The fintech industry is facing considerable challenges as venture capital investment declines amid broader economic uncertainty. Recent data from BCG Global Fintech Report 2023 shows that 40% of digital banking CEOs and C-Suites leaders think a slowdown in economic growth is one of the most formidable challenges this year.
Table of Contents
While this signifies difficult times for fintech companies, it also presents an opportunity to strengthen your foundations for long-term sustainability and growth. Custom software solutions can play a pivotal role in helping you not just survive the fintech winter but set yourself up to thrive for years to come.
In this post, we’ll explore how custom solutions can boost customer acquisition, optimize spending, facilitate innovation, and enhance compliance – the essential factors to weather the challenging market conditions today and flourish well into the future.
The digital banking market is still a dreamland despite the global economic depression
Despite short-term headwinds, the fintech market remains one of the fastest-growing sectors globally. According to EMR Fintech Market Report, its projected market size will expand tremendously from $194.1 billion to $492.81 billion by 2028 with a CAGR of 16.8%. The market is also becoming more competitive, with over 26,000 fintech startups now in operation (source: BCG Global Fintech Report 2023).
global economy (Source: BCG Global Fintech Report 2023)
Moreover, the fintech industry is also evolving rapidly. It has undergone revolutionary transformations nearly every decade since its inception. Five distinct eras of change have occurred in less than a single century.
Because of its breakneck pace of innovation and disruption, you need custom software solutions rather than outdated and generic programs to compete in such dynamic surroundings.
What is bespoke software development for fintech?
Custom software solutions entails the creation of bespoke technological solutions tailored specifically to meet the unique needs of individual financial technology organizations.
Rather than generic, off-the-shelf options, custom software eliminates excess features in favor of incorporating only the precise capabilities required to efficiently fulfil a company’s strategic objectives.
Why custom software can help fintech companies survive this winter?
During difficult markets, tailored software provides powerful support to you by covering 7 key solutions: enhance marketing for customer growth, save costs through budgeting, drive innovation within operations, ensure legal compliance, increase business scalability, simplify the maintenance and protect your IP.
1. Bespoke software helps boost customer acquisition
Custom software development allows fintech companies to boost customer acquisition by optimizing the customer experience with innovative features, services and personalized UI/UX.
In addition, when issues do arise, tailored software provides a superior support process with unique insights into each customer context. This enables fast and effective resolutions which creates happier, more loyal customers who become organic brand advocates through positive recommendations.
In conclusion, custom software provides the key tool for optimizing the customer experience uniquely. When executed properly, a tailored technological approach can significantly boost acquisition through strengthened user relationships and recommendations.
2. Custom software cost is budget-friendly
While custom software development demands greater initial investment than generic options, it proves far more affordable long-term. Tailored solutions automate workflows, boosting efficiency and lowering operational expenses over time.
By using cutting-edge technologies, you can avoid expenses associated with replacing outdated systems or purchasing new software when growing. Moreover, because customized platforms integrate seamlessly, no additional coding or tools are needed – saving costs compared to piecing together ill-fitted products.
3. Tailor-made software is an innovative product to stay strong
In the fast-paced digital banking industry, continuous innovation is essential to enhance competitive edge. To stay ahead of these rapid changes, a customized platform is what you need.
By leveraging artificial intelligence, blockchain, cloud and other cutting-edge tools, custom software empowers you with data-driven insights and hyper-personalized experiences. This innovative, bespoke approach ensures maximum agility to consolidate your competitive position now and in the future.
4. Custom software helps you deal with security and compliance
Despite the cybersecurity, custom software for your fintech business enhances security through tailored protections to address vulnerabilities and industry risks.
You can implement strong encryption and authentication measures for tight control over the system. You can also ensure better adherence to industry regulations and compliance requirements of the highly regulated fintech sector.
5. Custom software increases your scalability
Custom software brings scalability to your business effortlessly as it is tailored to your specific needs. With the modular design of your solution, you have the power to develop and scale different system components independently.
By leveraging continuous integration and deployment (CI/CD) and automation, you can swiftly build, test, and deploy new features and versions, accelerating your solution’s evolution.
6. Custom software simplifies the maintenance
Opting for custom fintech software development lets you control over the choice of technologies, coding language, and solution architecture.
By starting from scratch, the development team gains a thorough comprehension of the product, which enables them to swiftly deliver ongoing support and maintenance, guaranteeing that the software adheres to the latest industry standards, incorporates cutting-edge technologies, and maintains its reliability and security.
7. Bespoke software ensures your Intellectual Property (IP)
Custom software empowers you to create and possess exclusive software with groundbreaking capabilities. You can assume full ownership of the source code or intellectual property (IP), which becomes a valuable asset in the fiercely competitive fintech landscape.
Why choose BiPlus custom software service for your fintech?
As the software outsourcing partner for fintech innovation, BiPlus understands your industry inside and out. With significant experience developing custom software for leading fintech businesses in Southeast Asia, our team understands the technical and regulatory requirements of this industry.
Whether you need to boost user engagement on a tight budget, future-proof your platform against emerging risks, or free up resources to test new ideas, our services can make all the difference.
We serve you with:
-
High-quality products with a strong portfolio of successful projects.
-
Cost-effective solutions with competitive pricing models and efficient resource allocation.
-
Advanced skill set with domain-specific expertise and real experience.
-
Agile approach for flexibility and effectiveness.
Here are examples of how BiPlus powered breakout growth for two fintech disruptors by building custom platforms optimized for their unique needs.:
-
For ViettelMoney, BiPlus brought deep expertise in both backend (Java and Spring Boot) and frontend (Kotlin) to build an app offering seamless user experiences for the underbanked. This helped drive rapid adoption throughout Vietnam’s rural communities, expanding financial access to more than 24 million ViettelMoney users.
-
With eMoney, BiPlus integrated a flexible stack including Spring Boot, Oracle, Kotlin, Swift to bridge the gap between digital wallets and Cambodia’s traditional banking infrastructure. The result was an elegant 1M+ download platform that became Cambodia’s payment method of choice at the time.
To Sum Up
While fintech currently faces headwinds, the long-term future remains hugely promising as new technologies transform financial services. Now is the time to ensure your company is strategically positioned for future growth opportunities.
To survive this winter, custom software services for your unique business model is key. A bespoke solution can optimize efficiency, enhance the user experience, and future-proof your competitive edge – giving you an advantage as conditions improve.
At BiPlus, our mission is partnering with bold innovators to overcome complex challenges. By collaborating closely and leveraging advanced technology, we enable our clients to achieve rapid growth and maximum impact. Our development capabilities scale from early stage startups to global enterprises.
Whether revolutionizing payments, disrupting incumbent industries, or creating new digital experiences, we make the impossible possible.
Contact BiPlus now!
