In conversation with CIOTechoutlook, Alok Bansal, MD of Visionet Systems India and global head of the BFSI business shares his views about the value of software improvements in terms of customer centricity and time management in the current competitive industry.
 

How can custom software development be tailored to meet the specific needs of a business?

Custom software solutions like Content Management Systems (CMS), and mobile solutions are built to serve the business requirements and goals of an organization in a more effective manner. Unlike off-the-shelf solutions, these custom remedies adapt to specific business operations and situations. Custom software development teams hence are vital for a company’s digital transformation which in turn boosts overall efficiency, improves customer experience, streamlines processes, improves data management, ensures data security, and reduces expenses. As the business evolves, customized software update systems exclude redundancies and create a rock-solid digital infrastructure. This also helps businesses to remain hassle-free and become more responsive to customer needs and stay up to date with new technological advances.
 

Shed light on the importance of software development’s higher security control of all the financially linked data.

With increased digitalization in the financial industry, cybersecurity has become more challenging than ever. A 2023 report by Contrast Security, a leading code security platform, states that more than 60% of global financial institutions with at least $5 billion in assets were affected by cyber threats. Since financial operators manage private and liable data, it is imperative that they should be cognizant of these cyber security issues and beef up their data security practices using innovative technologies in fintech custom software, like Robotics, Artificial Intelligence and Machine Learning, Robotic Process Automation and Blockchain. Developing custom software equips the organization with suitable security protection and minimizes its dependence on third parties. With these solutions, they can protect sensitive information like passwords, credit card details, and business records and can prevent transaction fraud, counterfeit banking, card skimming, and synthetic identity proof. Cyber attacks can also be thwarted by building intrusion detection systems into customer software, as well as logging and auditing features that will allow your company to keep track of sensitive information. Henceforth, with the support of a development team, the organization can have a customized solution that only they and their team can access, and decide when it requires corrections.
 

How can the customer-centric experience be maintained?

The BFSI industry is constantly striving to meet evolving customer needs and expectations with fintech software that can not only offer a highly personalized experience but also serve as a revenue-generating tool. Embedding technologies like AI and ML into onboarding and servicing activities can reduce complaints from customers and enhance profitability. The AI-powered prediction models can also help customers develop a financial plan while AI enabled chat boxes, virtual agents or conversational assistants can answer customer queries quickly and efficiently.
 

How can a time-sensitive maintenance and support be provided?

Automated systems can provide time-sensitive maintenance and support but they too need to be secured diligently from anomalies. Even a very successful software application can lead to harm if it is porous or prone to errors. For the success of any business, it is very important to identify the weak links and secure them before they fall apart. Software development firms can hence step in to provide services around the clock and help businesses to build a solid foundation for their growth. A skilled software developer will be a reliable partner and will be able to assist the company with corrective, adaptive, and preventive maintenance support.

What is the way to keep a competitive advantage over others?

As I mentioned before, a rock-solid digital infrastructure and scalable custom software can help solve problems unique to a company, enhance its strengths, keep it ahead of the learning curve and help it anticipate and resolve issues before they occur. Companies that invest in digital transformation are a cut above those that remain trapped in outmoded systems. A technological edge also allows companies to design new products and integrate third party services and new features in their processes, as and when needed. In the BFSI industry, fintech transformation helps companies to match and exceed customer expectations. Custom software can also be integrated into mobile devices, making it easier for consumers to access financial services. Future forward companies are also using data analytics and robo-advisors to serve customers better and answer their queries quicker. Blockchain is becoming a prominent technology in the BFSI industry and is being used to secure transactions against fraud. Better technology also makes better business sense because it cuts costs and provides a competitive edge to financial organizations.