Accelerating future-proof application engineering
We develop next-gen applications that simplifies business complexities and provide delightful customer experience
Application Development
Time becomes a critical component in any endeavor to develop a finance-related application. Stringently tied to time-bound milestones for delivering applications and modules, the software requires a strong technical expertise to develop. Professionals who understand finance as well while possessing deep technical skills are the best fit for banking and fintech applications.
As a vertical, banking and fintech are always on the edge of innovation and cutting-edge technology. Close competition from fintech-driven competitors requires organizations to use advanced technology, and this approach reflects in development. This is quite different from the yesteryears when organizations were reluctant to update their systems and walk down the technology stream. The focus now is on setting up un-siloed systems where data moves around seamlessly.
Security consideration is important while developing the application as it becomes difficult to implement security standards later. Integrating security should straddle every stage of development rather than treating it as a non-functional requirement. Developing applications for financial institutions requires the development team to develop understanding of the nature and frequency of transactions getting executed on the platform. Application code, data flow, client–server interaction, and implementation of security mechanisms should be done in line with client- and server-side vulnerabilities.
Typical Challenges
Developing an application for finance institutions comes in with a set of unique challenges which include organizational focus on business, cross-platform requirements, security concerns, protection of user privacy, balancing complexity of service with ease of use, and many more.
Focus on business, not technology
Financial institutions have an inherent tendency to focus on business and relegate technology to backseat. Current banking and fintech, however, is tech-driven, making it imperative for organizations to lay as much stress on technology as they do on business.
Cross-platform apps
Required to run seamlessly on multiple platforms, banking and fintech applications need expertise across technologies on the part of developers. The technological diversity powers tools to offer highly intuitive and flexible features in a string of supported devices or browsers.
Balancing complexity of service with ease of use
Applications related to finance applications now seek to complete a gamut of tasks, requiring several technologies to work in tandem, which in turn increases the complexity of the ecosystem. However, the application designers have to be careful not to allow this underlying complexity reflect on the interface, ensuring ease of use for the end customers.
Our USP
Drawing from extensive experience in developing applications related to financial world, we create software components or complete applications that match the functionality organizations are seeking. Here are our USPs in this regard.
Rapid development – Agile
Based on Agile methodologies, our rapid development leads to faster software delivery and continuous iterations. Our approach emphasizes on user feedback over strict planning and requirements recording. This results in enhanced flexibility and adaptability, quick iterations, code reuse, better risk management, and increased user satisfaction. Phases we generally follow are Defining project requirements, Building of prototypes, Gathering of user feedback, Testing, and Presenting a system.
Improve ROI
Application development methodology of Verinite helps in improving ROI of banks, financial institutions, payment processors, and fintech enterprises. Our approach to offer reliability, strengthen security, intensify scalability, introduce user-oriented features, ensure smooth UI/UX, and implement cross-platform functionality helps boost the return on your budgetary allocations for application dev projects. Rolling out functionality key to the needs of the end users and ease of use are key aspects of our methodology.
Microservices architecture
Verinite specializes in setting up microservices architecture that is self-contained and holds a specific business capability within a certain context. Having the capacity of independent deployment, each service can be updated without interfering with rest of application. Persistence of data or external state is handled by the services themselves rather than a separate data layer. Microservices can communicate with one another without exposing their internal implementations. As services support polyglot programming technology stack, libraries, or framework in various services might differ.
Bring domain and technology under one umbrella
We recognize top-of-the-line application development requires developers to cultivate domain knowledge as well with technical expertise. At Verinite, we encourage our developers to commit towards expanding their domain-modeling skills. Engineers tend to prefer doing stuff which is a continuation of their computer science degrees and earning domain knowledge is not on their criteria. However, understanding business domain is key to develop a product that is perfectly backed by the underlying technical prowess. Developers will be able to understand the impact of technology on a specific process only when they are well-versed with the domain.
Our Service Offerings
Financial applications conjured up by our team are feature-rich and dynamic, having all aspects of a powerful solution. Let us elaborate:
Mobile application development services
Aligned with the specific requirements of financial institutions, our mobile application development assure of quality management adhering to best industry practices. Development is taken forward in line with the functional scope chosen by the organizations. The app is extensively tested regarding application and data security.
Cloud application development services
Harnessing the power of the cloud, we create secure, scalable digital solutions that support optimized end users’ experiences. Drawing from extensive work done in developing cloud-based applications, we design and build solutions that facilitate efficiency, scalability, security, cost savings and a string of other benefits.
Cross-platform development services
Innovative and versatile cross-platform apps accelerate time to hit workspace, thus helping financial institutions take on competition. Making apps that run on multiple platforms (web/mobile/desktop) helps get over a major hindrance. Across platforms and devices, these apps deliver near-native functionality, drawing excellent engagement.
Outsourced product development services
Outsourced Product Development (OPD) refers to the outsourcing of specific or all activities related to the development of an application. There could be technology, people, or process-related reasons for outsourcing development. Our assistance enables product companies to bend their own roadmap and release newer releases earlier than planned.
