Top 5 Approaches to Financial Software Development

Information technologies have fundamentally changed each sphere of our life, including healthcare, real estate industry, agriculture and, of course, finances. Currently, companies manage their finances in a completely new way, applying tech approaches to secure transactions, speed their processing up and keep up with large-sized companies. That’s why information technologies are not an innovation but rather a necessity when you’re dealing with finances.

In our article, we’re going to review 5 modern approaches to financial software development that can help your company to stay on top of things in any situation.

Tips on financial software development

As you’re building software for your clients and employees, it should work seamlessly, have all the necessary features in-built, and combine great design with a user-friendly interface. Still, there some other points you should consider when creating software that should be effectively used on a daily basis.

1. Don’t forget about security

If you’re developing a financial application knowing that there’s no such thing as too much security – congratulations, you’ve already made a big jump to the delivery of a first-class app. If not, let’s stop on the most important part of your future product – secure data transmission.

Preventing data leaks and protecting payment details from being stolen is extremely important, so encryption tools are vital for ensuring security. Make sure that your software has all the required certificates and establishes a secure connection between a server and your application.

Moreover, pay attention to data encryption and secure means of authentication by offering users to login via 2FA. Also, don’t forget about protecting important data by applying API that restricts access to certain areas. API accessed servers should be protected from unauthorized users by all means.

Finally, consider running different tests by engaging a network security specialist. This ensures that yours and your customers’ details are protected in the right way.

2. Ensure great UX/UI designing

When working on your software design, you should always remember that books are judged by their covers. In terms of software, minimalistic and intuitive interface with simple navigation will make your product stand out. Furthermore, it’s unlikely that clients want to use a complex app with a number of unknown buttons and mixed-up elements. So make a bet on well-designed and yet simple interfaces and double-check that all its parts work properly.

As you can see, you don’t need to invent another type of interface but rather work on designing and ensuring great user-experience with the help of time-tested tools and patterns. You should focus on building a program that works in an expected way and works perfectly. Thus, if you manage to combine simple interface, user-friendly features, and stable performance, in your software – you’ve already succeeded.

3. Arrange the data effectively 

Working in the finance industry requires quick decision-making and, you need to have all the important details in hand. Thus, during the planning stage, it’s important to point out that all reports, lists of expenses, balances, proofs, etc. should be added to the system and easily accessed. However, you should also be able to provide different access levels to your employees. For example, each member of your team has access to a certain amount of data while team leaders or department executives work with entirely different volume of information.

Still, the information filling such projects usually varies depending on product owners’ requirements and preferences. For instance, you can ask to add options like checking account data, transactions monitoring, balance, and personal expenses management.

4. Use stable data centers

Currently, cloud-based financial software solutions are taking over as they have high-security standards, can be accessed 24/7, automate working processes and support data synchronization.

Thus, choosing the right providers is extremely important for the future success of your project. First of all, make sure to choose the company with a few data centers present. This way, if anything happens (including natural and man-made disasters), your system will continue working. Moreover, it’s necessary to come to an agreement regarding uptime and availability of services with the hosting company beforehand.

At the same time, the stability of the data centers is not everything. During the software devs hiring process, make sure that you’re entrusting the project to an experienced and qualified team of developers to reach the best result.

In conclusion, we would like to mention some features that your cloud-based financial software may include.

Main features:

• General ledger
• Accounts receivable
• Accounts payable
• Cash management
• Expense management
• Purchases Order management
• Business analytics

There also are some additional features you might want your product to have. They include:

• Project accounting (including time and cost management)
• Multi-currency
• Global consolidations
• Sales tax management
• Inventory Income management

5. Apply personalization

Financial software, as well as any other program, should be built according to customers’ tastes. Nowadays, personalization is one of the development principles that rule the market, and we all want to keep up with trends.

By applying this feature, the system will show the best product matches and will encourage customers to try them. The types of offered products should be adapted to each customer individually and suggested in the best way possible. In order to achieve this level of customer interactions, the software should be integrated with personal apps, social media pages, etc. This will result in easier and thus more enjoyable use of the software ensuring great customer experience.

Wrapping Up

As you can see, during the delivery of finance solutions, it’s important to meet customers’ expectations and work on securing your product. In addition, don’t forget about ensuring close to the perfect performance and finding stable data centers – after all, no one wants to lose their data during an important operation.

Finally, spend some time on the right team experienced in web app development services. This is another important step to taking during the delivery of well-designed software readily used by your customers.