Custom software is necessary for many industries. For example, some industries, like advertising, might use relatively standard products, like photo editors or illustration programs. Other industries rely heavily on custom software that often has very proprietary business logic, like the financial industry. As such, many of these companies require financial custom software.

Here are the top three helpful software tools that can benefit the financial industry (and, as such, where many companies are looking at custom software).

Financial Custom Software: Blockchain

One of the newest tools that could potentially revolutionize the financial industry is the blockchain. While blockchain has become a bit of a buzzword in the software industry, it has real practical applications for the financial sector. Accenture estimates that financial companies could save up to $10 billion using the blockchain.

Blockchain can result in significant savings for any financial transaction that requires a settlement between two parties. So, trade confirmations, reconciliations, cash management, and other business logic can all be on the blockchain for fast, efficient processing. Instead of having complex systems with countless rules and exceptions, the blockchain can handle all that, eliminating intermediaries, major third parties, and other expensive processes to ensure that transactions are correct.

Indeed, the blockchain has the potential to revolutionize the financial industry.

CRM Solutions

CRM solutions are imperative for customer and business-facing financial institutions. If these companies don’t know their customers, they’ll have difficulty increasing engagement, offering new products, and opening new accounts.

Financial CRM software is a lot like other CRM software, but there are some unique experiences and integrations that these companies may want. For example, the CRM software may benefit from an integration that pulls up the customer’s accounts so that advisors and agents can recommend appropriate financial products. Similarly, financial CRM programs might need specific KYC (know-your-customer) verifications.

Financial custom software can frequently bridge that gap and help tailor more vanilla CRM solutions to your specific financial company.

Algorithmic Trading Software

Algorithmic trading is often a highly proprietary and secret software application that executes market trades based on a particular algorithm. These applications use AI, social sentiment, and other advanced techniques to identify and execute trades.

Quants and other financial professionals create statistical models that go into financial custom software. This application executes trades on behalf of the hedge fund or other private equity firm based on those rules. The benefit, of course, to algorithmic trading is speed. Whereas a human might take a few minutes to execute a trade, a software application needs only milliseconds. That often allows for high-frequency trades that can result in near-instantaneous profit for the financial institution.

As technology becomes more robust, algorithmic trading will become significantly more prevalent and beneficial for the financial industry!

INVID Group Has Experience with Financial Custom Software

No matter what tools or custom applications you’re looking for in your niche, INVID Group has the expertise and insight necessary to build them! Please contact us today and let us help you use these powerful software tools to propel your financial business to new heights!