Each financial crisis leaves its mark on the ways of conducting financial accounting in general, as well as accounting for income and expenses in particular. Banks, insurance companies, and other financial companies have to comply with a lot of new rules that appear very often. This drains company resources and makes the accounting process a difficult task.
Digital transformation is taking leaps and bounds, and all financial structures and their individual units must be able to quickly adapt to their development, so as not to be left behind. Updating existing systems, developing new software, in an effort to overtake competitors - all this has a stimulating effect on the industry and further spurs the development of the market.
Together with industry development, our customers are also growing and learning, so their expectations of how service should look like and what features they should be able to get are growing as well. They need more individual approach with independent use of your applications at the same time, so updating is crucial to hold their attention to your business.
Theft of personal information is gaining more and more popularity among scammers and has become a big problem in recent years. And especially for financial companies, where the safety of personal data is what their entire work system is based on. Ensuring data security at the same time is a basic need when your business is built on the execution of monetary transactions.
To make sure that your company is at its peak, you must know that you are properly using cutting-edge technology. Blockchain, AI, Robotics and Analytics have become very important components in the infrastructure of financial companies, and allow them to cover customer needs and successfully resist competition. And the use of artificial intelligence allows you to make firm forecasts about budgets and choose the most effective strategy.
Technology helps you and your clients interact in the most efficient way, because it can create custom portals, program AI-based chatbots, and thus you can serve more clients faster and improve their overall impression of you and your project and help your managers work.
Our scalable, customizable platforms help you and other financial firms with a range of issues: your compliance with legal requirements that tend to change frequently, creating a good impression of you and your business, creating an effective and safest strategy for the development of your business. Our consultants will help you select the financial functions you need and implement them into your system.
We take pleasure in developing and improving payment methods that protect your personal data and at the same time are compatible with all the most commonly used platforms and banking systems. And our automation methods can also be useful to you if you are interested in or already dealing with the blockchain.
Chatbots, big data analytics, blockchain integration, artificial intelligence (AI), cyber security, Robotic Process Automation (RPA), mobile, and cloud are the most recent technologies that influence banking sector work.
FinTech refers to computer programs and other technology used to support or enable banking and financial services. Lending platforms, loan origination software, commercial loan software, mobile and online banking services, insurance CRM software, digital payments, personal finance software, RegTech (regulation and compliance management software), risk assessment and fraud detection software, etc. – these are some of the common types of FinTech.
The main difference between the two is that banks can obtain deposits and financial services firms cannot, though both provide investors with various options for managing their wealth.
Unlike the traditional database, information resides in unique repositories (distributed database) and hence the data remains secure. Blockchain is transforming the future of finance by delivering increased security, enhanced data recording, and faster processing. It also can bring down costs, safely execute transactions, improve transparency, and auditability of operations.
Artificial Intelligence (AI) is used by financial services providers for risk assessment, fraud detection and management, financial decision-making, determining future patterns in the market, trading and investments, personal financial management, compliance, anti-money laundering and fraud detection, payments processing, and personalization of customer experiences.