Posted on March 20th, 2013, 0:33
The financial services industry comprises of those firms that perform activities such as investing, lending, securities trading, insurance, securities issuance and so on. The lines of business belonging to this industry are banking, insurance, securities brokerage, investment banking, securities trading and investment management.
The financial services industry has undergone a sea change. Earlier a few financial institutions offered simple products and services. Consumers had simple demands, which were satisfactorily met by banks and insurance agents. However, today, the advent of the Internet and the innovation in communication technologies has led to multitude of financial products and financial software services. From online trading platforms that give customers direct control over their investment portfolios to mobile payment solutions that enable businesses to make transactions on the fly, the financial services industry has become a much more competitive landscape in terms of unique services and ways to access them. Even day-to-day errands like depositing a check, paying bills, and transferring funds are now done on a smart phone.
As the demands of the customer rise with respect to products, services and technology, it increases pressure on financial services firms and financial software vendors to develop online and mobile solutions and migrate products to the cloud. However, the financial services firms and financial software vendors have to face the additional pressure of balancing customer demands with the security and compliance standards that are critical to this industry.
The financial services firm and the software vendors can easily ensure it with the help of best of the breed product development companies who provide excellent product R&D services. Their deep knowledge of corporate, retail, and investment banking and their experience in working across all phases of the product lifecycle have helped them to build front office solutions that improve the customer experience, middle office solutions that manage high volumes of complex data, and back office solutions that optimize business processes. Here is a look at the expertise of a best of the breed product development company.
· Loan origination & processing systems
· Anti-fraud & anti-money laundering software
· Risk management & regulatory compliance
· Integration with credit bureaus
· ATM / POS / kiosk integration
· Online & mobile banking platforms
· Client portals for self-service apps
· Trading, settlement & order management platforms
· Analytics & business intelligence tools
· Pricing & confirmation engines
· FIX/FPML exchange solutions
· Online trading & technical analysis platforms
· Rating & underwriting software
· Fraud prevention solutions
· Claim management systems
Thus, whether designing a mobile banking application, building an online fraud detection platform, or re-architecting a loan processing system for the cloud, best of the breed solution providers ensure that the most stringent security standards are implemented and the products adhere to the latest compliance regulations.