Category: Business

4 Ways Technology is Transforming Financial Services

Banks and insurance companies have relied on the same business models for decades. Technology has affected the industry in a few ways, such as computer spreadsheets replacing paper ones. However, the rate of change in IT and customer expectations are driving massive change in the financial industry. For example, we’re seeing mobile payments websites and peer to peer lending websites hitting the mainstream and becoming a viable alternative. Here are four ways technology is transforming financial services.

The Rise of Alternative Lending Arrangements

While many people still apply for a home loan or credit card from their bank, you have far more options than were available just a few years ago. You can refinance your debt or get funding for a new venture via a loan through a crowdfunding site. The internet also makes it possible to apply for loans with alternative lenders.

For example, you can now easily access bad credit loans online through direct lenders and brokers. Some even offer both sources of capital through a single portal or app. The application can be approved in hours or even minutes, and the money could be in your bank just as quickly.

Or you can simply ask for donations to pay for expenses. This is true whether you’ve suffered a tragedy or are seeking money for your new business venture. In the latter case, you might incentivise the donors by offering them one of the first working prototypes off the production line or just give them branded swag.

The Impact on Insurance

The insurance world has started to change in the face of decentralization, and the consumer market is also evolving. For example, people serving ride-sharing app customers can buy insurance by the kilometre to have commercial vehicle insurance only when they have a paying fare. Insurance is having to adapt to provide coverage for other services offered through the sharing economy like renting out your house for the weekend via a rental site.

On the flipside, advanced sensors and smart tech allow for closer monitoring of assets and actual risk. Car insurance companies are starting to offer insurance based on your actual driving habits. A device plugged into the car tracks how hard you accelerate and brake and where and when you drive. This can reduce your insurance rates if you’re a safe driver, and the data it collects may be invaluable in defending you in an accident claim. Other devices track the location of vehicles, allowing trucks and cars to be recovered as soon as they’re reported missing.

Health insurance companies are asking people to track health and workout data via wearable computers. Wearable sensors can report when someone has passed out from heatstroke or a head injury. Insurance companies incentivise the adoption of this technology to reduce the risk of having to make payments.

The Impact of Artificial Intelligence

Artificial intelligence is affecting everything from rapid A/B testing of marketing content to providing smart search engine results. It is being used to mine social media comments to read social sentiment in real-time. It has led to robo-advisors offering financial advice to clients of major investment firms and monitoring of financial data for small advisors. It is being used to streamline infrastructure, connect buyers and sellers and monitor for fraud.

ConclusionTechnology is Transforming Financial Services

Technology is revolutionizing every aspect of the financial world. It doesn’t just alter how we interact with institutions or streamline back-office processes. It has opened up the financial and insurance market to new players and resulting in brand new services to meet customer needs and wants.

Boston Unisoft Technologies: The Web Development Company You Can Trust

Finding a reliable web development company to supplement your in-house IT team is a struggle.

Outsourcing vendors can often underestimate the development timeline and budget because of the lack of experience or understanding of the market requirements.

Unlike most offshore companies, Boston Unisoft Technologies (https://bostonunisoft.com/) has both in spades and can be a trustworthy technical partner for your business.

Boston Unisoft Technologies Benefits

BUT provides a full scale of professional IT services and brings multiple benefits to businesses. If you choose to cooperate with this company, you will enjoy:

  • Business know-how. Founded by Paul Belogour, the company has helped several businesses raise to the top of the Finance niche. Business analysts and project managers will put this experience to good use during the discovery stage of your project.
  • Technology stack tailored to your needs. All software engineers working for the web application development company possess years of experience and keep their hands on the pulse of the latest IT trends. They rely on the languages, technologies, and libraries that ensure high performance and stable operation.
  • Quality guarantee. Agile development relies on continuous testing and delivery, while final quality assurance procedures include extensive manual and automatic tests. Working side-by-side with developers, experienced QA specialists help remove the last bugs and glitches and guarantee trouble-free post-release operation.
  • Post-launch support and updates. Boston Unisoft Technologies is a full-cycle website development company. The team will stay by your side after the project goes live and provide real-time maintenance as long as you need it.

Boston Unisoft Technologies web development

Three Cases of Professional IT Services Success

Over the years, BUT has accumulated dozens of successful cases. The company helped businesses in Finance, Retail, Banking, and other niches, designed and implemented mobile apps, and developed CRM systems. Three examples of the recently completed and launched projects include Swiss International (https://www.swissfs.com), BMFN (https://bmfn.com), and Emirates Wealth (https://emirateswealth.com).

According to the head of Swiss International, Ahmed Shibley, his company chose Boston Unisoft Technologies due to their experience in the financial sector that increased the development pace at the project’s onset. Mr. Shibley confirmed web design and development had been finished on schedule, and Swiss International later recruited BUT’s services to develop an Android app.

As CEO of BMFN, Luis Sanchez, required one team to work on the company’s mobile application, website, and client area. According to Mr. Sanchez, BUT software engineers were focused on every requirement and produced results that exceeded expectation.

Patrick R. Oerer, CEO of Emirates Wealth, praised the work of the outsourcing team that kept consistent development pace and showcased interim results via demos and reports. The whole process went without a hitch, and Mr. Oerer did not expect any post-launch problems, considering Boston Unisoft Technologies’ continued support and maintenance.

Three cases do not reflect the full capabilities of Boston Unisoft Technologies’ talented team. However, they prove BUT offers full-cycle software development services and can handle complex turnkey development projects for businesses in any market or niche.