CloudMargin was established in 2014 as a world-first cloud-based collateral management tool. In addition, it is also the first collateral management solution provider to become a member of the SWIFT network.
The single product has all the different FinTech software development solutions in one platform. It helps the clients centralize and connect all of their workflows and reduces operational risk. Precisely, the tool solves the inefficiency and lack of automation in the collateral management process for derivatives trades, which can be time-consuming and error-prone when done manually. CloudMargin’s platform automates many of the tasks associated with collateral management, including collateral calls, margin calculations, and reconciliation, which helps to reduce operational risk and improve efficiencies for users.
In addition, the tool also helps to save up to 70% of the collateral management costs across the organization. The automation that comes with migration to the cloud helps companies focus on the work that matters, eliminate redundant manual processes, and increase positive changes.
Global Investments in FinTech App Development Solutions
As per the leading financial analyst, the global financial services market will be worth over $25,839 billion by 2022. The overall value of the global financial services market touched approximately $25 billion.
Investment in FinTech has seen growth owing to its various benefits. As per an estimate by Juniper Research, banks will save roughly $7.3 billion by 2023 by using chatbots. Similarly, investments in the custom FinTech application development solutions in the insurance companies reached a five-year high in 2020, with over $3.8 billion raised in funding.
Approximately 48% of financial institutions have completely embedded FinTech in their operating models. A 2022 Financial Services Global Market report suggests that the FinTech app development services market will grow at a CAGR of 9.6% to $37,343 billion in 2026.
Why Invest in FinTech App Development Solutions in 2023?
FinTech software solutions include developing software applications and digital platforms for the financial services industry. These solutions can include mobile apps, web apps, and other digital technologies designed to improve the delivery of financial services, automate tasks, and provide customers with a more convenient and personalized experience.
Here are some of the significant reasons why you should invest in custom fintech app development –
- Lower Service Cost
- FinTech technology helps to reduce servicing costs by automating financial operations to make functions seamless. A software product engineering company can help financial enterprises in making a move away from traditional bulky technologies like call centers to manage customer concerns.
- FinTech development companies can automate many of the tasks associated with financial services, which can help to reduce costs for both companies and customers.
- Increased Competition
- As more companies enter the FinTech space, competition is increasing. Investing in FinTech software product engineering services can help companies stay competitive by offering innovative and user-friendly apps that meet customers’ needs.
- A FinTech app development company helps to manage business processes by streamlining the operations that may lead to high competitiveness and performance. The FinTech application works on effectiveness, efficiency, flexibility, technology, quality, productivity, value creation, and more facets which are the connotations of competitiveness.
- Swift Blockchain Penetration
- Cryptocurrencies are making a huge space for themselves in the FinTech market. As a result, many FinTech startups enable their business operations using Blockchain technology.
- Blockchain by FinTech app development companies enable operations using crypto-based currencies such as Bitcoin, Ethereum, and more.
- Blockchain technology has enabled software product engineering solutions to use distributed systems, which are not restricted by the government and entirely controlled by the users. The shift has made Blockchain penetration much faster.
Conclusion
FinTech app development companies have the potential to revolutionize the way financial services are delivered. They offer many benefits, such as convenience, automation, security, cost savings, and improved customer experience. With the growing demand for digital technologies and the increasing competition in the fintech space, investing in fintech app development solutions in 2023 may be a wise decision for companies in the financial services industry.
FinTech development companies in India, such as Tntra, can help companies stay competitive, improve customer experience, save costs, and open new revenue streams. With the right approach and development team, fintech app development solutions can help companies take their business to the next level.