The penetration of Internet to the remotest of areas of the globe along with the rising number of smart phone sales, has increased consumer expectations when it comes to services. They are savvy, and all industries, including the BFSI industry has to keep pace with the leap in technology and consumer expectations. A financial advisor for an organization may be in search of financial planning platform to improve processes for customers, analyze data and ensure its safety, and reach viable decisions. These are basic requirements you expect from any financial IT software of today, which made its debut as an online financial calculator. Fintech platforms are quite in demand with banks, microfinance companies, aggregator websites, insurance companies and other financial companies.
Let’s just focus on five of the important factors to consider before investing in a fintech platform.
1.Services offered – Financial services need to ensure that financial inclusion, digital banking services, and other core banking services are a part of the solution they are opting for. After all, the need is to offer access to services without any interruptions whatsoever. End-users can in the remotest areas of a hilly country or living on a tiny island of another.
2.Design elements – No technological solution today can be complete if design elements do not cater to the end-user’s journey. The need of the hour is innovative features helping to improve experiences. Users of a financial company in a developing country may not be educated, and hence all features should be easy to understand and use. Design elements can be important to ensure a business stays ahead of the competition.
3.Scalability of the solution – Whichever fintech platform an organization chooses for their business, there is one thing that must be confirmed – will it meet future and projected growth! The solution should have an architecture that is cloud-ready, but does not have a mammoth need for additional hardware. Adaptability to future advancements is also a must.
4.Integration of current offers – Every BFSI organization has a set of services they offer to their clients. Clients deserve to have all the offers available with one solution. For example, an insurance company would require the entire loan lifecycle on one platform, allowing their customer the ease of input, output as well as the offer details in a seamless manner.
5.Security of the transactions – No fintech platform can be successful if it does not promise to keep information on clients and their financial information secure. The scare of viruses, bugs and stolen data is too real to be ignored. Hence, the need is for a solution that meets the stringent requirements of a recognized body such as OSWAP guidelines.
Cost is one aspect that can never be ignored. But don’t fall for the trap of opting for a less expensive software, which requires additional, heavy, investments in the future. The need of the hour is financial services IT solution that meets the dual role of being easy-to-use with the ability to handle the complexity of meeting an organization’s need for scalability and security. The above five factors may be the buzzwords, but they are the important aspects that can bring in profits for a financial advisor or an organization.