Unlike other sectors where technology has changed the way their respective stakeholders do things, the banking industry is still slow in adopting financial software and other technological solutions. Cybersecurity is one of the major reasons why, especially considering the kind of data at stake. A data breach could easily reveal clients’ financial details and leave money reserves exposed. Compliance is another major issue, as the regulations governing the deployment of financial software are stringent, considering what is at stake. However, you can still use financial software safely and reap maximum benefits without worrying overly about cybersecurity and compliance. The following steps will help you figure out the financial software development process:
Define the scope of the applications’ functions
What is the goal of your financial software project? How will the project benefit your financial institution? By defining what you want from your software application, it will be possible to identify all the features it will need to be effective, and the corresponding security risks and regulations involved. Software applications in banking can be used for CRM, investment banking, core banking, customer support or on-the-go services, and other areas.
Research your selected type of software; have other companies used it? What compliance or security issues have they had to contend with? You also need to carefully identify the strengths and weaknesses of using the application so that you make an informed and objective decision to move forward or stop to avoid incurring unnecessary costs.
Figure out the technological aspects
If your financial software application will run on mobiles, do you want it on both iOS or Android or only one of these two major mobile operating systems? You also need to select your technology stack, which is the development technologies, types of software maintenance, and programming languages you intend to apply in crafting your perfect application. Such tools and languages can include Java, Python, Perl, Ruby, and MySQL. With the right stack, the application will easily provide the services you need.
Create a technical specification
Collaborate with your team of IT experts and stack developers to figure out the compliance and safety issues, then put them together, along with the technological aspects identified above into a technological specification. With this document, all the security and compliance issues will be considered through every step of the financial software development.
Set a budget
Once you have the technical specification, you can now identify all the pieces and skill needed to put it together and put a figure to each of them. It is vital that your budgets satisfies and piques the interest of professional developers, and allows them to use the best technologies in the market. You also need to determine the best possible amount for your location, as what seems little in an American Firm may be remarkably high in an offshore company.
Financial software development may seem like a complicated field. It isn’t very clear, especially if you are new to tech and the dynamics of software design. However, you do not have to worry about the fine details and complex terms of the job.