Latest Trends in Application Development For Financial Services

Financial services comprise complex processes that require flexible systems to be able to handle various tasks. Managing huge volumes of data and money all while guaranteeing foolproof security is a job that calls for advanced applications. Information technology has allowed the development of progressive for the same. As trends change, so do these applications. Here is a look at the latest trends in financial applications development.

Better security

The nature of theft has evolved with the digitization of today’s economy. Where in the past robberies were organized with weapons and getaway cars, criminals have moved to more sophisticated ways. Using information technology, they can hack into computer systems to steal vital data and money. Banks and financial institutions need to employ multi-pronged strategies to secure systems. However, as IT evolves so does the need for even more advanced applications. Using custom app development and machine learning, financial institutions can strengthen their security levels to protect customers data and finances against theft and loss.

Advanced analytics using GPS and LBS

Along with companies and organizations, financial services benefit greatly from advanced analytics. Making predictions based on existing data results in more efficiency, higher revenue, and better risk assessment. While advanced analytics continues to be employed by various organizations and companies to assist in decision-making, utilizing GPS, and location-based services or LBS can improve customer experience even more. Users can find the nearest bank or ATM and receive notifications about important updates.

Financial institutions, on the other hand, can push personalized location-based mobile advertising and customize their experience to increase loyalty. GPS and LBS can add an extra layer of security too. For instance, they can compare a customer’s location with that of the transaction being performed at that time. Banks can also confirm a customer’s identification as he/she books an appointment with the bank.

Biometrics

Biometrics has long been used to increase access control and confirm identification. The banking sector is increasingly making use of the technology to facilitate security and convenience. Unlike traditional forms of ID confirmation, such as having to type in passwords with different symbols and letters, biometrics can replace it with a single, more convenient, action. Biometric security, such as fingerprint login, is gaining popularity while eye print recognition is slowly being employed. Some financial institutions allow customers to use their existing mobile handsets and downloadable apps to make use of eye print recognition instead of purchasing new devices. Others allow customers to authenticate themselves using their voice, eyes, or fingerprints. This convenience to customers increases loyalty while protecting their finances and that of the banks.

Financial applications development is always changing to keep up with customers requirements and the threat posed by tech-savvy criminals. The trends mentioned here as well as others, such as the increasing use of cloud solutions, work to ensure that financial services are delivered seamlessly and attacks guarded against. As technologies become more advanced, application developers design software that is capable of meeting challenges head-on. Through them, financial services can continue to boost productivity, speed up workflow, and increase satisfying customer experiences.

Financial services are roping in latest trends in application development to increase the output, make the processes safe, and enhance the overall experience of the user.