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Financial Software Services - Balancing Customer Demands with Security and Regulations
Financial Software Services - Balancing Customer Demands with Security and Regulations
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Financial Software Services - Balancing Customer Demands with Security and Regulations

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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 …

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.

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  • 1. Financial Software Services - Balancing Customer Demands with Security and RegulationsThe financial services industry comprises of those firms that perform activities such as investing, lending, securitiestrading, 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 simpleproducts and services. Consumers had simple demands, which were satisfactorily met by banks and insuranceagents. However, today, the advent of the Internet and the innovation in communication technologies has led tomultitude of financial products and financial software services. From online trading platforms that give customersdirect control over their investment portfolios to mobile payment solutions that enable businesses to maketransactions on the fly, the financial services industry has become a much more competitive landscape in terms ofunique services and ways to access them. Even day-to-day errands like depositing a check, paying bills, andtransferring 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 onfinancial services firms and financial software vendors to develop online and mobile solutions and migrateproducts to the cloud. However, the financial services firms and financial software vendors have to face theadditional pressure of balancing customer demands with the security and compliance standards that are critical tothis industry.The financial services firm and the software vendors can easily ensure it with the help of best of the breed productdevelopment 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 helpedthem to build front office solutions that improve the customer experience, middle office solutions that managehigh volumes of complex data, and back office solutions that optimize business processes. Here is a look at theexpertise of a best of the breed 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 appsFinancial services· Trading, settlement & order management platforms· Analytics & business intelligence tools· Pricing & confirmation engines· FIX/FPML exchange solutions· Online trading & technical analysis platformsInsurance· Rating & underwriting software· Fraud prevention solutions· Claim management systemsThus, 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 moststringent security standards are implemented and the products adhere to the latest compliance regulations.Related Links: enterprise software solutions , product engineering

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