Mobile payments offer a new option for monetary transactions. While mobile payments have not replaced the use of cash, checks and credit or debit cards, the technology is becoming more popular among customers for its convenience.
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Banks have relied on computers for decades. For many banks, the computer systems they rely on are increasingly obsolete, yet replacing them is prohibitive. Many banks find themselves nursing legacy computer systems as a result.
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The first generation of fintech companies focused on offering specific, isolated services. As banks struggle to update their legacy computer systems, however, both fintech companies and banks are discovering that true resilience comes from working together.
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Fintech startups changed the way customers and incumbents alike think about banking. As customer expectations have changed and their digital-first options have exploded, legacy banks are embracing technology, as well.
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Despite fintech’s rise over the past couple of decades, legacy banks still handle the majority of financial transactions worldwide. Yet legacy banks face a number of shortcomings and challenges of their own.
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Every year in the U.S., companies lose millions of dollars on poorly thought-out software projects.
Weak planning, slack lines of communication and insufficient buy-in cost companies both time and money. When the project involves outsourced software development, that.
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Many executives can visualize the software their organizations need to meet their business goals. Realizing that vision, however, may require hiring an outside software development team.
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Anyone planning to pitch a new software project within an organization faces a double-sided risk.
On one side, resistance to change may cause early death for a software build. On the other side, over-enthusiastic acceptance of an idea without adequate planning or.
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As the world has raced online following the outbreak of COVID-19, new software offerings seem to be the answer to every business question. Yet software is a tool. Like other business tools, it can only benefit a business when applied to a particular challenge or goal.
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A reliable software product isn’t something that just gets built ad hoc. Every software build takes effort, time and commitment.
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A rush of new customers is a good problem to have.
Yet this moment poses several major challenges for fintech companies in the middle of a scaleup. Parallel concerns emerge about maintaining customer relationships, handling (and securing) data at scale, and how even to.
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Developing or upgrading a fintech company’s core software may take months or even years to complete. Meanwhile, the company must carry on its existing business with customers who cannot afford even a day of downtime.
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A fintech company may plan for a predicted pace of growth. Exploding interest in the company’s offerings or a sudden influx of new customers, can send even the best-laid plans out the window.
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As financial technology develops, it places new demands on organizations and their teams to learn new skills, scale operations and maintain effective cyber security. Software evolution also affects and is affected by customer demands, adding one more layer of urgency.
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Growing fintech companies typically put their customers first. Technology develops alongside, and in support of, the growing customer base.
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