Meet Security and Compliance Standards when Providing Financial
Software Services
The technological advancements have brou...
 Online & mobile banking platforms
 Client portals for self-service apps
Financial services
 Trading, settlement & orde...
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Meet Security and Compliance Standards when Providing Financial Software Services

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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

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Meet Security and Compliance Standards when Providing Financial Software Services

  1. 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. 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.

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