The financial sector has a very big impact on the global economic scene. Some of the main challenges that the financial services industry faces are as follows:
- Macroeconomics risk
- Political Interference
- Regulatory risk
- Technology risk
It is one of the top risks concerns among the bankers, risk managers and survey analysts who are concerned about the positive growth. The factors that affect the economy on a broader level are events or situations influencing the economic outcome of large group of people on regional and national level. Some factors include unemployment, inflation, savings and investments.
Bankers threat that political interference is the major risk facing the banking industry. Politicization of banks caused by bailouts and takeovers pose a big threat on the financial health.
The risk caused by failing to comply with the legal regulations is rapidly growing for banks. Regulatory risk is the risk of a change in law that might affect a business/ industry. Such changes can make huge changes in the cost structure, framework of the business.
The cyber attacks are increasing day by day and the respondents are concerned that banks are not well equipped to prevent the attacks from criminals, hacker’s espionage. There is also a threat of crypto currencies, real time payments and distributed ledgers
Outdated core IT systems are a significant concern for all the bankers to facilitate the service, experience and customer satisfaction. Secure, agile systems are the need of the industry and there enhancing digital and mobile banking at the same time taking into consideration of cyber attacks is a big challenge all together.
iFour Technolab Pvt. Ltd., an outstanding custom financial software development company in India, provides custom software development services to organizations in Finance sector. These challenges escalate every day and therefore the banks need to constantly evaluate and improve their operations in order to keep up with the fast pace of change in the banking and financial industry today.
Role of IT in Finance Industry
Finance today relies on Information Technology. IT focuses on the development of electronic networks that can exchange information and all the financial transactions involve exchange of information.
Without the evolution of IT, financial markets couldn’t reach the global level where it is today. Customers can transfer and complete online transactions, information system networks make things easy and accurate for the customers. The Social Media sites on the internet provide the financial institutes with all the useful information on the customers.
IT has changed the way companies do business domestically and internationally. The banking industry has used business technology to create a lot of opportunities to the consumers which includes online banking, electronic application etc.
IT can also reduce the operational costs of banks to conduct standardized, low value added transactions while focusing their resources into specialized high value added transactions.
How iFour delivers business value
iFour Technolab facilitates your brand with simple yet powerful bespoke software that are reliable, automatic through custom software, cost effective, appealing, user friendly, search engine friendly hence visualizing your brand exclusively. We understand your project requirement, goals and budget to provide you with an expert solution that will match your project challenges effectively.
Our custom application development team uses a cohesive approach to develop personalized application that helps you to give an edge over other business competitors. We help you to elevate your business by providing the best technology at competitive price which will help you increase your customer base and overall profitability
Some of our value adding features in our services is:
- Domain Knowledge: Our deep industry knowledge and technical expertise to deliver effective results. We provide services to reduce costs and increase productivity.
- Customized Application: Customized solutions to support individual business needs. We develop applications that are scalable, secure and easily maintainable.
- Application Maintenance Support: We ensure that our applications are working effectively and efficiently supporting all business requirements.
iFour Technolab Pvt. Ltd. develops custom software that meet the most challenging IT problems. We understand the importance of technology and platform selection and conduct a special walkthrough with customer to discuss and select the right technology platform that suits your requirement and IT infrastructure. We have also served our customers in the blockchain technology software to elevate their business and keep pace with the fast changing technology world.
Some of our projects include: