This article was contributed by Vinod Subbaiah – Founder & CEO of Asahi Technologies Software Development
Few industries are more complex or contain more moving parts than the financial and banking industries. On top of this complexity are higher stakes, with errors often leading to real financial losses on multiple levels.
It makes sense, then, that the businesses in these industries use custom software to increase efficiency, maximize productivity, reduce human errors, provide better customer experiences, and much more.
For instance, most banks offer their customers mobile applications that provide all of the common banking services right at their fingertips. Many people now go months, or possibly even years, without physically stepping foot into a bank.
While there are plenty of possible use cases for customer-facing software, there are countless opportunities for software to aid in internal operations. Any business built around finance is going to have a lot of data that needs to be tracked and updated on a continual basis. Then there are the common needs across most businesses like HR portals, invoicing software, etc.
While some banking and financial companies employ their own development staff for creating the custom software to handle their needs, most will be seeking third-party software development companies.
When picking a company to develop their custom software, financial and banking institutions are looking for experience, professionalism, and a proven track record of success.
Below, we’ll talk about a few of our own banking and financial software development projects and the roles they fulfilled for our clients.
A More Efficient and Customer-Friendly Loan Application Process
Applying for, and attaining a business loan can be an incredibly arduous and time-consuming process on both ends. Our client, a lending organization, wanted to change that.
Their goal was simple: Streamline loan dispersal and accelerate the process to get money to the companies that need it faster.
It was decided that the best way to reach that goal was through the use of a custom developed an online loan portal that was easy to use and needed minimal financial documentation.
The portal had to support third-party integrations with a variety of security tools and other systems. It had to be scalable to accommodate client growth. Lastly, it had to implement a complex multi-factor loan approval process.
In the end, we delivered a portal that accomplished the goal of completely overhauling and streamlining the loan application process so that our client’s clients could enjoy a much more easily navigated business loan landscape. Read the full case study here.
Custom Software for Fighting Chargebacks
Chargebacks are essentially when a customer disputes a transaction that was made using their card information, and then a card issuer or financial institution works on the customer’s behalf to take the disputed funds back from the merchant.
It is often the result of fraud, and the merchant is almost always the one left footing the bill when it occurs via e-commerce.
Our client was dedicated to helping other online merchants fight chargebacks and chargeback fraud. To do that, they utilized a chargeback analysis tool that could aggregate customer data and provide evidence that could help in disputing costly chargebacks.
What they needed was essentially a way to integrate their new tool with several third party systems to work seamlessly together in a way that was scalable and could evolve over time.
We were chosen as a tech partner to help facilitate this integration, and together with the client we integrated their software with a CRM platform that served as a retrieval tool for dispute evidence, the Visa Merchant Purchase Inquiry system, and an open-source identity and access management program called Keycloak.
The result was a fully capable platform that put all of the tools necessary to fight chargeback abuse at the fingertips of the analysts. Read the full case study here.
A Custom Web Portal for Investors
Wall Street is a fast-paced environment where a lot of money and stocks rapidly change hands. Because of this, easy access to important legal information is of utmost importance for investors.
Our client helped high-profile investment companies easily decide which bonds would yield the most favorable market position to their clients.
Traditionally, bonds would be accompanied by a prospectus that’s hundreds of pages long which would then be reviewed by expensive lawyers.
Our client had their in-house lawyers and analysts review and write a 4-6 page legal brief that would be available as a bond would hit the market. Investment management companies could then pay a simple subscription fee to access those more easily digested reports and thus receive legal advice at the fraction of the cost of using outside lawyers.
To make this happen, however, they needed a client-facing custom-developed web portal for access to these documents.
We worked with the client to create such a portal that is able to not only deliver the documents to customers but also use finely defined permission types to assign different kinds of accounts for a variety of access levels. In the end, our client was able to offer a product that saves a lot of headaches on Wall Street using custom software that offered a new kind of cost-effective service to a fast-paced world. Read the full case study here.
If you think it’s time for your financial or banking company to hire a financial software development company to help with your company’s project, please feel free to check out our reviews from our many satisfied customers and click the button below to contact us and then receive a free consultation.
About the author:
Vinod Subbaiah is the Founder & CEO of Asahi Technologies Software Development, an agency specializing in providing custom solutions that solve complex business challenges. Their clients include venture backed startups, mid-size businesses, as well as large enterprises.