Payment revolution by tech firms accelerating tech integration by banks, made money a digital experience. Virtual wallets, savings, spends & transfers changed how people experience money - not just as “passive cash” but “active flow”.

Modern day consumer, is making save & spend decisions dynamically on the move, from the convenience of their mobile phones - not at specific times of the year and in specific ways. Banking, personal finance, lending & credit, long term investments, payments & transfers have all undergone a huge transformation from the last two decades - starting from money becoming a virtual experience.

Digitization has opened & broadened credit access in places where basic livelihood infrastructure was missing, starting with Digital identity, digital verifications & credit checks/scoring. Credit profiling today is picking up hundreds of behavioral signals that indicate accountability and credit worthiness to holistically understand an individual (by understanding their personal, professional & social behaviors).

Cloud & Edge technology has opened possibilities for businesses in the finance / banking space, to create innovative experiences for modern day consumers - starting with simplification of transactional exchanges, simplification of loan approval procedures and simplification of making new investments or saving taxes.

Our offerings for finance sector:

- Digitization of core banking functions, ePassbook development

- Mobile development for personal finance management

- Digitization of lending processes and workflows

- Online lending platforms with scalability, security & speed

- Online peer to peer lending platforms with scalability, security & speed

- Blockchain development for transparency in transactions

- Online personal finance management tools & advisory

- Online financial advisory & recommendation engines

- Online identity verification systems, fraud detection systems

- Cloud analytics of big-data & insights on spend behavior

- Custom software development for financial institutions

- Integration of government workflows & partner services

- Algorithmic credit scoring system development & loan personalization

- Social lending enablement, peer to peer lending platforms

- Automated investment portfolio risk diversification systems

- Corporate finance management software solutions

Fintech businesses are cross-industry collaborative by their very nature as money touches almost all aspects of livelihood & living. Personal income, savings & credit management involve participation of government & lending companies in decisions / approvals. Credit access involves participation of insurance companies, term insurance specially. Codewave’s approach to solving problems in the Fintech space - starts with understanding the scope & responsibilities of your business, you role in the larger ecosystem and the offering you want to create for your customers.

Success stories

codewave finace and banking digital transformation solution - fintech solutions development casestudy: Finzy - online peer to peer lending

codewave finace and banking digital transformation solution - fintech solutions development casestudy: MoneyParrot - customer inteligence and insights & insurance advisors

codewave finace and banking digital transformation solution - fintech solutions development casestudy: perfios - spend analysis and management smart solutions

Today, your digital strategy could involve participation and integration of multiple industries and cross-pollination of ideas and offerings.

There’s high levels of integration, collaboration and interoperability made possible with technologies like Blockchain. Also, fluctuation in demand for one industry could impact others. For example, rising demand for food delivery at the door, increased the demand for 2-wheeler transport to solve the ‘last-mile-connectivity’ problem and the demand for fractional ownership of bikes.

Multi-industry collaborations or cross-domain integrations are becoming the new norm, to thrive in today’s “Intelligence first” era, businesses need to embrace this change and exploit advanced digital technologies to participate in consistently delivering maximum consumer value.

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Frequently asked questions

How do you build a banking & finance mobile app?

Design thinking led digital innovation in the banking sector is the recommended way to go. Lean product development helps you build product that consumers need and helps you avoid building products that are fancy but nobody uses. From POS solutions to robo advising, stock trading, lending, mortgage solutions, accounting software, invoicing apps, wealth management apps.

Financial fraud prevention solutions, KYC platforms, gamified financial learning apps, and a lot more can be done in the sector. And of course, you can build neo banks to make end-to-end banking mobile app solutions accessible over the screens in your customers hand.

How much does it cost to build a banking app?

Banking apps like Google Pay, Paypal, PayTm, and Transferwise, etcetera will cost $90,000 to $150,000.

End-to-end mobile banking apps like that of SBI, Cash app by Square, Chase mobile, Bank of America mobile banking app, Axis mobile, etc will cost upto $250,000.

Simple stock trading apps with near-zero latency can be developed in $50k to $90k.

What are the top finTech trends in 2023?

Voice payments, robotic process automation for invoicing, solvency verification, insurance claims, customer service; virtual payment cards; cloud powered open banking, neo-bank; blockchain led decentralised finance, digital currencies, payment wallets, AI powered fraud detection, prevention, and personalised custom financial product offering to clients; biometric authentication; regtech in finance; and automation in loan risk analysis and disbursement are some of the rising FinTech trends across the globe.

The Fintech market is all set to surpass $320Bn+.

What are the essential features to be included in a finTech app?

Banking apps by design should be secure & alert customers in case of any fraudlent behaviour. Biometric authentication could add to the security.

Core banking features like online account creation & activation including KYC, online payments, mobile payments, transaction history, bank statement, banking services requests like loan services, investment services, credit/debit card related requests, etc are a must. On top of that region specific features like QR code, UPI payments should be built-in for Indian market; similarly, virtual cards for USA market. Peer to peer payments, intelligent chatbots, ATM locator, investment advisory are some other features that you can consider to provide all the services from one screen.