The financial sector features 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 It is one of the highest risk concerns among bankers, risk managers and survey analysts who are concerned about positive growth. The factors that affect the economy on a broader level are events or situations influencing the economic outcome of an outsized group of individuals on the regional and national levels. Some factors include unemployment, inflation, savings, and investments.
Political Interference Bankers threat that political interference is a major risk facing the banking industry. The Politicization of banks caused by bailouts and takeovers poses an enormous threat to the financial health.
Regulatory risk 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 the law that might affect a business/ industry. Such changes can make huge changes in the cost structure, the framework of the business.
Criminality The cyber-attacks are increasing day by day and therefore 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 cryptocurrencies, real-time payments, and distributed ledgers
Technology risk Outdated core IT systems are a significant concern for all bankers to facilitate the service, experience and customer satisfaction. Secure, agile systems are the need to industry and there enhancing digital and mobile banking at the same time taking into consideration of cyber-attacks is a big challenge altogether.
iFour Technolab Pvt. Ltd., an outstanding custom financial software development company in India, provides custom software development services to organizations in the 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 the 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 customers. Social Media sites on the internet provide 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 for the consumers which include 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 Technolab help the Finance and Banking sectors?
According to the reports, around 20% of the Bank clients are sole digital users. Our software professional team helps in embracing digital transformation in the business with better improvement in digital banking, payment handling, and secure transactions.
In this fast-changing era, project specifications in the Finance and Banking sectors may change at a certain time. Even the best enterprise requires helping hands at some point.
Our team can assist the clients with the latest enhancements or customizing the existing modules in the project.
iFour financial software providers can help you in implementing Finance services software which manages daily operations of Banks and other essential departments.
Being one of the best financial software companies in India, we have delivered our brilliant IT consulting services to both technical as well as Outsource clients in implementing Accounting software for their business. This Accounting software automates the essentials functionalities like timely billing and transactions, payroll, accounts receivable, etc.
Customer satisfaction is the primary key to success. Therefore, for implementing an instinctive UI and better digital experience, our dedicated developers and design experts make in-depth Business Analysis for the Client project and then starts implementation with their financial software development services.
In the same way, our meritorious financial software developers can also help the clients in developing Budgeting software, Billing and Invoice software, Trust Accounting software, compliance software, Finance company software, etc.
How iFour delivers business value?
iFour Technolab facilitates your brand with simple yet powerful bespoke software that is reliable, automatic through custom software, cost-effective, appealing, user-friendly, search engine friendly hence visualizing your brand exclusively. We understand your project requirements, 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 a 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 a competitive price which will help you increase your customer base and overall profitability.
Some of our value-adding features in our services are:
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 meets the most challenging IT problems. We understand the importance of technology and platform selection and conduct a special walkthrough with a customer to discuss and select the right technology platform that suits your requirements 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: