In the U.S. Bank study, researchers reveal that 82% of all business failures occur because of problems with cash flow management. CEOs and CFOs don’t pay enough attention to financial app development and financial aspects at all. Thus, they face disruptive issues. This is true for startups but large companies also can be destroyed. Just remember the Great Recession during which leading banks weren’t able to predict and overcome the market’s reaction.
The first thing to enable proper financial management is an elaborate strategy. Still, the second one is hardware and software that bring this strategy to life. Fintech solutions are indispensable for nearly all businesses. SMEs can get a simple application to track money flow and avoid human errors related to payments. Simultaneously, multinational corporations benefit from all-in-one platforms with powerful analytical modules. This market grows constantly as analysts from Technavio predict that it will be valued at $4.1 billion by 2021.
The guide is to unveil key reasons to opt for fintech applications, main information about these technologies, and guidelines on choosing the best financial app builders.
Let’s be honest: not all entrepreneurs need a dedicated financial app. Say, if you’re a sole proprietor, it’s not required to purchase costly software products. Excel and Google Sheets will handle the same functions with ease.
However, when you have a few employees and have to cooperate with several suppliers, subcontractors, and customers, financial app development is for you. Statista reports that access to finance may be a really tough task for numerous industries, including manufacturing, health care, social activities, retail, etc. With proper planning available through the software, it will be easier to avoid such problems.
Hence, let’s check the top reasons to get your own financial product:
For businesses that require not an only financial improvement, we also have custom CRM development services.
In a nutshell, financial management covers all tasks and questions related to money flow in your company. It focuses on organizing and maintaining financial operations, including funds supply management, efficient usage of these funds, enabling investment opportunities, and so on. Three key areas of this sphere are based on planning, control, and decision-making.
Respectively, fintech app development focuses on designing and distribution of software solutions for financial managers and their departments. To understand the concept, let’s look at the types of applications, their functions, and dev steps.
Fintech and accounting software isn’t the largest category, overall. The catch is that it can be used in any industry and for any money-related tasks so you can classify applications by several features. We want to discover three categories.
Note that fintech app developers may deliver various types of products. To find the best firm and get exactly what you need, consider working with custom teams. We will tell more about them later.
Now, let’s talk about financial programs divided by different features.
As it was mentioned, fintech is suitable for all market sectors. From the smallest groceries in Texas to IT enterprises with offices all around the globe, every company requires proper planning of cash flow. However, there are a few perfect options to implement these apps:
The next classification focuses on exact functions. There are three types of applications suitable for different organizations. For example, you may be interested in small programs or more complex alternatives. Here they are:
Moving to tech stuff, we can’t skip the difference between distribution types. There are also three major categories so various businesses can find the most appropriate products. Look at the types and remember them if you’re going to contact fintech app developers:
Finally, we should mention two defining options for customers. Check them out and choose wisely:
Applications that are more complex than simple spreadsheets often consist of different modules. Each part is responsible for a specific feature. Vendors of premade software sell fixed sets of these features while custom developers can add or remove any module at your request. Basically, all functions can be divided into four groups: pipeline tracking, asset management, fund management, and data processing.
Exact types are diverse so let’s check the most useful modules:
Moreover, you can combine these finance-related functions with extra parts such as CRM or ERP platforms, reporting and visualizing modules, third-party integrations, etc.
As well, it’s an interesting thing how the core dev processes are going. We don’t want to dive in tech details too much because they’re pretty boring. But managers, CFOs, and users of financial apps should be aware of key development stages to understand how partners work. Further, you can check the main scheme of cooperation between our experts and our customers. Everything is personalized so we can adapt this strategy to your requirements:
Well, what about the real usefulness of the reviewed software? Financial app development can be a game changer for your company if you feel that accountants can hardly handle ongoing and planning processes. Modern digital platforms automate numerous tasks, provide valuable insights and predictions, help to improve the brand’s profitability, and more.
The list below includes the major advantages of fintech solutions. Still, you should remember that only the companies that really require a new financial app can get the most benefits:
When it comes to cooperation, you will have several options. Firstly, remember that there are dozens of vendors that sell preprogrammed apps. They may be suitable for companies with traditional requirements. If you’re happy to find the package with an appropriate balance between fees and features, purchase it. Just don’t forget that all out-of-the-box apps come with a pretty high price on extra services.
Talking about custom financial app builders, you should be sure that the chosen team is capable to complete your project. Here are a few suggestions on the example of our company – DICEUS:
For banks and other financial firms, we provide skilled fintech developers.
In this section, we reveal answers to the most popular questions related to the topic. Without further ado, let’s check them!
It’s a software solution that enhances and automated financial management. Apps can focus on different areas but often include key modules such as general ledger, payable, receivable, etc. Fintech products suit various industries and firms.
Fintech corporations are diverse as they consist of all-in-one IT firms and specialized startups. For example, IBM got $23.7 billion in 2016 from financial app development only. It’s more than a quarter from the entire annual revenue.
Honestly, we suggest purchasing an application from dedicated developers. You can choose among out-of-the-box solutions and custom ones. Dev teams either deliver predefined sets of functions or create them from scratch.
Custom fintech programs are preferable because they can be tailored to your exact needs. Also, this software type provides for constant communication between partners, transparent costs, and long-term partnerships.
In a nutshell, we suggest conducting accurate research. List several companies, check their previous projects, and ensure that devs have enough skills for your tasks. It’s always better to talk with representatives personally, also.
Financial app development is highly required for almost all brands. If you aren’t sure in its usefulness, exact features you need, dev approaches or other nuances, don’t hesitate to ask our experts. We provide free consultations to customers regardless of the project’s scope. Don’t wait and order your unique fintech solution today!