cybersecurity & Practices regarding AML/CFT
  • Practices on specific Fintech products (e-money, P2P lending, crypto assets, virtual banking)
  • Fintech enabling technologies
    (AI, biometric user identification, cloud-based services)

Fintech Integrations

UppLabs out-of-box integrations that allow to quickly launch the usage of the most necessary third-party services:

  • Anti-money laundering systems integration
  • Verification and fraud prevention services integration: Ondato, Amazon Rekognition
  • Marketing systems integration: Marketo, Omniture, Oracle Marketing etc.
  • API Gateways and developer portals
  • External stats usage from the major credit bureaus: Equifax, Experian, and TransUnion

Risk and Scoring Fintech solutions

Online lending platforms connect borrowers and investors and allow them to fulfill money operations and loans. Some P2P lending sites also offer borrowers and investors to make their deals in interest rates and loan tenure. While developing such a platform, you need to consider all possible risks. UppLabs solutions to risk management include: 

  • Credit scoring for borrowers
  • Adaptive scoring algorithm for various business needs (treasury scoring,
    corporate scoring)
  • Automated system of making credit decisions
  • Scoring of the client identification
  • Device risks evaluation and user protection through data analysis

Get the most of the Fintech with UppLabs

With software engineers from UppLabs, you can launch a new web or mobile application for your business. We can help to rebuild your legacy system, get a sophisticated Fintech solution, or grow your engineering team with our developers. 

Throughout the years and projects, our software development process was refined according to the needs of online banking, payment solutions, and KYC (know your customer) development. A dedicated team of UppLabs’ developers creates software for:

  • Digital banking: Open banking and credit reference agencies integrations
  • AI- and Machine Learning-based Fintech solutions
  • Money transactions platform engineering
  • Payment systems integration and optimization
  • Fintech web and mobile development
  • Employee onboarding, vendor onboarding modules
  • 2D/3D Liveness detection
  • Video stream liveness detection
  • Image recognition/document identification
  • Online trading and exchange platform engineering

Regardless of your location, Fintech regulations should be thoroughly examined. Because almost every Fintech solution and standards developed these days can go globally. 

Also, you should be sure to partner with developers that are aware of financial software development standards and limitations.

UPD for 2022. UppLabs is #1 Fintech App Development company, according to TopDevelopers.

Let’s talk about your Fintech opportunities!