Velvetech has been active in financial software development since the times when FinTech had not become a term yet. Our company branched out over a decade ago from a large banking software development conglomerate – CFT Group.
Since then we’ve been diligently serving finance industry with custom FinTech solutions. With over a hundred large-scale projects under our belt, we take pride in helping our clients grow their businesses.
From FinTech to InsurTech
Because of our long history with the finance industry, we have enjoyed working with companies providing all sorts of fin services. To name just a few areas where our financial software solutions made an impact:
- Trading platforms
- Banking software
- Sales and marketing automation systems
- Mobile finance applications
- Credit and loan management solutions
It’s a heart-warming experience when our clients gain special recognition in FinTech. Such was the case with Insureon, an innovative insurance company, when it landed in the Inc. 500 as “the #1 fastest growing insurance company in the United States”.
Another example of our FinTech expertise that put our client in the spotlight is Tradespoon. Tradespoon is an AI-powered trading platform for retail investors. The solution went on to become a Finalist in Benzinga Global Fintech Awards.
Custom InsurTech Solution
Insureon needed an automated marketing and sales solution to optimize their sales process. Their then current solution did not perform as expected. Because company’s IT department was stretching beyond capacity, they reached out to Velvetech.
Instead of using a typical CRM or marketing platform, Insureon opted for a custom solution that offered the highest ROI.
We walked Insureon through the process and then worked tirelessly to complete the project. After all, we ended up customizing an off-the-shelf CRM solution because it was more efficient for the client. And we sure know when there is a time to reinvent the wheel, which is never if your business is about generating profits.
Custom or Off-the-Shelf Finance Software
Insureon is an excellent example of how companies choose between a custom solution and third-party platform. Fortunately, we simplify the selection process for our clients. At Velvetech, we develop custom solutions and work with reliable vendors like Microsoft, Creatio, or Salesforce.
Here’s the thing — every company exists on the market solely because it keeps beating the competition. Businesses win when they have unique processes that allow them to form unique selling propositions. Catering to these processes is what brings about the choice between custom and off-the-shelf solutions.
As mentioned, with Velvetech the choice is not crucial. Whether your company needs compliance reporting, portfolio management, or help with other areas of financial services, we can offer both: a custom or third-party customizable solution.
How do we create a custom software solution for financial companies?
The best way to understand your needs, challenges, and software applications is through questions. Using your input, we discover opportunities to improve your firm through technological innovations.
For example, we have a thirteen-year relationship with a client outside the finance sphere who needed specific data on complex operations across the country. Instead of telling them we could not do it, we listened to make sure we could find the components to help them.
We built the solution they needed and then improved it over time based on new technological breakthroughs. We can do the same for our financial clients. At Velvetech, we know how to work with a client who comes to us telling that “nothing like this has ever been done before.” We did it before.
What is the process when you develop a FinTech product from scratch?
In a typical project, the development starts by defining the scope of the work. We can help you create requirements for a custom software solution or follow the one you created previously. The workshop helps either way because we can clarify the project with you.
Our development process works as follows:
- Set up a launch workshop
- Build the architecture
- Create the related functionalities
- Assess the user experience
- Develop data processing and information flow to support the system
Our process breaks down the work in every step of the way from prototyping to development to testing to deployment into production.
Custom Trading Solutions
For example, when we worked with Tradespoon, they had several related functions like the Metastock Extensions and Seasonal Charts. Both helped investors choose the best stocks for their needs. However, we broke down what each function did, so we could create the right feature set in both instances without getting repetitive.
Finances can be difficult for consumers. However, your app needs to create a superior user experience that helps consumers find the correct data without violating numerous compliance issues in finance.
To do this, you need skilled professionals with the necessary experience for your financial service company. Velvetech is the rare company with the expertise and resources that can offer a reliable solution.
Financial companies need quality software to compete in the marketplace today. We understand at Velvetech that the technology you use is more than mere algorithms. It’s a way to stay competitive in the market.
If you need a custom finance solution for your financial firm, contact us today to set up a free consultation.