Financial software development is a process of developing software that will satisfy the needs of any financial institution, government, Investment Company, insurance company, or any financial body. It can range from mobile banking apps to loan systems. But how does financial software development perform? How the process is carried out? What things do you need to consider before the development process starts? This article will be like a summary of all these questions.
There can be different types of software in the market. Some use them for keeping and processing records purposes. Some might need graphics software if he is working in the VFX industry. For scientific research and robotics, a different approach should be implemented for the software development process. So, what we are trying to say is that model can be the same for the development but inside activities and functionality may differ according to the software and customer needs. Oracle NetSuite is an example of financial management software.
A software developer is someone who designs and develops software from the scratch based on the user requirement. Different approaches are taken into consideration before moving forward with the software development process. Software development life cycle is a process of design, code, test, and deployment of software. This work is divided into various steps called stages or phases of the software development life cycle. There are different methodologies for software development, for example, the waterfall model or the agile model.
What does a financial software developer do?
In the modern-day world, a developer’s role in tech companies and a finance company has become almost similar. that being said, financial software developers and technological software developers will have the same role and responsibilities. But a developer working for a finance company must have to be clever and more responsible. The developer has to study tons of financial data and transactions (if required) to be able to understand the requirement.
Based on this huge data, he will develop and implement his software. His skillset must include an excellent grasp of Mathematics and statistics. The algorithms he is developing and applying to the project must be efficient and fast. He must understand the difficult nature of large and complex data sets. He must have an analytical and problem-solving mind. If a developer misunderstands a single piece of information and makes a small mistake in the software, it may result in a catastrophe for the company. His small blunder in a transaction can cost millions to the employer.
So, the sense of responsibility should be somewhat intense here. Before the development process, he must study the challenges and problems faced by the company. Also, he should try to understand how financial institutions work and cooperate. This will help him prepare the project plan for the software solutions. Finance is no joke, you have to be careful with everything, think thoroughly before implementing something.
The software development process is not followed by a single developer or person. The developer is a part of the project, the main part of the project. There are various other individuals connected to the development process. For example, a tester. Now we will see how financial software developers break down the stages of software development.
Design:
In this phase of software development, you must decide what you want your software to do. Have clear goals in your mind about what the intended system should do. What features are a must and what qualities must consist of? Maybe your goal is to provide your services efficiently and easily to your clients or it is just a human resources management system. Whatever that goal is, define it clearly. Then only the developer can start developing the idea in reality. After defining your goals, a blueprint of the system will be created. A schedule will be generated and possible flaws will be minimized in this stage. You are modeling your system functionality and the basic hardware and software components.
Develop:
This is the stage where the actual coding of the project will get started. All the functionalities and components of the system will be programmed and carved into reality by software developers. Coding is the backbone of the software development process. This phase takes the most time of software development out of all phases. While developing the software the developer team has to take care of their code that conforms to client requirements as specified. The end result that will be created is bound to match the client’s needs.
Testing:
As soon as the coding stage completes its task, the testing process begins. In this stage, the components are developed in the coding phase are being tested. Testing is the most common way to discover any mistakes and bugs by executing a program. It also determines if the software is meeting the client’s requirements. Testing that comprises varying degrees of tests from the black box and white box to testing to user acceptance testing. Automation testing is an aspect of testing and so is manual testing. In automation testing, automated test cases are carried out by various frameworks developed in various languages. Robot framework is an illustration that comes under Automation testing created in python. The person who performs the tests is called as a tester. In some places, it is also known as a Quality Assurance engineer.
Modify and Improve:
After testing the software, we are left with two options. Either your software is ready to deploy or it needs some modifications. In the testing phase, if any defect is found out then it will be notified to the developer. Also, if testers find any anomalies in the software or loopholes, that will be verified. The testing goal is not meet correctly like the system is not giving the expected output then also it is necessary to report to the developing team. The software will be modified according to changing needs of clients too. it may happen during or after the development phase that the customer has changed or modified his needs and wants some additional features or improvements over previous features.
Deployment:
This is the stage where the actual client and system analysts can check and use the project. It is done according to implementation and deployment schedules on the client’s system. If it is a complex and huge project then it will be done in stages. If it is less complex and lightweight then it can be installed in one go.
Finance Software Development Company
There are many companies in the market for the development of financial software. A finance software development company basically provides software solutions to other financial companies based on the requirements. They are the one who first establishes the connection with clients takes in the need and understands what is required. What the client is asking for and what he expects his product should look like or do. This data is received by the project manager to better understand and work on it. The project manager will divide the tasks among his team based on their skills and area of expertise. The company also believes that the client’s needs are all that matter and the deployed product must meet the vision of the client.
Data scientists are deployed for the categorization and analysis of data. It creates the data charts and visualization for a better understanding of the data. Machine learning and artificial intelligence may come in handy for integrating the new and advanced technological aspects of the advanced methodologies. So, it’s safe to say that the financial software development company is much more than just providing software solutions to customer problems.
Examples of services
White papers and technical briefs are examples of services provide by such companies.
A white paper is something where facts and pieces of evidence are used to establish a sense of assurity of quality work. It makes a good impression of the company on clients and on market. Technical briefs are the ones where the development roadmap of the product is outlined. It also provides the important dates and duties of the individuals working on the product. A company can also provide the service for application integration. Financial Companies working on the different systems can take the help of such software companies to integrate their system. This will make the transactions and interworking of the companies possible. It also provides data security. Security in this digital world is a top priority for the individual. And being a software delivery company for the finance sector, data security and integrity is a must-have aspect.
Conclusion:
The software development phases are not hard to follow. Being a Software developer, you just need to make and keep things clear. Properly understand the client’s requirement and their meets. The product you are developing must meet the end users’ needs. A financial software developer helps the company to manage its workflow and make the process efficient by developing scalable, robust, and secure software systems. A financial software developing company is typically a mediator between the developer and the client. It gives the required software product demanded by the client and takes the responsibility that the product will perform its desired function. If you are happy with the information given here in this article, keep coming and keep sharing. Leave down the comment if any questions or queries. Thanks.!
Awill Guru is a technology enthusiast with degrees in VLSI Engineering (B.Tech, M.Tech) and Android Development. Their passion for education drives them to teach and share knowledge through their blog. He also hold qualifications in Sociology (M.A.) and Education (B.Ed), along with NIELIT O and A Level certifications.
