The technological advancements have brought about rapid development in the financial sector. The financial sector, which primarily comprises of money markets, banking institutions and brokers, is a critical constituent of a nation’s economy

1. Meet Security and Compliance Standards when Providing Financial
Software Services
The technological advancements have brought about rapid development in the financial sector. The
financial sector, which primarily comprises of money markets, banking institutions and brokers, is a
critical constituent of a nation’s economy. Financial institutions like banks, insurance companies,
brokerage houses, investment firms trade capital in different ways that include funds, derivatives,
investments, debt instruments, and so forth.
Today being customer friendly is the new success mantra and the financial sector which encompasses a
broad range of organizations that manage money, including unions, banks, credit card companies,
insurance companies, accountancy companies, consumer finance companies, stock
brokerages, investment funds and some government sponsored enterprises, is not lagging behind. Thanks
to technological advancements, the financial services industry has become a much more competitive
landscape in terms of unique services and ways to access them. For instance, online trading platforms give
customers direct control over their investment portfolios while mobile payment solutions enable
businesses to make transactions on the fly. Even day-to-day errands like depositing a check, paying bills,
and transferring funds can now be done on a smart phone. The need to develop online and mobile
solutions and to migrate products to the cloud mounts pressure on financial services firms and financial
software vendors to maintain a balance between realizing customer demands and meeting security and
compliance standards that are critical to the financial industry.
Collaborating with a product development company can help financial institutions to provide financial
software services that not only meet customer demands but also adhere to the latest compliance
regulations and security standards. For instance, a leading insurance company wanted to enhance
customer care by improving online user experiences and automating business processes such as inquiries
and transactions. The company collaborated with a leader in product R&D services and succeeded in
improving services by transforming software architecture that supports the insurance company’s online
and backend business applications.
Given below are the competencies of a leading product development company.
Banking
 Loan origination & processing systems
 Anti-fraud & anti-money laundering software
 Risk management & regulatory compliance
 Integration with credit bureaus
 ATM / POS / kiosk integration

2.  Online & mobile banking platforms
 Client portals for self-service apps
Financial services
 Trading, settlement & order management platforms
 Analytics & business intelligence tools
 Pricing & confirmation engines
 FIX/FPML exchange solutions
 Online trading & technical analysis platforms
Insurance
 Rating & underwriting software
 Fraud prevention solutions
 Claim management systems
Thus, with a best of the breed service provider financial services firms can do anything from designing a
mobile banking application, building an online fraud detection platform to redesigning a loan processing
system for the cloud without worrying about regulatory compliance.