The presenters discussed how fintech industry executives should act now to grow their businesses using the latest approaches and innovative technologies such as:

• Online banking
• Mobile wallets
• Cryptocurrency and blockchain
• Artificial intelligence and machine learning
• Trading and securities

The webinar tackled the ways technologies provide the fintech industry to achieve better outcomes, opportunities for lower long-term fintech costs, and a rapidly growing digital finance market.

Watch The Webinar

Five Promising FinTech Trends with Use Cases

The webinar reveals never-before-seen use cases of emerging technologies and innovative solutions for digital finance and generates a common language for accelerated collaboration across the executive’s organizations.

Participants explored a strategic overview of real-life solutions application with a strategic roadmap that ensures sustainability across all the stakeholders.

Digital Strategy for Next Your FinTech Solution

Throughout our experience in Intellectsoft, we have faced a bunch of challenges for the fintech domain. We’ve successfully solved and implemented them as solutions for our clients.

Our experts kindly presented you with the product vision and technical design workshop. Among the essential goals of the workshop are:

• Define the existing and desired business processes
• Define what stakeholders want and expect from a custom solution
• Identify technical and architectural limitations
• From steps 2 and 3, develop a “shared understanding of project objectives” for all stakeholders/participants of the workshop team
• Transform business requirements to functional requirements
• Create the initial vision of the architecture of the project
• Create a Project plan/Backlog with a definition of project risks, budgeting, and release strategy

Engineer Your Vision With Intellectsoft

While there is still a lot of uncertainty and challenges around the digital transformation in the FinTech Industry, our expertise allows us to consider a variety of technologies, use cases, and solutions for a software consultancy.

Intellectsoft has strong domain expertise for advising the right solutions to solve particular business challenges and avoid pitfalls while delivering and deploying them.

Find these and other answers to your questions by watching the webinar. If you have any additional questions left or want to discuss your next project with us, get in touch with our experts today!

The post Webinar: The Future of FinTech. Insights, Trends, and Use Cases Defining the Industry in 2021 [Video] appeared first on Intellectsoft Blog.

The statistics show that the average software developer rate per hour in countries like the USA, the UK, the Netherlands, Germany, etc. is $100, when in Ukraine it ranges between $25-50. If your business needs to hire professional engineers, but you want to spend less then you might consider contracting teams from Ukraine.

Eastern Europe has become a major destination point when it comes to outsourcing and Ukraine is among the most appealing locations. Why Ukraine? The country has a number of good reasons to be included in the lists of top countries for outsourcing and we will discuss them in detail.

Software Developers: Ukraine as Outsourcing Talent Pool

Software development in Ukraine is growing and enhancing year by year. The number of software engineers in 2020 has reached 200k.

The country is becoming a popular destination for software development outsourcing due to its beneficial and promising technical environment, effective education, and devoted employees.

100 out of Fortune 500 corporations already have offshore development teams in Ukraine.

20% of the world IT leaders choose Ukraine over other popular outsourcing destinations in Europe (Poland, Hungary, Romania, Belarus, etc.).

The following aspects influence the decision to work with the Ukrainian IT market:

• Qualified and experienced professionals
• Lower salary rates
• High-quality of delivered products and solutions
• Convenient time zone
• Easy communication

It is no surprise that companies like Google, Samsung, ABBYY, NetCracker, eBay, Skype, etc. employ engineers to work on their projects.

The Number of Software Development Companies in Ukraine

Over the past 10 years, the number of IT companies has almost doubled. In 2009 there were 940 software companies and in 2020 the number is over 1600. The majority of these companies offer custom software development and provide their services to companies around the globe.

Ukrainian companies mainly export their services to:

• the US market (80%)
• the UK (64%)
• and Germany (60%)

Also, they cooperate with such countries as the Netherlands, Canada, Norway, Sweden, Denmark, etc. The main focus is on eCommerce, education, telecom, finance, healthcare, and insurance domains.

Top 10 Reasons to Hire Developers in Ukraine

• Strong Educational Background

Source: DOU

Ukraine has a developed tech education system that guarantees its graduates get applicable knowledge, hands-on experience, and useful skills. The general literacy rate is almost 100% due to accessible education.

Every year around 36k students graduate from universities with Bachelor’s or Master’s degrees. Statistics on DOU indicate that 80.1% of IT employees have higher education, 7% have two university degrees, 1.5% hold Ph.D., while only 2.1% have secondary education certificates, and 1.8% of specialists have been only to college.

Universities have strong STEM programs as there have been and still are enterprises where a large number of engineers is needed.

Thus, with the development of the IT industry and new technologies, colleges and universities have managed to adjust education to global trends and are able to provide high-quality education. STEM programs become more and more popular, as there is a great number of students who want to work in the IT field.

Also, there is a great number of private institutions and courses where people can acquire new skills, change their occupation, or enhance their knowledge in a particular field.

• Skill Diversity

Apart from general college or university education, Ukrainian software developers pay much attention to self-education and always keep up with the latest industry trends. You can find here specialists who use the following languages in coding:

• JavaScript
• Java
• C#
• Python
• PHP
• C++
• TypeScript
• Swift
• Kotlin
• Ruby

These languages are among the most popular ones according to the DOU report.

Software companies that offer their services to outsource usually have experience in working for companies that come from various industries, including eCommerce, Healthcare, FinTech, Retail, Hospitality, Game development, etc. They have all the necessary resources to complete projects of any complexity level and provide suitable solutions.

• Convenient Time Zone

Ukraine is located in the center of Europe and its time zone is another advantage for international business. The country is suitable for nearshore and offshore outsourcing, as it is close to different European cities and it is only 7 hours ahead of the USA.

This is the reason why so many companies partner with the US IT businesses and some of them have their headquarters here. For instance, you live in the USA and you receive recent updates and reports in the morning. This helps to have no delays in project development and implementation.

As for the companies in the EU, it will be convenient for you to schedule meetings online and even have regular on-site meetings with the offshore team, as it takes from 1.5 to 3.5 hours to fly to Kyiv.

In case you need to travel to other cities in Ukraine, they have a well-developed infrastructure, so it is easy and convenient to travel to other IT hubs within the country by plane or by train.

• Communication

How can you communicate with the Ukrainian teams if you don’t know the language? The answer is simple – the IT specialists have profound knowledge of the English language, so there will be no misunderstanding.

Source: DOU

It is estimated that around 85% of Ukrainian IT specialists have intermediate, upper-intermediate, and advanced levels of English knowledge.

English is the most popular foreign language that is studied in schools and universities. Additionally, every company that works on the international market and offers its services to export takes care of its employees and gives them a chance to have free English classes.

Thus, only 15.4% of the employees in IT have a pre-intermediate or elementary level of the English language.

• Cost

IT services in Ukraine are more affordable in comparison with the US or European markets. The average rate is between $25 and $50 and it is two times lower than in the developed countries. Below you will find average salary figures depending on the language or field of knowledge application.

Foreign companies also choose Ukraine because of its low taxes and it is quite easy to open a legal office here.

• Quality

Quality is another advantage you get when you work with local IT services.

Offshore teams consist of experienced, skilled, and educated employees who do their best to suit customer’s requirements and deliver products or solutions of the greatest quality. No wonder Ukraine ranks among the top countries for international outsourcing.

• Involvement 

This is one more reason why global leaders choose to cooperate with Ukrainian IT services.

Developers have proven to be highly motivated, devoted to their job, 100% involved in the process, even when they work for other companies.

The only explanation here is that they love what they do and ready to tackle different issues.

• Fertile Environment for Startups

Taking into account the above-mentioned info, Ukraine has a comfortable environment for a startup ecosystem. 500 new entrepreneurs appear each month that offer challenging ideas and projects, complex tasks, a chance to contribute to product development.

Startups attract talented engineers who can use their knowledge and ideas, receive investments, and close profitable deals.

The list of the top Ukrainian startups includes the following companies: Grammarly, Petcube, Clickky, Kwambio, Augmented Pixels, SolarGaps, GitLab, TripMyDream, Cardiomo, etc.

• Culture Fit

It seems that every nation can find a common language with the Ukrainian developers as they are tolerant, all-rounded, and have excellent communication skills.

As Ukraine is situated in the central part of Europe, it combines western and eastern values that give the way for easy communication.

•  R&D Centers 

Nowadays there are over 100 R&D (Research and Development)  Centers in Ukraine and their number keeps growing.

Ukraine is one of the largest R&D partners in the USA. The main areas of expertise are connected with Big Data, AI, eCommerce, Cloud computing, telecommunications, etc.

Ukrainian Developers Hubs: Best Cities for Hiring

IT businesses are emerging and developing in different cities of Ukraine. The major hubs include Kyiv, Kharkiv, Lviv, Odesa, and Dnipro. Zaporizhya, Vinnytsia, and Cherkasy are cities with a lower number of companies, but they have great potential due to available resources.

• Kyiv

Kyiv is the capital city that houses around 40% of all software development companies in Ukraine. It is an educational and scientific center of the country where the leading universities are located. Therefore, leading global enterprises choose to partner with Kyiv-based IT vendors.

• Kharkiv

Kharkiv is the second-largest city in Ukraine and has well-developed machinery and electronics industries. There are over 450 tech companies and 25k IT specialists in the city.

• Lviv

Lviv is the biggest city in western Ukraine and is one of the main cultural and educational centers of the country. IT is a developed sphere in the city, as there are over 300 active IT companies and 20k IT specialists. It is a comfortable location for nearshore outsourcing for the European countries (Poland, Hungary, Slovakia, Romania, etc.).

• Odesa

Odesa is the 3rd largest city in the country and the major seaport. IT sector is also developed here and plays an important role in the city’s economy. There are over 150 IT companies here and over 10k IT specialists.

• Dnipro

Dnipro is one of the industrial cities in Ukraine, thus it has a big number of skilled engineers, that is over 12k specialists. Over 170 IT companies have their offices in Dnipro.

Ukraine App Developers Standard Salary Rates

As was mentioned above, Ukrainian software engineers work for reasonable prices that are lower than in the USA, the UK, etc., but deliver high-quality products.

Based on the data available on Clutch, the  IT industry’s regular hourly rates are from $25 to $50. Salary is based on years of experience, education level, skills, location, and need. Check the average monthly salary rates in 2020 and compare them with the ones in your country. We offer you the average salary rates based on the data available on DOU and PayScale.

Standard Salary of Java Developers in Ukraine:

• Junior SD: min. $800 per month
• SD: min. $2200 per month
• Senior SD: min. $4000 per month

Standard Salary of PHP Developers in Ukraine:

• Junior SD: min. $750 per month
• SD: min. $2000 per month
• Senior SD: min. $3650 per month

Standard Salary of Python Django Developers in Ukraine:

• Junior SD: min. $700 per month
• SD: min. $1800 per month
• Senior SD: min. $2500 per month

Standard Salary in Ukraine for Web Developers:

• Junior SD: min. $550 per month
• SD: min. $900 per month
• Senior SD: min. $2000 per month

Standard Salary of WordPress Developers in Ukraine:

• Junior SD: min. $500 per month
• SD: min. $750 per month
• Senior SD: min. $1300 per month

Standard Salary of Mobile App Developers from Ukraine

App developers in Ukraine are usually offered:

• Junior SD: min. $600 per month
• SD: min. $900 per month
• Senior SD: min. $3000 per month

Standard Salary of iOS Developers in Ukraine:

• Junior SD: min. $800 per month
• SD: min. $2600 per month
• Senior SD: min. $3800 per month

Standard Salary in Ukraine for Game Developers: 

• Junior SD: min. $800 per month
• SD: min. $1500 per month
• Senior SD: min. $2500 per month

Intellectsoft as a Software Development Company in Ukraine for Outsourcing

Intellectsoft is a software development company in Ukraine that offers its services for outsourcing. The company has been on the market since 2007 and helped numerous brands (Audi, Guinness, Walt Disney, KJK, Jaguar, Nestle, etc.) with custom software development.

We employ only highly-qualified and experienced specialists who have vast experience in software development, are motivated, devoted, and can think outside the box.

Apart from tech skills, we possess strong communication skills, have a profound knowledge of the English language, and are passionate about our job. Having a friendly and united team is a part of our success.

Intellectsoft offers a number of services that include:

• enterprise software development
• mobile app development
• IT consulting
• UX/UI design
• QA & testing, etc.

As for the technologies, Intellectsoft has expertise in Cloud computing solutions, Blockchain development, AU, AI, and IoT solutions. We always deliver high-quality solutions to our customers and partners. Intellectsoft has vast experience in outsourcing and can guide you through the whole process.

10 Steps to Hire Developers from Ukraine

Analytical data and statistics show that cooperation with the Ukrainian IT sector has numerous advantages, including lower salary rates, a professional approach to the projects, skilled and experienced professionals, etc. These pros encourage international businesses to come here in search of the right team for cooperation.

What steps should you take to deploy an offshore partner from Ukraine? Here are the tips to follow:

Step 1: Define Requirements for the Outsourcing Partner

Make a list of the requirements for the outsourcing partner. It is important to have a clear image of the partner you want to work with.

Ask your board to work on the requirements together, so every important detail is included. Think of the resources and tools a vendor should possess to complete the project successfully.

Step 2: Narrow Down Location

Choose the city where you want to find the vendor. It will be more convenient to check the offices in one city, rather than travel around the country for on-site meetings.

Step 3: Choose Candidates 

First, select 3-5 most suitable companies based on their services, years of experience, portfolio, team members, prices, etc.

Step 4: Read Reviews

Before you make a final decision, pay attention to the customers’ reviews. Contact your partners who have experience in outsourcing services and ask for their advice.

Step 5: Schedule Interviews 

Meet with the top 3 vendors you think are the best options for your company. It is better to have on-site meetings, so you have a full picture of the company. Interviews are also a great chance to get to know the CEO of the company and higher-management you could work with.

Step 6: Meet with Recruiter and Outline Team Structure

Once the vendor is chosen, meet with the recruiter, and identify the team structure for the project. So, the vendor will choose the right candidates for the project and schedule the interviews with software developers.

Step 7: Check Technical Skills

Make sure you meet with every candidate for the project and know who is going to be on your team. It is important to check the background of the employees, their education, years of experience, previous cases, etc.

Step 8: Pay Attention to Soft Skills

Tech skills are important but don’t forget to pay attention to communication skills. It is important for the candidate to know the norms of business communication and have a good command of the English language, as they have to work in an international team and communicate their ideas to their team members clearly.

Step 9: Introduce Offshore Team to In-House One 

Introduce your in-house and offshore teams to one another and make sure everyone knows their role on the project.

Step 10: Start the Project 

Now, when you have selected a suitable team and discussed all the administrative processes, you can start to build a project plan together and move on to the next stages.

Ukrainian Software Development Market in 2021. What to Expect in the Future?

Taking into account available data, we can predict that the IT market in Ukraine will continue to grow and enhance. It will increase by 20-25% each year, as the digital transformation of the majority of industries keeps evolving.

Ukraine has everything to enhance its IT ecosystem and create an even better environment for business development. Its people, education system, IT hubs and centers, everything contributes to the country’s success in international outsourcing.

The post TOP Reasons to Hire Software Developers in Ukraine: The Ultimate Guide appeared first on Intellectsoft Blog.

One of the most significant innovations is a mobile wallet. The emergence of Apple Pay, Google Pay, and mobile payments solutions from banks are likely to fuel mobile growth. Although the number of mobile payments varies in different countries, for instance:

• in China, it is 28% of all transactions
• in Denmark — 14%
• while in Germany it is only 1%

The total transaction value in the mobile POS payments segment is projected to reach US $2 m by the end of 2020, and it is expected to increase by 19.2% annually, resulting in US $4.05 m by 2024.

What Is a Mobile Wallet and What Are Its Features?

The number of digital methods will continue to increase in the near term, enabled by increased mobile technology adoption. Mobile wallet is one of the available methods, and it becomes more and more popular among users. So, what is a mobile wallet?

The mobile wallet can be defined as a virtual wallet that stores credit/debit card information in one mobile application that can be installed on your smartphone or comes as a default app.

Simply put, a mobile wallet is a virtual type of a physical wallet. Users can add discount cards, gift cards, etc., to their mobile wallets and use them when making purchases in stores or online.

If you want to regularly use a mobile wallet, you have to add your card information to the wallet. The wallet will contact your bank or card network and save the data securely on the phone. Some wallets allow their users also to save driving licenses or boarding passes.

Nowadays, there are different types of mobile wallets, and some of them can be used for in-store payments (Apple Pay, Google Pay) using an NFC chip in the mobile device. In contrast, others can only allow electronic cash transfers (PayPal).

A mobile wallet or m-Wallet is a payment solution that is reliable and secure. This type of application allows you to store all the card information necessary to provide payment online or in physical stores and make P2P (Peer-To-Peer) payments, hold funds, store transit tickets, etc.

Digital Wallets vs. Mobile Wallets: What is the Difference?

The terms “digital wallet” and “mobile wallet” are often used as synonyms, but it is not quite right.

Digital wallet is a term that was coined first and made possible to create mobile wallets.

A digital wallet usually stores all the necessary information that customers need to make an online purchase or make a transaction. This type of wallet can be accessed via a desktop browser or can come in an application for mobile devices, tablets, etc. Not all digital wallets can be used for in-store payments.

If a wallet comes only in a mobile application, it is called a “mobile wallet.” It can be installed on different devices (smartphones, tablets) and connected to wearable devices.

Pros and Cons of Mobile Wallets Usage

The increasing popularity of mobile wallets can be explained by the number of advantages they bring to customers.

Pros

1. Convenient: m-Wallets are convenient to use as they store all the necessary information in one place, and you can make a payment in one single tap.
2. Easy to use: as m-Wallets come in mobile applications, they are easy to navigate and are user-friendly.
3. Time-Effective: thanks to mobile wallets, there is no need to go to the bank and wait in lines to check your account information, provide transfers, or pay your bills. All these operations are available 24/7 through m-Wallet.
4. Secure: there is no need to use a credit card and enter a PIN every time you want to make a payment. Moreover, companies that offer m-Wallets make sure the apps are protected from cyber-attacks.
5. Control: you can easily control your budget as the apps track your spending habits.

Cons

1. Internet connection: m-Wallets are not available worldwide, as still there are areas with no or quite limited internet connection.
2. Device-dependent: you are never protected from losing your smartphone, or it can just get out of charge or break down, so it is better to have a credit card or cash with you.
3. Security: choose only trustworthy m-Wallet providers and make sure no one knows your passwords to the accounts.

Are Digital Wallets the Future of Payments?

Due to the number of benefits m-Wallets bring to its users, there is no doubt that mobile wallets will become more and more popular in the future. It is a new convenience level that saves time and offers some benefits (such as cashback or discounts if you use a mobile wallet).

However, it is not possible that m-Wallets will fully sustain a physical wallet in the near run. Devices can break down, so you always need to have some cash in your pockets, or some IDs (such as driving licenses, ID cards, etc.) must be carried in the physical form.

Mobile Wallets Software Development

The usage of mobile wallets will increase in the future as this method has already proven to be convenient. Although it is at its early stages of development, different financial software development services will continue to enhance their features, add new ones, and do everything to suit users’ needs.

Here at Intellectsoft, we are doing our best to develop robust solutions and approaches to help fintech businesses. If you have great ideas but lack tech tools and software development skills, contact our team to discuss the ideas and find out how you can turn them into reality.

It is not likely that physical wallets will eventually disappear, and mobile ones will completely substitute them. Still, m-Wallets will become widely spread and used in our everyday life.

The post What Is a Mobile Wallet? Everything You Need To Know About Digital, Mobile & Electronic Wallets appeared first on Intellectsoft Blog.

It all started with pipeline tracking, asset management, and fund control — but these days, the application area of financial software reached all the key business activity dimensions. In this overview, we’ll cover the current appearance of Fintech solutions, along with the primary services and benefits they can bring you in 2021.

What Are Fintech Software Solutions?

Fintech, or financial technology, is the innovation that serves businesses, enabling greater digitalization and optimization. The software includes solutions like Microsoft Dynamics 365, BOARD, Business Intelligence Solutions, Microsoft SharePoint, Microsoft Dynamics CRM, and Microsoft 365.

Together, they create the basis for better results in various business operations — for example, financial management, smarter decision making, accurate reporting, faster information exchange, and preventing cyber threats.

What Does a Typical Financial Software Solutions Company Do?

In essence, each financial software solutions company is oriented on introducing innovative technologies that can improve corporate productivity, meaning cost reduction, and business growth. The scope of its activity is mainly oriented to getting better results in financial terms.

It serves the purposes of the banking sector, online trading, personal finance, financial analytics, financial management and accounting, and wealth management. All these improvements help the idea of providing better financial results for your business.

What Are the Key Financial Services Software Solutions?

In practice, Fintech companies offer different technological solutions to their clients. Their exact appearance depends on the development capabilities of each firm. On average, the list of financial service software solutions includes:

• Audit and compliance automation,
• Introducing customized client-oriented service,
• Budget optimization,
• Acceleration of the key administrative processes,
• Improving cash flow,
• Enabling collaborative workplace models,
• Strengthening of corporate safety.

5 Key Benefits of Using Financial Industry Software Solutions

Even though many providers claim to offer financial industry software solutions, not all of them can clearly define which good they will bring you. Here are 5 must-have advantages you should expect.

Ability to adapt to dynamic market conditions quickly. Since the law system is still strict, but the new regulations appear unexpectedly, it’s critical a firm is flexible but doesn’t push the boundaries. And here, Fintech solutions reveal their best, being incorporated in the existing system but bringing good in terms of better adaptiveness.

Establishing the basis for enhanced analytics and data collection. In this context, the list of opportunities that Fintech solutions offer includes credit clarification, fraud spotting, risk analysis, and increased customer satisfaction. In the new system, you’ll create the background for tracing creditworthiness and evaluating the customer behavior.

Accelerating through optimizing. The primary mission of Fintech solutions is to cut business expenses and accelerate business growth. These two processes are interconnected: by reducing the internal chaos within routine operations and decision-making, you automatically get more clarity and result-orientedness.

Enabling smooth digitalization. In contemporary unclarity, companies mainly recognize the need to transfer their operations online. Nevertheless, many businesses face difficulties in making this significant shift. And here, Fintech solutions create the most sustainable and comfortable ground for bringing businesses online, taking into account the existing structure’s peculiarities to achieve the needed outcome.

Bringing customer satisfaction to a new level. The key priority for introducing financial software solutions is making your clients happy. In the end, all the efforts directed on greater optimization and accuracy are dedicated to creating a highly attractive and effective service for them. And clients always fancy user-friendly and clear software that solves their problems in the most elegant manner possible.

Where to Get Professional Assistance on Financial Compliance Software Solutions?

Since the Fintech perspectives are promising, it’s hard to get a specialist on this service. We at Intellectsoft are happy to offer our financial compliance software solutions to you.

Feel free to contact us and get details about financial software development capabilities, including online banking, trading and securities, blockchain, and many other technological insights.

The post Financial Software Solutions 101: Top Benefits for 2021 appeared first on Intellectsoft Blog.

What Is Web Application Architecture

Web application architecture is a framework connecting different elements to enable web experience. It is the backbone of our daily internet browsing: typing in a URL and viewing and interacting with the website while the browser communicates with the server is one of the ways to describe what is web application architecture.

Attributes of a well-built web application architecture:

• Solves business problems
• Supports visual aesthetic
• Enables A/B testing and analytics
• Ensures fast user experience
• Provides security
• Sustainable and self-regulating
• Scales out and logs errors in an easy way
• Guarantees a high level of automation

Components of Web Application Architecture

Web application architectures consist of application components, middleware systems, and databases. They can be divided into two groups:

• UI/UX components
• Structural components

UI/UX components include dashboards, statistical data, notification elements, layouts, activity tracking, and other elements. These components create the visuals of a web page and lay the foundation for user experience.

Meanwhile, structural components include the web application server and the database server. The knowledge of HTML, JavaScript, and CSS, as well as  Python, PHP, Java, Ruby, .NET, and Node.js are required to create them.

When it comes to building the components, there are several models to choose from:

• 1 web server and 1 database
• 2 web servers and 2 databases
• More than 2 web servers and databases

One web server with one database is the simplest model. With this web server architecture, the successful operation of an application depends on server stability. In other words, if there is a problem with the server, the app will not work. Still, the model is sufficient for testing and private sessions.

Using one database for two web servers is a more reliable model, as there is a backup server. On the other hand, ensuring the database is secure and always running is important.

Having more than two databases and web servers are the most dependable option. Due to its ability to manage and process large amounts of data, this model is a solid basis for an enterprise web application architecture.

Types of Web Application Architecture  

There are three web application architecture types. Each has its upsides and downsides and serves different purposes:

• Legacy HTML web app
• Widget web app
• Single-page web app architecture

Legacy HTML web app is established on the very basic logic: a user receives the whole HTML on request. In terms of web server architecture, it means that all the elements (namely, web page logic and overarching business logic) react to the full reload of the web page. This type of web application architecture is suitable for static pages, but not for dynamic web apps.

As a more sophisticated type, a widget web app allows for loading data without requesting the page reload. In this web application architecture type, widgets send AJAX queries and receive chunks of data in HTML and JSON. The widget web app type is more suitable for mobile apps. The downsides of the widget app are cybersecurity issues and long development time.

With a single-page web app architecture, a user simply needs to request the page. This web application architecture type relies on server requests in JavaScript or HTML instead of exchanging data in JSON.

Web Server Architecture

As web servers play a key part in the successful operation of web apps, the concept of web server architecture deserves special attention within the web application architecture topic. The servers are chosen by performance indicators like processing power, storage, speed, and app tiers (the number and quality of connections established with various applications, operating systems, and networks).

Now, let’s look at the types of web server architecture.

Types Of Web Application Server Architecture

Java Web Application Architecture

Within Java-based web application architecture, it is possible to achieve the highest level of versatility, meaning its it can be used to create simple and sophisticated pages alike. More so, Java web application architecture allows for building a reliable app for a long-term perspective, which is important for web application architecture of any scale.

The versatility is enabled by a wide array of Java-based tools for web application architecture, so Java web application architecture developers and businesses also get flexibility in how to reach their goals.

Cloud-based Web Application Architecture

The trend of moving operations to the cloud inevitably led to the development of cloud-based web application architecture. A big benefit of this type is data decoupling: a cloud-based app runs and is stored both on a local server and in the cloud. As for security, cloud-based web application architecture enables access and identity management to protect app data.

Node.js Web Application Architecture

Node.js web application architecture relies on model-view patterns, including MVC (model-view-controller), MVVM (model-view-view-model), and MVP (model-view-presenter). The patterns allow for identifying code elements and a proper way to route and configure them. Node.js enables the creation of a proper directory and design patterns.

Node.js web application architecture uses an entity-relationship diagram for data systematization, dividing the code, breaking logic into modules, and processing valuable insights from logs to ensure the application runs smoothly. In addition, Node.js web application architecture allows for building scalable web apps.

.NET Web Application Architecture  

In essence, .NET web application architecture deals with cross-platform support, microservices, Docker containers, and side-by-side versioning. The framework’s Data Access Layer allows using stored data without applying a specific database code. Today, this type of web application architecture includes ASP.NET Core and .NET Core, which significantly enhances the functionality of this language when it comes to optimization and support.

PHP Web Application Architecture

Being one of the most popular web development languages, PHP is also one of the simplest and the most functional ones. Thus, an architecture of PHP web application guarantees rapid development, better security, clear maintenance, dedicated teamwork, and support from a big community.

Azure Web Application Architecture

Microsoft Azure web application architecture allows for designing a solution that would serve as a bridge between traditional tools and the cloud. The Azure cloud platform also adopts the best web application architecture practices.

AngularJS Web Application Architecture

Finally, AngularJS web application architecture serves both as a platform and a framework for HTML and TypeScript. This type of web architecture relies on building blocks called NgModules. Among its key benefits is lazy loading, which improves user experience and reduces code size.

Laravel Web Application Architecture

The Laravel web app architecture is a PHP-based framework with an elegant and expressive syntax. It implements the Model-View-Controller (MVC) architecture and offers software engineers a simple web development experience.

Laravel web architecture gives engineers various helpful features for seamless development. They include modular packaging, better routing, authentication, and caching and sessions, among others, allowing developers to optimize performance and increase traffic. Laravel also allows for creating numerous routes with route names accessed via unique URLs. On top of that, the architecture also helps software engineers finish their web projects faster.

Python Web Application Architecture

Python is a popular web development language that can be used to create a reliable architecture for a web product. It has a succinct and easy-to-understand code for server-side scripting, making it accessible for developers who only begin coding in Python or work on their first web app project.

In addition to accelerating the development process, Python also supports fairly good tools for maintaining your web application architecture. Since it is dynamic and has shortcodes, this programming language is the best fit for prototyping. Developers can use multiple Python frameworks to create a custom web app, as well as use other programming languages in a single web app project.

Web Application Architecture Diagram

Here is a descriptive example of how a web application architecture looks like.

Source: Easyrec

In brief, here is how a web application works on the user side and under the hood:

• A user generates a request by typing in the web link (URL) in a browser’s address bar
• The browser obtains the user request, determines the site’s location, and requests access
• The server sends the request data to the browser
• The browser translates the information it received and displays it to the user as a website

Trends And Best Practices in Web Application Architecture

An ideal web application architecture should ensure efficient and straightforward web application development and maintenance. Therefore, the best practices for designing web app architecture involve the following important aspects:

• Scalability
• Efficiency
• Seamless problem-solving
• Flexibility
• Reusability
• Swift testability
• Decipherable code

Technological advancements have made it easy for developers to create a solid web app architecture for any digital solution. Here are some web app architecture trends in the design and development of a web application architecture.

Service-Oriented Architecture

Developing a service-oriented web app architecture means creating software that can be sold and used as a service to other companies. A service-oriented architecture has its own HTTP API and may run on multiple servers at once as they work together by sending requests to each other. Creating software-as-a-service (SaaS) products is a long-established trend that stayed essential throughout the years.

Single-Page Applications

Single-page applications are becoming increasingly popular as they exhibit fewer page load interruptions, and are more cost-effective and quick to develop. Such a web app strictly has a single-page design whose objects are stored in tables linked with an SQL database. Each user action loads an object on the site dynamically, without the need for reloading the entire web page. As for the back end, the requests are performed via AJAX web development techniques or the WebSocket computer communications protocol.

Progressive Web Apps

These apps also support most modern web browsers and provide enhanced offline support with better cache management.

Increased smartphone usage has triggered the need for developing progressive web apps. These applications are designed as regular websites but support seamless mobile viewability.

In other words, a progressive web app is a website that resembles a mobile app, available in a browser, not an app store. This app type supports most modern web browsers and provides solid offline support with better cache management.

Most importantly, progressive web apps can reach a very wide audience (for example, users in developing countries who do not have smartphones that support the latest apps).

These apps also support most modern web browsers and provide enhanced offline support with better cache management.

Prioritizing Search Engine Optimization

The latest updates in the Google algorithm also count the web app architecture as a key factor for SEO ranking. The Google crawler supports sites with an easy-to-understand hierarchy.

Moreover, the developers creating progressive web apps should also consider mobile search rankings while developing the architecture.

Blockchain Network

Making blockchain technology part of your web application architecture makes it fail-safe and highly secure due to its inherent capabilities. Blockchain also brings decentralized load balancing, as any blockchain system is distributed across a network of computers.

How To Design Architecture For Web Application

Before starting to design a web application architecture, make sure you decided on the following key aspects:

• The goal of the web project
• How your web solution will scale and possible future features
• Target audience
• Timeframe for creating the web application architecture
• Web solution’s features
• Platforms the solution will work across
• Budget

If you carefully considered all the aforementioned aspects, you can now proceed to design and realize the web app architecture for your solution. Here are the things you need to consider at this step.

Backend Development:

• Language: Choose a language (either static or dynamic) that is relevant to your domain.
• Framework/Server: Choose a server that supports the selected language.
• Serverless/Microservices: You can also choose a serverless web app architecture by using the cloud storage of one of the cloud services providers for your CPU and memory needs. Some organizations use microservices, making their web solution operate on multiple small servers that communicate with each other via Queue or HTTP. This model also supports the use of multiple languages.

Database:

• SQL/NoSQL: SQL and NoSQL databases offer different features. SQL databases have tables and a predefined plan. NoSQL, on the other hand, has objects, key-value structures, etc., and offers more flexibility and scalability which makes them suitable for large-scale projects.
• Replicability: Replicable databases have better load management as the data is copied to clusters.
• Backup: Make sure to have an appropriate backup for your database.

API:

• API Design: A commonly used API design styles methods include REST, POST, and GET, all of which help to manage requests over HTTP. However, Facebook has introduced another innovative method for API design called GraphQL. It allows making lean calls by fetching different parts of various objects from a server in a single call. This is particularly useful for mobile applications with limited internet bandwidth.
• WebSocket: WebSocket is a computer communications protocol that sends messages from servers to update the client about new data. While useful, WebSocket is optional, particularly if the app does not need to keep the client updated regularly.

Front-End Development:

• Type of Architecture: Choose between Model View Controller (MVC), Single Page Application (SPA), or Server-Side Rendering (SSR) for your application.
• Platform: Angular, Vue, React, and Web Components technology suite are some of the most commonly used platforms for front-end development.

Apart from these key aspects, other things to consider in the process of designing your web application architecture are cloud storage, security, app processing power, etc.

Summary

Web application architecture is the backbone of any web-based solution, so its success largely depends on how well it is thought-out. Put the pieces together according to the technical requirements and aim of your web solution, and your product will work properly, appeal to the right audience, and reap the benefits.

The post Web Application Architecture: Components, Types, Best Practices appeared first on Intellectsoft Blog.

In “PART 2”, we’ll keep revealing two more strategies and sharing scientific data, so you can be sure to include all the necessary details when you create your next fintech strategy.

5 Fintech Strategies for 2021: Summary

1. Real-life adoption of Big Data and enhanced analytics
2. Changing and shifting legacy systems
3. Move to online banking
4. Developing blockchain and platforms
5. Automatic robotic processes

Blockchain Solutions

Blockchain is among the technologies that shape the world’s future. It’s already the core of numerous innovations and is about to define the digital landscape of 2021 in 4 ways:

• ICO Launch Support
• Cryptocurrency operations
• Smart Contracts
• Identity Management

2020 Global Blockchain Report by Deloitte shows that blockchain has turned into an integral part of organizational innovation as “a top-five strategic priority” for companies. Among key advantages already offered, these digital solutions contribute to cybersecurity empowerment and the DeFi (decentralized finance) development. In a broader social context, the know-how helps establish sustainable food safety, provide digital identities to impoverished people and refugees, and prevent uncontrolled weapons tracking.

For businesses, blockchain solutions promise significant facilitation and productivity boost. For example, it helps to trace the lost and previously unnecessary data for accurate decision-making. Also, blockchain is irreplaceable in ownership protection, providing easy-to-track distribution that protects the rights of creators. Finally, the technology shapes the future of transactions, with further development and greater popularity of smart contracts and cryptocurrency operations.

Robotic Process Automation (RPA)

According to McKinsey insights, the adoption of robotics automation technologies has accelerated during the pandemic, especially in processing workflows. In 2021, we expect to witness the growing popularities of these RPA technologies:

• Account reconciliation,
• Automated mailers,
• Monthly account reviews, and
• Regulatory reporting.

In essence, the installation of robots is already a new industrial trend. Even though Hollywood movies tended to dramatize the situation with apocalyptic movies, reality shows that humans and robots work well together. With the robots’ involvement, it’s possible to simultaneously do the job or delegate certain processes and tasks that are better completed if done automated.

The reality of social distancing makes robotic process automation a good solution not to stop manufacturing. Moreover, it can serve as the basis for remote collaborative coding and any other way of automating the routing processes remotely. As another core use case, the RPA industry helps to deal with staff shortages. In particular, it can cover the elementary tasks of entry-level personnel effectively.

The Future of Fintech: How to Make It as Bright as It Seems

Of course, nobody knows the future. We can only make predictions from the current dynamics and prepare for the possible changes based on these forecasts. By taking into account the statistical data from key analytical centers and our experience in the field, we see the future in financial software — with or without Coronavirus, this black swan factor of today.

To make the most of Fintech opportunities, we recommend picking the IT partner who knows how to help you grow. You can refer to us. At Intellectsoft, we offer a wide list of financial software development services — including online banking, blockchain & cryptocurrencies, digital wallet apps, AI and ML solutions, securities trading automation, and RPA enhancements.

Talk to our experts and get a personalized recommendation on the benefits Fintech can bring to your business!

The post 5 Most Promising Strategies For Financial Software Development in 2021 [Part 2] appeared first on Intellectsoft Blog.

According to a KPMG report, the global FinTech industry received an investment of $150.4 billion in 2019, and the current industrial trends include the growth of platform business models, greater consolidation, and considerable strategic deal activity.

In its turn, Deloitte analysts state the remarkable rise of investments in the USA: the country received $6.6 billion, which accounts for 62% of total funding in Q3 2020.

The year 2021 is just around the corner, and financial software development has nothing but to keep growing. If FinTech demonstrates such outstanding performance before and during the problematic 2020, the post-pandemic era promises even better results to the industry.

Here are 5 key dimensions of how FinTech will evolve in the near future — thanks to the application of revolutionary technologies like blockchain, artificial intelligence, machine learning, and cloud computing.

5 Fintech Strategies for 2021: Summary

1. Real-life adoption of Big Data and enhanced analytics
2. Changing and shifting legacy systems
3. Move to online banking
4. Developing blockchain and platforms
5. Automatic robotic processes

Real-life Implications of Big Data and Analytics

Since the loud case of using Big Data for Donald Trump’s election campaign, enhanced analytics has become among the most desired elaborations for business owners.

And there’s no surprise: the more information a company has about its clients, the better it knows these people. This means faster and more accurate decision-making, cost-effective research, and great customer satisfaction in everyday business situations.

In this context, the application of AI deserves special attention. It assists in working with data significantly. In practice, AI bots can facilitate businesses’ lives in different ways: from automating loans to creating a machine-aided procedure for account opening. Other instances include task management, transaction visualization, and providing risk scores to client profiles.

Legacy System Transformation and Migration

With the FinTech application, it’s possible to change and transfer key units and entire business systems to the cloud. This opportunity became vital these days with the disruption to working processes.

Because of COVID-19, at least one-tenth of employees worldwide are engaged in remote work, according to the McKinsey Global Institute insights. Each business owner faces the need to find the software to shift the essential data and processes in this situation.

Cloud solution enables smooth integration of the existing business model, guaranteed by sustainable support from leading IT specialists and engineers.

However, this shift should happen with a reliable IT provider who can lead your business through the process. Otherwise, you can fail like Salesforce in 2016, when the platform went offline for more than 24 hours and received tremendous business damage.

Online Banking

Steadily, Fintech is turning into a full-fledged alternative to traditional banking. It also offers functionality that reaches beyond simplistic account management (like checking balance and transferring money to cards) and shifts all the banking operations to the Internet.

In detail, the list of online banking technologies worth investing in 2021 includes:

• Custom online banking platforms,
• Online banking mobile apps,
• Online banking security,
• Online banking UI/UX, and
• Online banking system integration.

In essence, FinTech is the revolutionary invention for online banking because it makes a smartphone the only tool needed. You can use your phone for all the banking operations, including issuing cards and using different currencies. And the mobile users worldwide seem to welcome this greater smartphone usage trend warmly.

According to the Global FinTech Adoption Index published by Ernst and Young, the adoption rate of Fintech increased from 16% in 2015 to 64% in 2019.

There are numerous examples of online banking in real life. Basically, we already use this transaction type every day, from paying for Uber with Apple Pay to using a Bitcoin wallet to purchase a new car. We are already living in a world of online banking, and social distancing and closed banks only increase the need to develop this trend. In 2021, FinTech can establish platforms for check deposits, money transfers, applying for financial assistance, and cryptocurrency exchanges.

The post 5 Most Promising Strategies For Financial Software Development in 2021 [Part 1] appeared first on Intellectsoft Blog.

The systems usually aim to understand your insurance company’s unique needs and match your requirements with customized solutions and technologies.

Having an efficient HR system means that your company has more time to spend creating strategic results.

We look at the best solutions and how they can make managing payroll, in-house certifications, incentives, and other personnel-focused tasks much more manageable.

What Is HR Management Software in Insurance?

Human resources software is used by insurance businesses to combine a number of necessary HR functions and assists with the following:

• Benefit Administration
• Online Enrollment
• Onboarding
• Compliance
• Communication
• Payroll Integrations
• COBRA Offerings
• ACA Reporting

To compete in a highly changing market, insurance leaders need a system that pushes their organization forward. Proper HR systems can build custom benefits administration systems for your clients.

Using emerging technologies, these systems centralize HR records online and sync employee data across multiple systems, including payroll, benefits, and time off. Usually, there aren’t one-size-fits-all systems, but finding the right vendor and technology can ultimately help your operations run smoothly.

Solutions

While evaluating current HR operations and needs, insurance companies seek out opportunities to eliminate redundant work through employee management systems, including:

• Payroll
• Benefits and HR administration
• Timekeeping
• Applicant tracking
• Performance management

Robust technology systems can have a significant impact on business operations. While other insurance firms focus primarily on benefits administration, there’s a possibility of creating a system including any tool your company uses to attract talent, manage the group’s population, and optimize HR responsibilities.

Key Features of HR Software

Attracting & Retaining Talents

Make managing your people easy, from streamlined onboarding and easy PTO tracking (paid/personal time off) to organizational charts, performance reviews, payment options, etc.

Streamlining Processes

Save your time by streamlining workflows and automatically incorporates everything from payroll and expense management to analytics and planning. This means less time spent on low-priority tasks so your team can focus on more important things.

With streamlined processes, your company can grow productivity, reduce costs, and create new levels of flexibility.

Meeting Client’s Requirements

Get deeper insights into market demands by using advanced analytics to bring insurance data together.

Adapting to Regulatory Changes

Prepare your company for regulatory changes by transforming key HR processes into one intelligent system.

One Centralized System For All Your HR Needs

Whether you’re looking to manage leaves, track expiring documents, send out notifications, or centralize employee databases — HR systems for insurance companies are designed specifically to cover all pain points that could arise during the digital journey.

When it comes to picking the best one for your business, consider your budget, location, and HR software you’re already using so you don’t pay for duplicate services.

Need to empower your insurance company with a smart HR system? Intellectsoft has created impactful solutions for EY, the London Stock Exchange, and EuroAccident. Explore what we offer for the insurance industry.

The post Smart HR Management Systems for Insurance Companies appeared first on Intellectsoft Blog.

Arguably financial technology (fintech) evolved to be a crucial engine fueling the digital revolution’s advancement. Here is a list of emerging fintech trends:

1. Cloud Computing
2. Big Data and Analytics
3. Defi (Decentralized Finance)
4. Cybersecurity
5. Artificial Intelligence
6. The Internet of Things
7. Machine Learning
8. Robotic Process Automation
9. Software-defined Networking
10. 3d Printing
11. Biometric Security Systems
12. Voice Technologies

According to PwC research, 80% of telecommunication and 75% of financial services organizations are currently creating jobs related to fintech. Half of those also consider it as a part of their strategic operating models.

Global investment activity in fintech reached $150.4 billion in 2019, though it slowed down to $25.6 billion in the 1st half of 2020 due to the COVID-19 pandemic.

The US-based investments account for the biggest share, standing at 62% of total world fintech funding in Q3 2020.

12 Fintech Trends for 2021

1. Cloud Computing

In the world significantly impacted by the COVID-19 pandemic, even the most traditional organizations have to find ways to interact with their customers digitally.

More importantly, they need to build a system allowing them to access, manage, analyze, and control massive data storage in a reality where managers and analysts cannot physically reach their offices.

Caption 1. Technology trends that are most important for businesses today

As about 265 million Americans are forced to live under official social distancing guidelines, there is a vital need to move organizations to the cloud as quickly as possible. Leaders should undertake a few essential steps to achieve a smooth transition:

• Providing sufficient funding to ensure the employment of all the required technology
• Integrating the cloud to the business model to reflect its widespread and long-lasting impact
• Attracting well-qualified engineers and IT-specialists to support the technology’s everyday performance effectively and to avoid any disruptions

2. Big Data and Analytics

Per The Economist Intelligence Unit survey, 37.9% of businesses see big data and analytics as one of the top three trends. Most organizations are trying to capture all possible data streaming inside and apply all kinds of analytics to it.

There are numerous positive outcomes achievable, for example:

• Faster decision making: various analysis tools allow making instantaneous decisions based on immediate data streams
• Cost reduction: it helps to find better ways of doing business by scrutinizing individual aspects of everyday operations
• Customer satisfaction: having the opportunity to analyze the customers’ behavior over time, organizations get a chance to develop new products to meet their needs more effectively

3. DeFi

Even though cryptocurrencies have not been occupying headlines that often in 2020, their underlying technology keeps tremendous potential.

For instance, blockchain usage in Europe has shifted dramatically to payments (33% of organizations), data access and sharing (30%), identity protection (30%), and data reconciliation (29%).

Caption 2. Primary challenges when implementing blockchain technology

Earlier, we covered supply chain optimization and tracing, including the IBM Foodtrust platform. The new trend, however, is decentralized finance or DeFi. It is about creating autonomous protocols (set of rules) for money to operate; no trusted party is needed. The hottest topic is lending, namely yield farming.

4. Cybersecurity

With the COVID-19 world facing the rise of online activities, cybercrime constantly expands its endeavors.

Since the beginning of the pandemic, 80% of firms have seen increased cyberattacks, cloud-based attacks rose 630%, and phishing attempts rose 600%. In 2021, the cybersecurity market is expected to grow significantly to over $200 billion worldwide.

5. Artificial Intelligence

Organizations are paying more and more attention to Artificial Intelligence power. AI has been named the most disruptive technology by managers and IT leaders worldwide, exceeding big data and analytics.

Artificial intelligence statistics by NewVantage displays that 91.5% of top businesses surveyed report having an ongoing investment in AI.

The latest statistics show that by 2021 about 15% of customer service interactions worldwide will be fully powered by AI, and by 2025 the industry is forecasted to reach $31 billion in revenue.

6. The Internet of Things

The giant ecosystem of the Internet of Things is multiplying. IoT devices are everywhere, from voice assistants to slow cookers.

The IoT market is expected to expand to $520 billion in 2021, having systems integration and data center and analytics as its biggest segments.

Caption 4. Reasons for technology usage

7. Machine Learning

Machine learning is often seen as synonymous with artificial intelligence. It is a subset of AI, making the former perform faster by reinforcing its learning abilities.

These make machine learning a key component of AI, a fact confirmed by the latest machine learning statistics.

The machine learning market has been rapidly growing. The most significant segment of this market is the deep learning software set to reach about $1 billion by 2025.

Current machine learning market research has shown that the market for AI-powered hardware and assistants is expected to grow at a high pace.

8. Robotic Process Automation

Between 2020 and 2022, almost 2 million new industrial robots are expected to be installed in factories around the world. The range of collaborative applications offered by robot manufacturers continues to expand.

Currently, shared workspace applications are most common: robots and people operate together, completing jobs simultaneously. They enable this by voice, gesture, and recognition of intent from human motion.

Caption 6. Service robots for personal/domestic use

9. Software-defined Networking

Software-defined networking (SDN) solves the issues of rapid network architecture to handle large data traffic. The world SDN market is expected to rise from $13.7 billion in 2020 to $32,7 billion by 2025.

Given the growing adoption of SDN, the demand increases among service providers and enterprises. Based on services, the SDN market has been fragmented into implementation, consulting, and support. These services help users in managing and comprehensive network infrastructure required for the effective imposing of SDN.

10. 3D Printing

From cost reduction to an increase in efficiency to fuelling innovation, 3D printing reinforces rise for many industries and has made a considerable impact in manufacturing.

The 3D printing market was valued at $13.7 billion in 2019 and is set to achieve $63.46 billion by 2025, at an annual growth rate of 29.48% over the period of 2020 to 2025.

11. Biometric Security Systems

It is vital for the fintech industry organizations to take all possible security measures. And biometrics is the best way to lift security to the next level, ensuring users’ confidence that their information is protected.

The world biometrics market is expected to reach $45.96 billion by 2024 as the partnerships between tech and biometric companies will be growing.

The range of solutions is set to grow bigger to utilize such biometric data as fingerprint, face, iris, vein, voice, DNA, palm prints, hand geometry, signature, and several behavioral features.

12. Voice Technologies

Chat-like platforms keep arriving for everything customers need to deal with on an everyday basis. Voice assistants are being developed to provide support for various issues. Voice technologies have evolved to tell the weather forecast or stream sports and improve customer service in the banking sector.

Voice technologies are divided into two main groups: the phonetic recognition of different words and the interpretation of the actual language as spoken, also known as natural language processing (NLP). The voice technology market reached about $11 billion in 2019 and will rise by close to 17 percent by 2025.

Conclusion

The financial software development services keep emerging in response to the customers’ and businesses’ needs, allowing the latter to deliver better services, store and analyze vast amounts of information, secure various communication streams, and many more.

We, at Intellectsoft, empower fintech companies and their workforces with innovative solutions and approaches. Are you and your organization looking for some? Talk to our experts and find out more about the topic and how your business can start benefiting from it today!

The post Disruptive FinTech: 12 Technology Trends to Watch in 2021 appeared first on Intellectsoft Blog.

The process of obtaining a quote is significantly simplified these days. Take a look at a few years ago when you had to call an insurance agent and give them all the details about an event and fill out the lengthy questionnaire in person. Many companies now offer you an online quote in no time. All you need to install a special app and have all the most profitable quotes on your screen.

Industry experts distinguished two key features of any health insurance quoting software:

• For customers. Delivering quotes containing important information before requesting personal data.
• For agents. Constantly increasing the number of visitors converted into leads.

Best Quoting Software for Insurance Companies

So as you already got, the process of insurance quoting is based on quotes. Let’s start discussing its pros and cons by clarifying one simple question. What is the use of insurance quoting software? The answer is pretty simple.

Thanks to the advent of the insurance quoting software the potential clients can compare the quotes offered by various companies and choose the one that meets their needs. Insurance agents get commissions, respectively. Companies choose to install an efficient quoting app, as it helps them attract new users and retain the old ones.

Pros and Cons in Insurance Quoting Software

Pros

It’s Paperless

All administration can be done within the system, eliminating the need for paperwork. The system can be accessed from multiple locations. It stores and sorts out all the client data as well as documents attached.

What is more, there is no need for separate document storage as the papers can be emailed automatically or manually after you have read them.

Scalable Flexibility

The principle of flexibility involves that the system is supposed to work for YOUR business. It can be customized to meet the needs of any client. The system is about revolving around your business, not vise versa.

Automation

With insurance software implementation, every process can be automatized. There are many examples of successful businesses that have made this step, but there are also those who’d prefer to make the automatization only partly.

Automation allows the company’s clients to perform all the routine without contacting the insurance workers. Customer experience is another topic for discussion in this case.

By the way, if you want to preserve the live approach, the software systems can also help generate the paperwork, quote, and process a quote right through to and including renewal.

Compliance

The compliance module allows you to track the activity of each broker on the market. You can create a customer compliance checklist to check if everything progresses at every stage. The system stores all the sent or received documents. An audit log and case history are securely stored in the database giving access to only a few people to track the changes put into it.

High Integration

The software can be successfully integrated with your website, application, and any kind of other third-party systems. It also saves your money for the absence of need to have multiple separate systems and the staff to ensure its work.

Customer Experience

You may wonder what kind of customer experience we’re talking about but let us explain a thing. One of the primary purposes of quoting software for insurance was eliminating the amount of paperwork and face-to-face contact.

Here you can learn more about this benefit of insurance quoting software development. However, some clients prefer to automate the process, only partly allowing customers to enjoy the process of live communication. Your customer service team will indeed feel more eager to guide 15 clients rather than 40.

Cons

It’s a One-Part Connection

One of the main benefits of quoting software for insurance can also be considered the major downside. Yet everything can be done automatically without a face-to-face meeting.

There is no one to answer your questions at that very moment. You won’t get the inside tips on saving money and how to conclude the most profitable agreement since you have no idea how the business works from the inside.

Risk of Fraud

Cybercriminals may hide behind the image quote insurance site to collect your personal information. Besides, some companies lack stability and experience in the insurance market and don’t stay there on a long-term basis. 

Quoting Software for Insurance of Various Kinds

Life Insurance Quoting Software

Life insurance’s positive aspects are undeniable( including tax benefit, death benefit, aids in financial planning, etc.).

What about life insurance quoting software, Compulife is a famous insurance software supplier that has been operating on the market since 1987.

Health Insurance Quoting Software

The National Center for Health Statistics’ data has shared that 86.7% of the USA in the age range from 18 to 64 years old had insurance in 2018. The other 13.3% have no personal policies, and so can become potential customers for your team.

Still, the number of Americans who have life insurance superiors, for instance, the number of Indian citizens who have insured their health. Medicaid and Medicare are, probably, the USA’s most known life insurance companies providing clients with the low-income rate and the aged citizens. The two companies also operate on health insurance software.

One of the most common and simple ways of developing a customer health insurance software is cooperating with a team of programmers specializing in the niche. Choosing a team with the relevant skills and experience is the main factor that would influence the development process’s success.

Auto Insurance Quoting Software

Customers rely on auto insurance to help them protect their family’s future by securing the best home and auto insurance coverage for their risks. If you crack an insured car and get it to the mechanics, all the repair expenses will be covered by the insurance company.

A vivid example of Auto Insurance Quoting software is TurboRater. Developed to help the agencies save money by reducing the amount of time spent on running numbers for various insurance quotes.

They promise that your agency can enjoy a smoother workflow by creating standardized operating practices using TurboRater auto insurance software. The main goal here is to minimize any possible errors and reduce the time needed for the new employees onboarding.

To Sum Up

According to multiple sources, insurance quoting is an amount of money that an insurance company calculates as the cost of providing insurance for something. Quotes demonstrate how much one will be paying for insurance coverage received by a company.

Intellectsoft has created impactful solutions for EY, the London Stock Exchange, and EuroAccident. Explore what we offer for the insurance industry.

The post What Is Insurance Quoting Software? appeared first on Intellectsoft Blog.