5 game-changing factors that will boost your Fintech project!
What do you associate mainly with the Fintech or Insurtech industry?
Probably a huge number of:
- calculations,
- paperwork,
- procedures,
- permits,
- not fully understandable terms,
- ways of calculating costs and so on.
That’s all right, many of these factors are so deeply rooted that it would be very hard to deprive some of the elements of this industry. But many of these procedures can be simplified and thanks to our agile approach you can save a lot of time and money. Wherever people entrust their money in trust to the company, there is no room for any kind of mistakes or time-consuming procedures. Often, our main task is to simplify everything that is too complicated and requires many customer activities.
Communication and digitalization
It’s key to limit user interaction and relieve the management side. Thanks to this whole process run consistently and without major problems. Creating solutions in which implementation requires mutual cooperation.
The use of new communication channels and the tools used for this purpose incredibly increase effectiveness. At the moment when you do not have to send an email with a simple query, you do it via communicator, for example Slack or Skype. You save time. Simple and effective solution that saves time and does not fill the mailbox. Another important issue is the need to digitize most of the processes that were previously prepared using a traditional sheet of paper and binders. The need of professionalization is directly connected with withdrawal from traditional methods such as a piece of paper.
Having all the data on the server in the cloud is convenient. Especially in the Fintech industry. Everyone can have access to this data in a fraction of a second, they do not have to ask for special permission for access. You save time and money again.
MVP is a key in the Fintech industry
Tracing errors and correcting problems is so important and very often limits the fintech company’s development.
The rapid development of the financial and insurance industry forces software development of new, effective but often imperfect technologies. Fight on several fronts, such as mobile application, web application, dashboard or internal tools requires a huge amount of experience. Also proven programmers and a quick response to burning fires.
The specifics of a good, fast-growing company is that it can quickly show MVP (Minimum Viable Product) of its service. If the fintech company does not do it, the competitors will simply be faster. The use of Python&Django technology will allow you to show your client the MVP of the project after a couple of months. The explanation why Python is a great choice for creating Fintech solutions has already been discussed in our previous blog entry.
Return to the BASICS
Quick development is good because ultimately the user receives a better service. Still small flaws, annoying errors, and illegible website that causes you to lose customers.
It is also worth looking at the whole project from the perspective of the client and his basic functional requirements.
It’s great to have all the industry-specific technological innovations in the project. Above all, it will be unnecessary at the moment when the web app repels the potential customer. Here comes the next advantage of MVP – with an undeveloped but working service, you can check the response of customers. Adapting new features into different requirements of your clients using Python & Django is simple and pleasant.
Being agile instead of rigid procedures!
A dozen years ago, the finance and insurance industry was quite clumsy and unpleasant. A large number of permits were required for each user activity. Simplified procedures ensured comfort and safety.
This change was mainly due to the agile approach, which ceased to be based on a series of procedures. But rather on matching the entire project in real-time. Complicated and incomprehensible financial structures deterred customers. Today everything is becoming clearer. You probably noticed that today companies are talking more and more willingly with their clients.
Previously, the client received a service that was promoted as a real game-changer and in fact was completely unnecessary. This was because no one listened to the client and was guided by ideas about needs – not real needs.